What are YOU doing with your tax *REFUND*? - Page 3 - Mothering Forums

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Old 02-21-2008, 05:58 PM
 
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Paying school tuition

: 2:Ma To 6 :12,8,7,5,2,1&
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Old 02-21-2008, 06:03 PM
 
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Paying down medical bills, darnnit.

I wish we could put it in savings...

Becca ~Mama to 3 (DD - 1/3/02) (DD - 2/16/04) (DS - 8/11/05)
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Old 02-21-2008, 06:39 PM
 
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Dentist bills for our kids and fixing the cars
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Old 02-22-2008, 12:22 AM
 
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We aren't quite sure yet. I want to spend all of it to pay down our credit cards, but we have need of some car repair, the expensive kind, and we also need to get some quotes on waterproofing our basement.
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Old 02-22-2008, 01:24 AM
 
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Ours will left liquid in case we need it. Probably put into a GMAC account. We got another large bonus check a few weeks ago that will finish the pay off wood floors we installed last year. Tax money will basically be adding to our emergency fund money.

Some years this always seem like an OH SH#T kind of time (even though we don't do holiday spending), like we are waiting for it as we always start out with a large pad and somehow spend it through the year. We are left waiting until the refund comes to restore the cushion. It feels good this year not to have that waiting feeling.
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Old 02-22-2008, 02:16 AM
 
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We owe $600, even after both claiming 0. We'll have to start getting extra withheld next year.

The stimulus money is going to savings though as we are debt free (except the house) as of Feb 14th! Thank you Dave Ramsey!

mom to DD 3/09
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Old 02-22-2008, 03:00 AM
 
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With our refund we,

paid off around 3K in cc debt so we are now debt free besides the house:

paid the midwife for our upcoming July birth

bought new carseats

paid for Dh's dental work

bought a few things like shoes, spring kid's clothes

went out to eat

put the rest in savings


If we get the stimulus, we will be most likely using it for the big V
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Old 02-22-2008, 04:09 AM
 
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I paid off a cc and then will be paying off our truck the rest will go to savings

Aimee Blessed Momma to 4 amazing boys, P ~ 9 H ~ 7 J ~ 4 and B ~ 1.  Happily married to D Living my almost dream life on an urban homestead, hoping for our forever land to find us soon!

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Old 02-22-2008, 11:30 AM
 
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We'll be using the refund to move and then whatever is leftover will be saved.

If we get the stimulus package, we will be saving that for travel expenses.
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Old 02-22-2008, 12:40 PM
 
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Debt

Crunchy, Christ-lovin' mama to dd13, ds8, dd6, dd5, ds3  homeschool.gif intactlact.gif saynovax.gifuc.jpg

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Old 02-22-2008, 03:45 PM
 
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We are debt free besides our mortgage!!! :

Aimee Blessed Momma to 4 amazing boys, P ~ 9 H ~ 7 J ~ 4 and B ~ 1.  Happily married to D Living my almost dream life on an urban homestead, hoping for our forever land to find us soon!

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Old 02-22-2008, 04:29 PM
 
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Quote:
Originally Posted by nd_deadhead View Post
I am shocked and amazed at the number of people who are getting thousands of dollars back!!

I don't like giving the government an interest-free loan - they sure wouldn't do the same for me.

If you change your withholding, you can use that money every month to pay down credit cards (and save a ton in interest), contribute to an emergency fund, or save in an account that earns interest.
:
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Old 02-22-2008, 04:39 PM
 
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Well what I'd LIKE to do is put it towards helping to buy a car for my 17 yo dd, since she'll need one to comute to college next year. But business is slow and life is kinda hard right now, so what I'll most likely do is spend it on groceries and bills.

Missing my Auntie
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Old 02-22-2008, 04:45 PM
 
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Quote:
Originally Posted by nd_deadhead View Post
I am shocked and amazed at the number of people who are getting thousands of dollars back!!

I don't like giving the government an interest-free loan - they sure wouldn't do the same for me.

If you change your withholding, you can use that money every month to pay down credit cards (and save a ton in interest), contribute to an emergency fund, or save in an account that earns interest.
Interest free loan earns a better return than my retirement fund, which made -14% last year . Seriously many people lack the budgeting and self-control to do anything other than the tax return savings method.

Also even in a high yield situation (3.5% savings acct) you are talking about missing $50 in interest for a 3000 tax return.

$50 is a fine price to pay for the peace of mind that I will not have to come up with any money at tax time, and that I can expect somebody else to kep us from spending our money.
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Old 02-22-2008, 05:18 PM
 
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Originally Posted by ShaggyDaddy View Post
Interest free loan earns a better return than my retirement fund, which made -14% last year . Seriously many people lack the budgeting and self-control to do anything other than the tax return savings method.

Also even in a high yield situation (3.5% savings acct) you are talking about missing $50 in interest for a 3000 tax return.

$50 is a fine price to pay for the peace of mind that I will not have to come up with any money at tax time, and that I can expect somebody else to kep us from spending our money.
Absolutely. And we claimed 5 this year for half the year and are still getting thousands back. Not to mention now is the time of year when all those unexpected bills come up and so it's nice to pay them all off at once rather than spend more through the year because it's there.

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Old 02-22-2008, 05:29 PM
 
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Quote:
Originally Posted by nd_deadhead View Post
I am shocked and amazed at the number of people who are getting thousands of dollars back!!

I don't like giving the government an interest-free loan - they sure wouldn't do the same for me.

If you change your withholding, you can use that money every month to pay down credit cards (and save a ton in interest), contribute to an emergency fund, or save in an account that earns interest.
Not all of us are getting this money back because we messed up our withholdings.

Our withholdings are perfectly appropriate, and would have had us at about 0 (no refund, no owing), but you know, that 15% of our income on medical expenses adds up to a hefty deduction -- and one that fluctuates from year to year, so we don't count on it being a certain amt.
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Old 02-22-2008, 07:07 PM
 
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I am only getting about $600 (and then another $600 in stimulus?), so it's not that big a deal. But mostly it has to go towards the almighty CCs. Bah.
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Old 02-22-2008, 07:12 PM
 
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Originally Posted by snuggly mama View Post
Not all of us are getting this money back because we messed up our withholdings.
: We actually like having the nice check back.

Aimee Blessed Momma to 4 amazing boys, P ~ 9 H ~ 7 J ~ 4 and B ~ 1.  Happily married to D Living my almost dream life on an urban homestead, hoping for our forever land to find us soon!

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Old 02-22-2008, 09:06 PM
 
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With federal and state combined, we got back about $600. We just got both returns this week, and I immediately put the money in our savings account. It will be used for the hospital bills from the baby's birth in May.
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Old 02-22-2008, 10:12 PM
 
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What tax refund? We'll be paying quite alot this year. I don't know what we are doing wrong?

Maybe we can run the numbers with a child this year. Maybe DH will get baby fever, then.

Texmati-- Knitter, Hindu, vegetarian, WOHM. Wife to superdadsuperhero.gif and mom to DS babyf.gif24 months, and DD boc.gif 8 months! .

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Old 02-23-2008, 11:29 PM
 
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We used 70% to pay down debt and the other 30% is going towards a vacation. Hubby and I had a rough 2007 and I honestly didn't think I'd still be married by this time of the year. We have 3 nights comp'd at the Wynn Las Vegas so we're having our first vacation w/out the kids and celebrating 10 years together (married 7.5).
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