Tax Day is quickly approaching which means it is a great time to look how you can use your tax refund to benefit your relationship. Did you know that 78% of American workers live paycheck to paycheck and 44% of adults can’t cover an emergency costing as little as $400? These statistics illuminate just how easy financial stress can become relationship distress. When emergencies happen not being financially secure can really shake the foundation of even the healthiest of relationships. Whether you are financially secure or if you have financial concerns, let’s look at four ways you can use your tax refund to benefit your relationship.
Look into Dave Ramsey’s Financial Freedom.
Using the snowball effect Dave Ramsey’s financial freedom suggests attacking the small debt you have first. This means start with the credit card that has the lowest balance, get that paid off and then attack the next one. He recommends listing all of your debts from smallest to largest regardless of interest rate. Then make minimum payments on all your debts except the smallest. Pay as much as possible on your smallest debt, and repeat until each debt is paid in full.
Refocus your financial goals.
Tax season is a good time to reevaluate where your relationship is financially. Are there goals that you set in the beginning of the year that need to refocus on? Perhaps with a tax return you could make a significant payment on an outstanding bill, or invest the money for future aspirations. Whatever the goal, make sure you are your spouse are on the same page.
Save for a luxurious retreat.
Another option is to put your tax refund toward a luxurious couple’s retreat that is sure to have you feeling refreshed, recharged, and ready to handle whatever the rest of the year brings. Click here for more information on our LUXE retreat in the beautiful Le Blanc Spa Resort in Mexico. La Blanc Resort is the #1 all-inclusive resort in Mexico, the #2 all-inclusive resort in the world by Trip Advisor’s Traveler’s Choice. You also get 5 mornings of couple’s therapy as part of the package. You can also enjoy a spa day, all you can eat and your own personal butler – all included!
Save the money for a future dream.
Perhaps you have other future dreams you want to put that money toward. Taking your tax return and putting it toward your and your spouse’s dreams not only makes them seem like more of a reality, but it’ll show commitment to your relationship’s future. It also gives you something to be excited about and plan for together.
There are many ways to spend or save your tax return money, but the most important thing is to use it as an opportunity to strengthen your relationship. Openly communicate what your wants and dreams are with your spouse and listen intently to what their’s are as well. Together, you can celebrate this stressful time of year by using your tax refund to benefit your relationship.
How do you plan to use your tax refund to benefit your relationship?