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Your Life! Magazine.com Spring, 2007
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Top 10 Ideas for Your Tax Refund
by Darlene Arechederra

It's true. Most of us won't become rich from our tax refunds each year. Imagine, though, what you could accomplish over the next year just by applying your refund in ways that will reward you -- over and over again. Discover the wonderful things you can do with your refund!

1. Research and Train for a New and Exciting Career
Maybe you've dreamed of a new career, but haven't had the money to get started. While most training does cost money, it is possible to train for a new career without breaking the bank. Why not use your tax refund to pay for your training?

2. Open a New or Gently-Used Car Account
Imagine losing the car payments. You can do this by having money set aside for your next vehicle. Just tuck away each refund over the next few years. Make this a yearly habit, and you'll never have to worry about those car payments again.

3. Open a Clothing Fund for Your Children's Clothes
When you have money set aside for kids' clothing, you can find those great bargains and discounts -- year round. This will also help you spend less, while using your credit card less (or avoiding credit card purchases entirely).

4. Set up a Home Repair Fund
If you're a home owner, you know how those unexpected expenses can easily mess up your budget. So, why not create your own home repair fund? Start simply by depositing even $10 or so from each paycheck. Grow your account by tucking away cash gifts or other small amounts into your new home repair fund.

5. Open a Vacation Fund
If you allow yourself a set amount to spend each year on your vacation, you'll learn to leave the majority of the money in your vacation fund. Aim for spending only one-fourth of it each year, or a set amount like $500. Keep funding it with your refunds each year.

6. Open a Christmas Account for Next Year
Each year, it seems as if Christmas sneaks up on us, and we end up counting the number of paychecks we have left before the holidays hit. And, sometimes, we end up pulling out our handy little credit card... But, just imagine having next year's holiday expenses already paid! Why not use part of your refund -- no matter how small -- to open or grow next year's Christmas account?

7. Open or Add to Your Emergency Account
Let's face it. Emergencies are going to happen. But, wouldn't it be nice not to worry or stress out over how to pay for these emergencies? You can make it through your emergency much easier when you can confidently pay for most any emergency that arises.

8. Use Your Refund to Pay Down Debt
Yes, I know you've heard this one many, many times. But, a word of caution, though. If you find yourself constantly running a credit card balance, it's possible you are living beyond your means. Be sure to put safeguards in place to avoid spending more than you make, once your tax return has paid off your credit cards. Otherwise, you could find yourself right back where you started this time next year.

9. Set up an Expense Fund Just for Your Car
It's a given. We need to keep our vehicles in good running order. We replace tires, batteries, headlights, fuses -- to name just a few. Then, we have the bigger ticket items like engine or transmission problems. Why not ensure you have money set aside, just in case?

10. Create a Sense of Security Knowing You Have a Backup Plan
While many spend their tax refund almost immediately, consider the sense of security you'd feel at having set it aside without touching it. Consider, too, how many hours or weeks you'll work to make that refund amount again.

How about a Bonus Tip?
11. Transform Your Hobby into a Creative Career
Do you have a hobby you love? Have you been waiting for 'extra' money to transform your hobby into a new career? Set this refund aside to purchase supplies or materials on sale so you'll be ready to go. Even a small refund can help provide some of the books or other tools you may need to get started.

So, there you have them. Ten (okay, eleven) fantastic reasons to hang onto your tax refund and use it to make your life just a little bit easier. Why not tuck it into savings first? Then you can move it to where it can best help you in the future.

About the Author
Darlene Arechederra is the author of Rat Race Blues for Women. She shares money-saving articles to help others live a debt-free lifestyle. Visit Darlene's site today and join her free, money-saving articles update at www.RatRaceRemedies.com
Just imagine having next year's holiday expenses already paid! Why not use part of your refund -- no matter how small -- to
open or grow
next year's
Christmas
account?
Why not create
your own home
repair fund? Start simply by depositing even $10 or so from each paycheck. Grow your account by tucking away cash gifts or other small amounts into your new home repair fund.
5 Things You can Do to Be A Money Magnet

1) Appreciate money. Appreciate even the smallest denomination. Think of how good you feel when you are valued for even a small gesture. It's the same with money. Every time you practice receiving and appreciating, you train the universe to send you more.

2) Strengthen your boundaries. Have the courage to say "yes" to what you want and "no" to what you don't want. Clear the clutter and energy drains in your life. Strong boundaries build your self esteem and free you to focus on what is important to you. This is very attractive to money.
" If you don't control your money, it will control you. It will cause strife in your marriage, crush you under a load of debt, and force you to toil your life-and maybe your health-away to pay off that mountain of bills. When you look at creating a budget that way, you'll see that it's not a straightjacket at all. In fact, it liberates you. "
-- Diane McCurdy
How Much Is Enough? Balancing Today's Needs with Tomorrow's Retirement Goals
3) Make a wish list. List one hundred things you would buy if money were no object. The items on your list put what you want on your radar. Through a mental process called reticular activation, your mind will start to discover opportunities to manifest the items on your list.

4) Manage your money. The better you manage what you have, the better able you will be to manage more. Get in the habit of diverting a percentage
of your income into a wealth-building account, even if you are paying down debt. And set aside something for your favorite charities--nothing builds a sense of abundance like the ability to give to others.

5) Surround yourself with successful people. You take on traits of the people you spend the most time with. If you want to be financially free, spend your time with financially successful people who share your values. Identify rich people you admire. Pick up their mindsets and practices for enlightened wealth building.

About the Author
Morgana Rae, CPCC, MPNLP, is president of Charmed Life Coaching, a life and business coaching company that guides clients to market creatively and inexpensively, to attract more than they chase, and to enjoy success without sacrificing their humanity. A popular speaker and frequent television and radio guest, Morgana was featured in the new movie "A Millionaire Mind" as a millionaire mindset. Her articles have appeared in publications worldwide. Morgana is national "Life Magic"columnist and writes, speaks and coaches from a commitment to the evolution of humanity.Contact info@charmedlifecoach.com or www.charmedlifecoach.com
5 Things You can Do to Be A Money Magnet
by Morgana Rae, CPCC, MPNLP

Are You Really Committed to Your Career Goals?
by Deborah Brown-Volkman