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The Best way to use your Tax Return

The Best way to use your Tax Return

  1. Invest in an espresso machine – A cup of takeaway espresso costs about $4 but made at home costs about $1 to make. If you had 2 cups per day thats a saving of $6/day or $2,190 per yea
  2. Buy Homebrew equipment –  Coopers Homebrew beer will costs about $6/carton. Commercial beer is about $40/carton.  Assuming you drank 1 carton a fortnight that’s a $884 saving per year.
  3. Pay off Old Bills – a tax return can be the best way to catch back up. Some bills also have high interest rates.
  4. Wipe out High interest debt – If you have debts put it all on the debt with the highest interest
  5. Create an emergency fund – To protect against financial disaster you need 6 months of savings.
  6. Top up your Superannuation – It’s hard to find a better investment than superannuation, it’s low tax and it has the benefit of being difficult to touch.

 

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