What do you do with your tax return? - Mothering Forums
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Frugality & Finances > What do you do with your tax return?
taubel's Avatar taubel 08:29 PM 11-05-2011

If you get a sizable tax return, what do you do with the money? We usually get around $5 or $6K. Right now we're saving for a larger house and making repairs to our current home. And once we get a larger house, I'm sure we'll still need that money for repairs, general upkeep, etc. 

 

Maybe someday we'll be able to use it for a vacation, though...

 

 

 



Drummer's Wife's Avatar Drummer's Wife 09:16 PM 11-05-2011
We're thinking Disneyland this year. We'll see, though. Seems like something always comes up. I really need a new car, so if I don't have one by then it would make a nice size downpayment.
katelove's Avatar katelove 09:59 PM 11-05-2011

Usually feed it to the mortgage. My very first tax return I used to buy some nice furniture as I was living on my own for the first time.


SunRise's Avatar SunRise 04:13 AM 11-06-2011

I will fund some of my accounts; home reno (currently doing a kitchen overhaul), savings & travel account.


Amylcd's Avatar Amylcd 07:52 AM 11-06-2011

Bills, car / house repairs if needed. 


taubel's Avatar taubel 08:06 AM 11-06-2011

OK - I feel better that I'm not the only one who needs/wants to use the money for repairs, etc. Maybe I'll start putting away 25% of it every year to save for a vacation. We aren't big vacation-takers (we always go camping) but I do have family on the other side of the country, and it would be nice to visit them every few years.


yeahwhat's Avatar yeahwhat 09:50 AM 11-06-2011

We usually get more like $1000-$2000, but we've always used it to pay bills/pay off credit cards.  We've finally paid off all of our credit cards and my student loan will be gone by next spring too.  I have no idea what we'll do with the money.  RRSPs or RESPs probably.


averysmomma05's Avatar averysmomma05 12:56 PM 11-06-2011

We use ours to put some in savings, go on vacation for a few days, and pay off any loans, or bills unexpected for the year.


diana_of_the_dunes's Avatar diana_of_the_dunes 02:36 PM 11-06-2011

This year, it will all go in savings.  We've had a rough year, and we're just now working on rebuilding our emergency fund.  I'm also going to be off on an unpaid maternity leave, so money in the bank will be the best use for any spare change we have.  In the past we've saved it, used it for repairs, and paid for part of a vehicle.


Mylie's Avatar Mylie 03:24 PM 11-06-2011

Usually what I do is pay off my emergency credit card(my only credit card),Pay my car and home insurances for the year,I still owe back taxes for my former home so I will continue to pay them off,I try to pay my basic cable for the year so I can keep it for L.I make sure my car is manenced for the year so it has minimal(hopefully) trouble during the year when I have no $$ ...Usually I will try to stock my for home several months worth of stuff like shampoo,soap,canned goods ect...Because by June/July I am broke.

I will still do a few of those things this year but this year most of the $$ will be for making the move back home...I am tierd of struggeling so much and this move will help with that so much..So that is what I am planning on doing with mine this year...


StephandOwen's Avatar StephandOwen 03:40 PM 11-06-2011

In previous years we've gone on vacation (disney world). This year it will go into savings. I'm not working right now for the first time so we need to fluff up our savings.


beebalmmama's Avatar beebalmmama 04:26 PM 11-06-2011

Some of ours usually goes towards car registration and insurance and pays off any accumulated bills. This last year we saved it in order to sink it into the house we'd buy, so now it's feeding our kitchen's superficial facelift, paint and now fallen tree limbs thanks to the last storm we got. This next one will pay off the fridge we put on financing and flooring for the main floor. Hopefully we'll have a little to take some small vacation time, this last summer was a mess between new house and me in school. Although I really want to put it back in an emergency fund.....maybe 25% this year.


mamapigeon's Avatar mamapigeon 04:33 PM 11-06-2011

We're either going to put ours toward a second car or student loans.


EmsMom's Avatar EmsMom 04:53 PM 11-06-2011

I will probably get around $1000 or so.  It will go into my Roth IRA.  Trying to max that out this year (and it is going to be tight).  Last year it went toward the car loan but I paid that off! 

