@Anonymous wrote:
@youdontkillmoney wrote:I will be using it as part of a downpayment for a mortgage this year.
That's an odd way to save, specially as you are not getting any interest while the government has it. Why not just make automatic deposits into your account?
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I sometimes have no self control and therefore need to force myself to save by not having access to the cash. so I pay extra in taxes understanding theoretically I should not give the gov a free loan and save myself/invest etc.
I seem to be doing ok with the money in my paycheck so I dont need it, and its been working fine for the past few years, getting $13K each year back. Putting it in an IRA locks me out of it if I want to spend it for a home etx (though can make a one time withdraw of $10K).
Anyway, thanks for the advice everyone,.....you are all of course 100% correct. But I think of it as forced savings and not having to pay a surprise tax bill.
Perhaps consider a Roth IRA, you can withdraw 100% of your contributions without penalty, at any time. I just hate to see you shoving all that money off to the IRS.
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I looked into Roth vs. Tradiitonal IRA and went with Traditional because our household income is $300,000 and Traditional is what we went with due to income limits
Due to some reasons, I will get a refund this year. (Yahoo). It goes into my car fund, along with what I save monthly and my bonus in June. Looking for my next collector car. Was thinking of a 1968 Camaro SS.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
Can you save for me a 1974 convertible mustang? I need that shipped to Michigan please.
I had a 1974 Mustang. Unfortunately, it was a Mustang II, or Ghia. That was my first new car ever. My dad picked it out. I paid for it. It was easier than trying to get my way with him.
@Shogun wrote:Due to some reasons, I will get a refund this year. (Yahoo). It goes into my car fund, along with what I save monthly and my bonus in June. Looking for my next collector car. Was thinking of a 1968 Camaro SS.
I learned to drive a stick shift in a 68 Camaro SS! I was going out with a guy whose family collected classic cars and this was what he drove. The thing was so heavy -- I must have run at least one (almost) red light so I didn't have to stop on an uphill 
Getting back $4,500. Buying a couch ($1,200), paying off some CC's ($1,000), and the rest is going towards frivolous spendinv and gambling... Ok... Fine... Savings
Starting Score: EX: 560 on 11/1/11