The average Aussie tax return refund sits at a tidy $2,574*, so we’ve made a list of some ideas on how to make the most of your little windfall.
Financial freedom: check!
If you want to kick some serious goals this coming financial year, we’ve got some helpful suggestions. You could:
- Put your return into a higher interest savings account (and unlock an awesome 1.10% p.a. rate** when you link a USpend transaction account with our USave savings account and meet the eligibility criteria, for example!).
- Start or replenish your emergency fund and breathe a little easier knowing you’re covered for whatever life throws your way in the coming year.
- Pay off outstanding debts like student/personal loans or credit cards.
- Top up your super! Additional money now could have a real impact on the overall amount you’ll have, come retirement.
- Add value to your home by renovating or putting the funds towards finishing those DIY jobs you’ve been ignoring all year.
- Consider a Term Deposit for a low-risk investment option. Better yet, do something good for your hip pocket and the environment with our Green Term Deposit, where your cash will be matched to a portfolio of renewable energy projects like wind and solar energy and low carbon transport and buildings.
- 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. It’s a win, win! (Your tax agent is the best person to help with this!).
What have you done for you lately?
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 food for thought:
- Set a holiday goal, find an inspo pic and use our in-app tool, Free2Spend to keep on track. You can also take a look at our USpend which comes with an awesome bonus interest rate**, that could have you taking off in no time. And when you’re away, enjoy zero overseas ATM and foreign exchange fees when using your UBank Visa Debit card (although you should check whether the ATM operator or merchant charges an ATM or foreign exchange fee).
- 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.
- Donate it! Giving something back to your community will make you feel good, help those in need, plus it could be tax deductible.
- 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.
*Figures obtained from industry source Moneysmart
**Rate of 1.10% p.a. includes the USave Savings Bonus Rate and applies to the linked USave. Bonus Rate criteria include having an USpend transaction account, making deposits of $200 or more into your linked USave and/or USpend account in a month and maintaining a balance less than $250,000 in that month across all your USave and USpend accounts, including joint accounts. Maximum balance is $5 million per customer. No minimum balance applies.