10 Tips For Spending Your Tax Refund Wisely

It is that time of year again.  The tax refund checks are coming and dollar signs are in your eyes.  Being a Mother in these trying times is not always easy.  Like all Mothers your children come first and you spend the year sacrificing and scraping to make ends meet while you dream about that Income Tax Return's arrival.  Don't feel alone; there are millions of other Mothers who do the very same thing.  Being a Mother with under age children allows you the Earned Income Credit and you have earned every penny of it.  That check will be arriving any day and suddenly you will have thousands of dollars in your hand.  What will you do with it?  Here are 10 tips for spending your tax refund wisely:

1. Pay Off Debt - It seems to never fail but just before that income tax refund arrives the bills seem to just pile up.  It your heart the worse thing you can imagine is using the majority of your tax refund to pay off debt.  You want to enjoy it.  But in the end debt has to be paid.  It is a good time to pay down those credit cards.
2. Emergency Fund - It never hurts to put a little money back for a rainy day.  It is not easy to do but if you can discipline yourself to accomplish it then perhaps you will not have to scrape and sacrifice as much throughout the year.  It is nice to have money in case of an emergency.

3. College Fund - Another good idea is to put some money in your children's college fund.  The college expenditure goes up year after year.  The earlier you can start saving; the better you will be. 
4. School Clothes - That's right; school clothes.  Why wait until the last minute in August to scrape for those school clothes.  Buy them now and put them away until the new year begins.  Every little bit helps and planning a head will provide you with the economic edge.
5. Home Improvements - This could also be a good time to spruce up the landscaping around your home.  Plant some flowers, start that garden you always wanted, and give your home a face lift.  Perhaps design a sitting area that you can set for hours as you enjoy your children.
6. Nest Egg - If you don't have a retirement plan invest some of your money into an IRA.  Check with your banker to see what may be best for you.
7. Repairs/Upgrades - Perhaps your car is in need of repair.  Maybe your house needs some fixing up.  Maybe it's time to upgrade to a better television or living room suite.
8. Swimming Pool - In our hustle bustle world it seems impossible to find quality family time.  A swimming pool requires some maintenance but you will enjoy many hours of fun with your children and those memories are priceless.
9. Family Outing/Vacation - This would be a good time to take your family out for some real fun; like an amusement park for example.  If not, perhaps save some for a vacation.
10. TLC - Now that you have paid some bills, invested some money, made some repairs and upgrades and taken care of your children, it is time to provide yourself with some tender loving care.  Do a little shopping just for you or treat yourself to a mini vacation to get a way and relax.  Reward yourself for spending your tax refund wisely.