 


Attached2Elijah's Avatar Attached2Elijah 06:09 PM 11-06-2011
We usually get a pretty decent amount... and we put some in savings and use the rest for bigger things we need but have put off through the year. This year we'll be getting a new mattress for us and DD, a deep freezer, perhaps another used car for me during the day since we're a one car family (nothing too expensive but that will be somewhat reliable or not too complicated for DH to fix) and if there's any leftover, buy some fun stuff for the whole family. smile.gif I really love tax return season, lol.
AllyRae's Avatar AllyRae 07:55 PM 11-06-2011

Half will go to save for boring house-related obligations and half will be used to put in our travel fund (we go to Vietnamese culture camp every year in New York, so we will pay that off, plus put some towards our trip to Asia for 2013.)


Contrariety's Avatar Contrariety 09:52 PM 11-06-2011

We usually usually piss ours away on stupid things.  We did pay for DD's homebirth one year and last year we used a good chunk as a down payment on my car.  We pay off CC bills that we've racked up during the year.  This year, though, we have a few small Jeep repairs we've been putting off, and the rest is going in savings for when DH has to do his student teaching next year.  We're hoping we don't ahve to use it for that, though and it will be the small beginning of downpayment on a house. we'll see


ArcoIris27's Avatar ArcoIris27 10:02 PM 11-06-2011

We save some and splurge some. :)


Ellien C's Avatar Ellien C 03:56 PM 11-07-2011

It always goes back into the house - tuckpointing, roof work etc. I would like to spend it on appliances but we need more roof work.

 


MommyofNRM's Avatar MommyofNRM 03:56 PM 11-07-2011

Last year we used our tax refund to pay off our credit cards which we let get too high. This year, we'll be putting the money into savings! We're going to be buying a house and (hopefully) getting pregnant so it'll be nice to have some extra money in savings 


lilyka's Avatar lilyka 04:05 PM 11-07-2011

I get about $8000 (mostly credits so reducing what I pay in is not an option) and usually take about $1000 to  buy things we need and have a  little fun and then the rest goes towards the debt.  This year I need to redo my kitchen and that will take about $2000.  I will use a little for pascha and the rest will go towards debt.


Paigekitten's Avatar Paigekitten 01:57 AM 11-08-2011

We will be paying school loans with it.  Last year we had to live on it and I was so bummed not to be able to put it toward debt.


cappuccinosmom's Avatar cappuccinosmom 04:50 AM 11-08-2011

We throw it into our checking account, which doubles as a savings account for us (great interest rate, yay!).  Usually stays there until our insane property taxes come due, and gets used for that.  Or for car repairs.


Mulvah's Avatar Mulvah 09:21 AM 11-08-2011

Sometimes it will go towards a home improvement, sometimes it will go straight to the mortgage, and sometimes it will go towards both.


zebra15's Avatar zebra15 11:31 PM 11-08-2011

Savings then to bills... I can usually make it last until june/july


Krystal323's Avatar Krystal323 01:12 AM 11-09-2011

ours usually goes to paying off all the stuff we had to rack up during the year cause we didn't have money for it at the time, sigh.  most every spring we start off with no CC debt, and by winter it's up there again rolleyes.gif  someday this cycle will break...!


gypsymama2008's Avatar gypsymama2008 09:25 PM 11-10-2011

We put $1000 in DD's college savings account and the rest goes into savings.  We're boring :)


Ellien C's Avatar Ellien C 07:11 AM 11-12-2011


Quote:
Originally Posted by Krystal323 View Post

ours usually goes to paying off all the stuff we had to rack up during the year cause we didn't have money for it at the time, sigh.  most every spring we start off with no CC debt, and by winter it's up there again rolleyes.gif  someday this cycle will break...!



you know you can adjust your withholdings so you have more to spend throughout the year and get smaller (or ideally no) return, right?

 


mylilmonkeys's Avatar mylilmonkeys 02:02 PM 11-13-2011

I has usually gone to CC and/or house repairs.  The CC are gone now.  Yay!!  This next year we will be buying a late model, full-size van.  The following year will probably go to replacing the roof.


mamarhu's Avatar mamarhu 10:34 AM 11-14-2011

I hope to trade in my big, old, clunky, dying, gas-guzzling mini-van and downsize to a safe, reliable, economical car, maybe even hybrid.


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