It’s everyone’s favourite time of the year - when your tax return lands in your bank account and suddenly, you’ve got some extra cash to play with. While it’s tempting to spend it all on some impulse shopping - or perhaps spend it on more urgent practical things like bills - we’re big fans of landing somewhere in the middle. Because what could be better than taking this opportunity to look after future you?
Here are the best eight ways you can spend your tax return wisely, striking the perfect balance between treating yourself and making valuable investments.
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Treat yourself to a sneaky splurge
After working hard all year, you deserve to treat yourself a little. So while you might not want to spend the whole tax return in one go, consider setting aside a portion of it for something you’ve been dreaming of.
It could be a few new wardrobe additions, a sweet weekend getaway, or splashing out on a fancy restaurant dinner - whatever your soul is craving! These small indulgences can boost your happiness and motivation without breaking the bank.
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Invest in quality sustainable furniture
With a little extra cash in your pocket, it’s a brilliant time to invest in items that might cost a bit more, but are with you for the long haul. High quality timber furniture is one such investment. Whether it’s an all natural day bed made with organic materials or handcrafted timber furniture, made with sustainability in mind, look for something that will benefit you and your family for years to come.
If you’re still using the bedframe you moved out of home with, your tax return could be put to good use with the purchase of a sustainable timber bedframe. All of our made-to-order furniture pieces are handcrafted largely from PEFC Certified Tasmanian Oak, and we’ve worked hard to develop a timber furniture range that doesn’t need to use toxic chemicals, thereby reducing your chemical load.
A small amount of non-toxic water based glue is used to increase structural integrity and our timber bedside table draw bases are made with formaldehyde-free, soy-based bonded plywood. We also use all natural Livos wood stains and oils across our furnishings, which are renewable, organically sourced, and eco-friendly. If long-lasting furniture you can pass on to your grandkids is something you’d welcome into your home, then we’ve got just what you need.
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Start a nest egg or contribute to your super
There’s never a bad time to start investing in your future - and tax returns are ideal for plumping up your superannuation or savings because they feel like ‘bonus’ income. Typically, experts advise saving 20% of your take-home pay, but with the current cost of living, your tax return might be where the biggest chunk of your savings comes from. If you're a low or middle-income earner, the government may even make a co-contribution of up to $500 to your super automatically.
After a quick peek at your finances, consider dropping a nice little sum into your nest egg account, where it’ll not only earn interest, but will also give you the reassurance of having some rainy day funds up your sleeve.
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Invest in your health
They say your health is your wealth - and if the saying is true, then your tax return can definitely go towards a few wellness investments. Consider portioning off a chunk of your tax return to pay for your gym membership, a term of yoga classes, and some quality workout gear.
Prioritising your health will bring immediate feel-good vibes, but it will also set you up for long-term wellbeing. It doesn’t have to be exercise-related either. You could buy a year’s subscription to meditation apps like Headspace or a membership to your local spa or sauna. Or take a look around your bedroom to swap out sheets and pillowcases for some low tox bedding varieties. After all, we sleep on these linens every night - you deserve some quality, organic materials under your head!
Find what brings you mental and physical health benefits - and send a few dollars in that direction.
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Quality bedding and mattresses to live and sleep well
One of the best investments you can make with your tax return is a good quality, long-lasting mattress and matching bedding accessories. A mattress might be considered a big ticket item, but when we spend a third of our life sleeping on one, you want it to be good.
On top of that, a good night’s sleep affects everything from your mood and energy levels to your immune system and cognitive function. Poor sleep can lead to a host of issues, including increased stress, weight gain, and even chronic health problems. Swap this scenario for one that involves dreamy sleep, waking up refreshed, and your body feeling well supported - we know which one we’d choose!
The GOLS certified organic latex we use in our mattresses is naturally hypo-allergenic, anti-bacterial, anti-fungal and dust-mite resistant. It’s great for anyone sensitive to synthetic products or chemicals, and produces very little off-gassing. And the best part? When you spend your tax return dollars on a quality low tox mattress like ours, it can be more than 20 years before you’ll see any sign of indentation in your latex mattress. Long-term investments don’t get much better than that.
Add a set of supportive latex pillows or wool pillows, and a cosy wool quilt or cotton quilt to complete your sleep sanctuary while you’re at it! Knowing you’re sleeping on a low tox mattress that’s consciously manufactured will make it even easier to get a good night’s rest.
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Put a dent in your debt
While it’s fun to splurge, it’s also wise to think about your financial future. If debt weighs more on your financial decision-making than a specific shopping wishlist, consider putting a piece of your tax return towards paying off your debt.
Building an emergency fund can provide a safety net for unexpected expenses, while paying down debt can reduce financial stress and put you in a stronger position in the long run. It’s all about finding the right balance for your financial health. Do what feels right for you.
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Learning and personal development
Investing in yourself is always a smart choice, whether it’s improving skills for your career or giving your inner creative some time to play. Use some of your tax return to sign up for a course on a subject you’d love to learn, attend a workshop or conference that piques your interest, or stock up on books that can enhance your skills and knowledge.
From learning a new language and improving your professional skills, to diving into a new hobby, personal development can open up new opportunities and leave your life feeling richer. And in our books, that’s money well spent!
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Find your financial sweet spot
Spending your tax return wisely doesn’t mean you can’t have a little fun. By making thoughtful choices, you can enjoy the present while setting yourself up for a better future. So go ahead and treat yourself - just make sure that however you spend your hard-earned tax return, you spend it on the things that truly matter
