OT - Getting to know you QOTW - 4/15

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Alissa_Sal's picture
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OT - Getting to know you QOTW - 4/15

Since today is tax day (sort of) - if you usually get yearly tax refunds, what do you typically do with them? Are you a "splurge on treats with the 'free' money" kinda gal, or a "ferret it away for a rainy day" type?

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Paid down a credit card, saved some money for our wedding. Not too exciting or crazy. Wink

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We have come out pretty even this year which works for me. I am not a big fan of giving the government interest free loans. Last year we qualified for earned income amongst other credits so we actually made a decent amount of money from the government. We paid some student loans, put money towards finishing or basement, and paid off my one credit card which didn't have much on it.

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pay off debt

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Normally I would payoff debts. But Dh is not the saver and this time he talked me into going to Disney with the money, so that is what we did!

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We usually each get to pick out a small treat and then we put the rest towards debt. This year though payroll totally f***ed up and only took 1/2 the taxes they should have. It will take me most of the year to pay that back! (I really want to hunt down the payroll woman who was completely incompetent - and has now left - and kick her hard!)

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"fuchsiasky" wrote:

We usually each get to pick out a small treat and then we put the rest towards debt. This year though payroll totally f***ed up and only took 1/2 the taxes they should have. It will take me most of the year to pay that back! (I really want to hunt down the payroll woman who was completely incompetent - and has now left - and kick her hard!)

Ugh! I would be furious!

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We're super practical. Any extra goes on to the mortgage.

Alissa_Sal's picture
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We'll probably put some into savings, use some to pay down my credit card, and then probably use some to do a smallish treat for the family. No plans, as of yet though. For some reason we waited way late this year (and we have NO excuse, my FIL is our accountant!) so we just got the state check in the mail a couple of days ago and haven't gotten the federal yet.

Andy, my SIL is the same way - every year she tries to break even so that she doesn't give the govt an interest free loan.

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We usually pay off debt but this year we are remodeling DH's previous house as a rental so it will go towards that.

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Actually MONDAY April 18th is tax day this year instead. I know! Weird! It still seems like it should be today! Thanks for the DC holiday!

We usually just bank the money...it would be more fun if we did something extra special with it. (That said, we've been working on getting the refund decreased. State is pretty dead on...but need to do a little more with federal so they don't hold our money for so long!)

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Pay the property taxes!!! Thats what we do every year, exciting hey? This year payroll totally screwed us over one month and took an extra 1500 in taxes, so the extra will be going onto the credit card that got racked up that month:confused:

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"Alissa_Sal" wrote:

Andy, my SIL is the same way - every year she tries to break even so that she doesn't give the govt an interest free loan.

I know someone who has almost nothing taken out of his paycheck and puts it all into relatively high interest savings. He owes a lot at tax time but he makes more off of it in the end. I don't trust myself to do that though, I'm more than happy to be somewhere around even.

I don't think it is bad to have a big return at the end of the year though. The difference in money is usually not that big. For those that aren't good at saving (not implying you or anyone specific) like I used to be, it is a good way to force yourself to save money.

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We'll be building a deck this year and the rest will be saved.

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"runningmom" wrote:

Actually MONDAY April 18th is tax day this year instead. I know! Weird! It still seems like it should be today! Thanks for the DC holiday!

I know, how weird is that! My poor FIL - he was so excited that it was going to be over a whole weekend before Passover, and then he found out that they pushed it back to Monday (the first day of Passover.) It makes no sense!

That's why I said it's "sort of" tax day. April 15th is usually tax day...just not this year....for no apparent reason....LOL!

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We're putting some into savings, tackling a few home improvement projects and planning a Disney vacation, so a little bit of everything.

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I wish we could do something fun with it...but we're putting it towards our car.

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"RebeccaA'07" wrote:

I wish we could do something fun with it...but we're putting it towards our car.

It will be fun when the car is paid off.

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"Andy1784" wrote:

I know someone who has almost nothing taken out of his paycheck and puts it all into relatively high interest savings. He owes a lot at tax time but he makes more off of it in the end. I don't trust myself to do that though, I'm more than happy to be somewhere around even.

I don't think it is bad to have a big return at the end of the year though. The difference in money is usually not that big. For those that aren't good at saving (not implying you or anyone specific) like I used to be, it is a good way to force yourself to save money.

SO hasn't had enough taken out the past few years and has been given those quarterly coupons and assessed penalties.

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I put a lot into savings but both vehicles needed repairs. I changed my withholdings for taxes and 403(b) contributions. The federal government withholds HOH at the single rate, so I'm not sure if it's right yet or not.

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I get a bill every year, even after talking to hr at work they tell me it's all being taken out right. It should be better this year as I don't have multiple investments in my name

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"zefroim" wrote:

It will be fun when the car is paid off.

That's totally our goal Smile

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Put it toward property taxes.

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I get a massive bill every year that wipes out anything we may have saved and leaves us owing. It's really awesome. Also I have the max taken out of my check and pay ridiculously high property taxes. Insanely frustrating and extremely punitive.

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Bills, bills, and more bills.

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We still haven't decided. We were going to use it for Disney, but most of that's already been purchased. I want a new patio (ours got knocked down in a storm a year ago), but dh will probably talk me into paying on the mortgage.

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We paid off some debt (still a little more to go) and put some towards our home improvement. Not too thrilling but necessary.

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Finishing our huge retaining wall and patio. The rest will go toward the mortgage and savings.