Those of us that wish to build ever-growing passive cash flow and wealth would do well to take a minimalist approach to life once in a while. We all try to keep spending in check, but I think it would be useful to try some positive challenges on minimalism from time to time.
So, here’s a sporadic series of articles outlining some challenges that we can take to improve our financial situation and even more importantly to increase our appreciation of other aspects of life.
Minimalist Challenge #5
Minimalist challenge number five is, if you have a tax refund, to save your entire tax refund.
This one’s shorter than other minimalist challenges, because it’s self-explanatory. Rather than using a refund as an excuse to spend a bit more, save all or most of it.
-Use it to boost your emergency savings.
-Use it to pay off debt.
Whichever of the above options is most appropriate for your situation, if you have a tax refund, consider saving all or most of it. It gives you a quick boost towards the beginning of the year in terms of saving money and building wealth and financial security.