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How are you spending your Tax Refund?

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Regular Contributor

How are you spending your Tax Refund?

I thought it would be interesting to see how people manage their tax refunds. Are you saving? Paying off debt? Getting that 75 inch TV you've been eyeing at Costco? Investing in the newest Cryto? Or do you owe money?

 

This year for me it was mostly savings. I added some cash to my Emergency Fund and I opened a Marcus (Goldman Sachs) High Yield Savings Account were I deposited $2,000 with a 2.25% APY. That's the start or my future house down payment. I also paid off a cruise I'm going on with the family later this summer. The last thing I got which pretty much a demand from my wife was a new washer. The old one seemed to be possessed! Happy Wife, Happy Life! Unlike previous years, I feel like we (Wife and I) really thought about our goals and planned out every dollar before it hit our account. So when it finally did, it was just a matter of moving money around. 

 

What did you do?




Starting FICO-8 as of February, 2019:

Current FICO-8 as of June, 2019:

Message 1 of 64
63 REPLIES 63
Regular Contributor

Re: How are you spending your Tax Refund?

Tried to balance being responsible and having fun. So we:

 

Put $2k into a 6.3k loan

Put $1k into a savings account (Marcus, just like you. Already had 4k in it.)

Took the Wife to a broadway show for Valentine's Day.

Bought clothes for my daughter.


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Message 2 of 64
Community Leader
Super Contributor

Re: How are you spending your Tax Refund?

The assumption is made someone is getting one in the first place. Smiley LOL

Message 3 of 64
Community Leader
Mega Contributor

Re: How are you spending your Tax Refund?

Not me Smiley Frustrated

Message 4 of 64
Valued Contributor

Re: How are you spending your Tax Refund?

not getting anywhere near as much as last year, will be less than $1000, just going to pay down credit card debt. 

 

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Marcus Loan. 30k second marcus load 15k.
Message 5 of 64
Community Leader
Super Contributor

Re: How are you spending your Tax Refund?


@Remedios wrote:

Not me Smiley Frustrated


We are a couple of many on the forum who pay the government unfortunately. Smiley Indifferent

 

But don't let us rain on your parade I'm all for spending your refund however you want whether that's recreationally or having fiscal responsbilities to attend to. Smiley Happy

Message 6 of 64
Established Contributor

Re: How are you spending your Tax Refund?

My very small tax return went to pay down my one CC with a balance that isn't 0% interest, that needs paid off by December.  So nothing exciting, but at least I didn't owe any taxes lol




In the garden until 2020
Message 7 of 64
Frequent Contributor

Re: How are you spending your Tax Refund?

If i want to loan the government money I will buy t-bills. I would rather owe the government money so until april 15 my money is invested and working for me.

Message 8 of 64
Contributor

Re: How are you spending your Tax Refund?


@Andypanda wrote:

If i want to loan the government money I will buy t-bills. I would rather owe the government money so until april 15 my money is invested and working for me.


This is golden right here... I owe a few bones, but the due date, it's sitting in a HYA making me money.

7/16/2019

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Message 9 of 64
Valued Contributor

Re: How are you spending your Tax Refund?

The IRS refund status changed to show when mine will come in. Working part time as a student it isn't a huge refund, so most (80%) will go into savings (a CD, actually, where it should've been all along), while I already spent some money on Hue bulbs.


TU FICO 8: 741 (7/19) — Ex FICO 8: 739 (7/19) — Opinions are my own and not the views of my employer
Message 10 of 64
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