How to make the most of your refund cash

3 mins

Now we know that the temptation, when you get a bit of a windfall, is to spend, spend, spend! Sometimes it can seem as though you have just been gifted a load of free money and you might struggle with the temptation to just blow the lot – but before you do that, let DSR Tax Refunds make some sensible suggestions to help you make the most of any refund that we claim for you. After all, this is your money so why not make it work for you? And if you haven’t got any tax refund money yet, check out our handy refund calculator and see what you could be entitled to. Then just give us a call on 0330 122 9972 and let’s get that ball rolling.

So, you’ve had your refund from DSR Tax Refunds and it’s gone straight back into your bank account without any hassle. What now? Here are some of our favourite suggestions to help you make the most of that cash.

Start saving for a rainy day

We know how hard it can be to start saving your money, even though it can be really important to have a financial buffer just in case of emergencies. You know what we mean, those times that tend to come in threes – the boiler goes, the car breaks down and then a load of tiles get blown off the roof by a storm. And all you can think of is how you are going to find the money to get it all sorted. Your refund can be tucked away in a bank account so that you always have something to fall back on if you need to. It doesn’t have to be your full refund – it can take a weight off your mind if you know that you have something to fall back on when times are tough.

Start planning for your retirement

Ok, so you are still young and sprightly now. It is an unfortunate fact that time seems to speed up, the older you get and with the flat rate state pension currently less than £180 a week, you might want to think about investing your refund cash into a retirement fund for your future. It’s worth getting some independent advice if this is what you plan to do with your refund money – this should help you make the right decisions for you and your family.

Invest in your business

You know the saying – sometimes you have to spend to accumulate! An unexpected windfall like your refund money could be all it takes to help shift your business to the next level, without having to rely on loans or other ways to inject capital into your business. Or if your current business doesn’t need the investment, maybe invest it in another business idea. Who knows? In a decade, it could be you in one of those leather chairs on Dragons Den!

Pay off your debts

No, it’s not exciting and it won’t give you much of a thrill of pleasure. But it can end up saving you even more money by reducing the interest you pay on a loan, credit card or overdraft. With interest rates on savings at an all-time low, it makes more sense to pay off your debts before increasing your savings.

Hopefully we have given you a few ideas of what to do with your refund cash – and that is just a taster of the ways you could use it. You could always donate it to charity or save towards something personally rewarding. The choice is yours! And if you haven’t taken the first step towards getting your refund, then give our friendly team a call on 0330 122 9972 and let us help you get your maximum rebate fast.

This page was last updated on 14/09/2020.

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Our experts have collected an extensive range of handy informational resources across a number of common taxation areas. If you can’t find what you are looking for here, check out our Resources section.

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