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Since my wife and I will be getting ~$12,000 ...
I am going to be putting $2900 towards debt and my wife is going to be putting $3400 towards debt. ( total of $6400 )
I will further by putting $2000 into savings and my wife will be putting $1500 into savings... ( total of $3500 )
This will leave us ~$1200 a peice to be able to spend on little things here and there... as well as some for our planned trip.
@JagerBombs89 wrote:Since my wife and I will be getting ~$12,000 ...
I am going to be putting $2900 towards debt and my wife is going to be putting $3400 towards debt. ( total of $6400 )
I will further by putting $2000 into savings and my wife will be putting $1500 into savings... ( total of $3500 )
This will leave us ~$1200 a peice to be able to spend on little things here and there... as well as some for our planned trip.
Message Edited by JagerBombs89 on 01-31-2010 12:54 PMMessage Edited by JagerBombs89 on 01-31-2010 12:55 PM
Nice! Refunds are not bad at all. It's like a force savings to look forward to tapping every year.
Yes, but you have to admit that the "forced savings" is the IRS keeping your money for you all year, without paying you interest.
It would be better to have it all year and not even have those debts, or not those particular balances on those debts, and thus not have to pay interest on those debts.
There are better placed to park savings than in giving a loan to the U.S. Why look forward to "getting your money" every year at tax time when it's your money and you should have had it all along?
@ChesterPDexter wrote:Yes, but you have to admit that the "forced savings" is the IRS keeping your money for you all year, without paying you interest.
It would be better to have it all year and not even have those debts, or not those particular balances on those debts, and thus not have to pay interest on those debts.
There are better placed to park savings than in giving a loan to the U.S. Why look forward to "getting your money" every year at tax time when it's your money and you should have had it all along?
The $400 'Making Work' credit wasn't my money. To me that $400 was like interest being paid to me from the government for holding my money for a year. Just my opinion.
It'd be wonderful to get a tax refund this year, and if I do, it's all going into paying off debt. The last year I didn't spend enough to deduct more than standard, so after claiming standard deduction I ended up with something along the lines of $27. I'm hoping I won't owe more than I get this year.
My taxes are very simple (single income, no house, etc) so what I do is direct deposit away $15 a week to a savings account I don't touch. By the end of the year I'll have some "surprise" money. Because I have balances carried on my cc that I'm paying down ( ) it makes much more sense financially for me to get more money per paycheck to save on the cc interest.
I remember how wonderful it was to get a big refund, and while I miss that aspect, it's definitely more money efficient for me personally to have a close to 0 refund. However for people who get to deduct a lot it's difficult to anticipate the amount of refund/owing so it does become a nice surprise to get a refund check.
I don't think there is a right way or wrong way..w/ the refund. Anybody can tell you where you might get a better return for you money.
If you are a saver, good w/ your finance and don't have debt...u will keep as much money as possible instead of keeping it w/ the IRS
The truth is that many people live on the edge and live from pay check to pay check. If you know you are not a dicipline saver, you probably should let IRS keep the money and that will force you to save money. When you can barely survive and struggle w/ debt, if is too easy to spead that money.
If you are determine to pay off your debt..use your refund to do it and most importantly..you must put a stop on the spending. Taking a big chunk off your debt can be a very positive psychological boost and it will help to motivate you.
Yes!
Zero debt. No S/L debt, no installment debt, nothing on my credit cards or charge cards, no consumer finance, no mortgage... nada.
I'm thinking of buying a big computer to replace my main one.
Big as in I won't need a space heater in my office next winter.