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Money Matters

Fresh new ways to invest the refund from your tax return

 

End of financial year (aka EOFY) is finally here so now’s the perfect time to start thinking about how you might use the money you get back. We’ve made a list of some ideas on how to make the most of your little windfall.

Use your tax refund to smash your money goals

If you want to smash some serious goals this coming financial year, we’ve got some helpful suggestions. You could:

  • Put the money you get back from your tax return into a high interest savings account like our Save account. At ubank, you can earn bonus interest on balances up to $250K per customer across your eligible Save accounts by simply having a Spend account and depositing at least $200 per month (not including internal transfers) into any of your Spend, Bills or Save accounts.
  • Start or replenish your emergency fund and breathe a little easier knowing you’ve set a little something aside for a rainy day.
  • Sneak in a few additional payments on your eligible home loans to own your home faster and reduce monthly interest charges.
  • Pay off outstanding debts like student loans, personal loans or credit cards.
  • Top up your super (subject to contribution caps) for a more comfortable retirement. Additional money now could boost the overall amount you’ll have when you reach retirement.
  • Add value to your home by renovating or putting the funds towards finishing those DIY jobs you’ve been ignoring all year.
  • Been eyeing off some major equipment like tools or a new laptop? You’ve worked hard for a year, so why not treat yourself? And if they’re work-related purchases, you could get a bigger return next year. Make sure to check with your tax agent on what you can claim back.

Don’t forget to treat yourself

Maybe you’ve already hit your savings goals and want to focus on celebrating the year that was by spending on experiences that make you happy. Here’s some inspiration for you:

  • Europe, Maldives or the USA? Set a holiday goal and use a savings target to help you get there. You can open up to 10 Save accounts and set savings targets on any of them. All you have to do is tell us how much you need and by when, and we’ll give you a plan to help you reach that goal. And when you’re away, we don’t charge for overseas ATM withdrawals and payments through our Spend account (although you should check whether the ATM operator or merchant charges an ATM or foreign exchange fee on their end).
  • Invest in yourself by taking that course you’ve been eyeing off. Coding courses, website design or even ceramics – pick your passion and sign up!
  • Giving something back to your community by donating. It’ll make you feel good, help those in need, plus could be tax deductible for next year’s return. Make sure to check when you can claim for gifts or donations you make to deductible gift recipients and the records you need.
  • A classic shopping spree. You’ve worked hard all year, so if you want to splurge on something that makes you happy, go for it! You’ve earned it.

Whether you’re looking to improve the health of your finances or celebrate 12 months of hard work with a healthy-sized reward, our tips and tricks will have you thinking outside the box this EOFY.