In my first run of my taxes, I determined that I can expect a return of about $1,500 – which is a pretty big chunk of money. Here’s how I am planning to use it.
Top up my Travel Fund ($143)
I’d like to get my Travel Fund up to $4,000, and then I will stop contributing until I use it. After I reach my Travel Fund goal, I can funnel the $250 a month I’ve been putting into my Travel Fund into my Emergency Fund.
Top up my Emergency Fund ($500)
I’d like to get my Emergency Fund up to $10,000, and then I will stop contributing until I need to use it. I just picked $10,000 because it’s a nice round number, and it should last me at least 6 months of living expenses, should anything happen.
Contribute to my Tax Free Savings Account (TFSA) ($750)
I’m not sure of what to do with the cash I have in my TFSA. I need to start doing some research and invest my money. Ideally in some blue chip dividend paying stocks. That’s one of my goals for this year!
Go for Adventures in the City with BF ($107)
BF and I went on an adventure this Monday – we went for a nice walk to a new Thai restaurant I wanted to try. It’s called Khao San Road, and it’s opened by the same chef at my favourite Thai place in the City – Sokhu Thai. If you’re a Thai food lover – you have to check out their restaurant (Sokhu Thai). Unfortunately for us, the restaurant was so packed that we didn’t even want to bother waiting (I’m sure it was more than an hour wait), and explored another place.
Even though I know that eating out is expensive, and not healthy, it’s something that BF and I really enjoy doing. So we try to prioritize it. So I am going to put a bit of this “windfall” for our adventures.
Have you figured out how you will be spending your tax refund this year?