By La Trecia Doyle-Thaxton
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Tax season is here again, and if there’s one thing we know, it’s that money isn’t just about how much you have—it’s about how you use it. From childhood memories of money orders and check-writing parents to navigating digital banking today, the way we handle money is constantly evolving. Some of us don’t trust these new systems, but we also aren’t the “cash in the mattress” type. So, what’s the best way to balance security, convenience, and financial growth?
This year, let’s talk about tax season strategies inspired by real conversations—how we used to handle money, where we are now, and where we should be going. Whether you’re expecting a refund or just making sure your money moves are right, here are smart ways to use your tax return this year.
💰 Then vs. Now: How We Used to Manage Money
- Money Orders & Checks: Back in the day, paying bills meant stopping at the store for a money order or sitting down with a checkbook.
- Cash & Envelopes: Some kept cash on hand, stashing it in shoeboxes, under mattresses, or “rainy day” spots.
- Banking as Security: Many of us learned that banks were the safest option, even if we didn’t fully trust digital systems.
Fast forward to today:
✔️ Cash App, PayPal, & Zelle are the new normal
✔️ Money orders? Rarely used unless required
✔️ Checks? Only for old-school payments
✔️ Financial security is a mix of digital banking, backup plans, and smart investing
So, when tax season rolls around, how do we use our money wisely in this ever-changing financial world?
💡 Smart Ways to Use Your Tax Return This Year
1️⃣ Set Up a Financial Backup Plan
If this conversation taught me anything, it’s that relying on just one banking method is risky. Tax season is the perfect time to set up a financial safety net:
- Open a second bank account at a different institution
- Start a cash-stuffing (envelope) system for budgeting
- Get a prepaid debit card for emergencies
- Diversify assets (small investments, gold, or a side savings fund)
Having a backup means you’re never stuck between a rock and a hard place if one account is frozen, hacked, or drained unexpectedly.
2️⃣ Invest in Knowledge, Not Just Things
One year, I talked about how instead of buying a Coach bag, invest in a Coach (stock). This still applies! Here’s how to use your tax return for long-term benefits:
✅ Buy stock in a company you already support
✅ Take an online course to build a skill (ex. Canva, trading, coaching)
✅ Start a side hustle with a small investment
✅ Fund a Roth IRA or high-yield savings account
Your tax refund can be a stepping stone, not just spending money.
3️⃣ Handle Debt & Build Credit Wisely
If you have debt, tax season is an opportunity to:
✔️ Pay off a high-interest bill (credit cards, personal loans)
✔️ Make a strategic payment on student loans
✔️ Open a secured credit card to boost your score
Money isn’t just about having it—it’s about using it to create stability.
4️⃣ Give Thoughtful Gifts That Make Sense
Money doesn’t always have to be about investing—it can also be about giving with intention. A recent situation made me think about how we send money to others. If you’re gifting money to someone (like a graduate), consider:
💳 Digital Transfers: PayPal, Zelle, or prepaid Visa cards
🎁 Gift Cards: Amazon, Target, or a service they’ll actually use
📝 Adding a personal note to make the gift meaningful
Even when giving, be intentional with how you send money and what it represents.
📝 Final Thoughts: Evolve Your Money Mindset This Tax Season
Money isn’t just numbers on a screen—it’s energy, strategy, and security. As times change, so should the way we handle it. This tax season, challenge yourself to think differently:
✔️ Set up a financial safety net
✔️ Invest in assets & skills instead of things
✔️ Use your refund to eliminate stress (not just spend it)
✔️ Be intentional with how you share money
The goal isn’t just to have money—it’s to make it work for you. So, before you hit “spend” this tax season, ask yourself: Will this help me build, grow, or create security? If the answer is yes, you’re already ahead of the game.
How do you plan to use your tax refund this year? Drop a comment below!
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