Plan for tax refund

**frugal is fun** · 02-26-2010, 02:09 PM

So I just filed my taxes, and I will be getting back a total of $2256. My plan is to put $1,000 in an oil fund for next year (considering all of my problems with paying for oil this year). I plan on paying the remaining balance on my car insurance for the year $746, eliminating my monthly payment of $95. AND put the remaining $510 in my EF.

I will be putting that $95 a month into my EF on top of what I already save!

My EF should start to build at a decent pace. As long as I remain patient and murphy doesn't show up, I will be able to buy my son a new bedroom set next year with cash!!!

Yeah!!!

**Mom2-3** · 02-26-2010, 02:31 PM

Don't you just love a plan? It seems so much easier to write it all out and look at it

**NewLeaf** · 02-26-2010, 05:33 PM

When summer gets here check the oil prices in your area. They usually go down here and you can fill up for alot less. I love it when a plan comes together.....

**dcompton** · 02-26-2010, 06:30 PM

That sounds like a great use of the money. You'll be glad to have that set aside for oil. The winters don't seem to be getting any milder.

**mauimagic** · 02-27-2010, 02:09 AM

Great plan!! Do you have an idea about how much a new bedroom set will cost? You could pick up some great sales too. Let us know how it all works out for you.

**mamamia** · 02-27-2010, 08:48 AM

What a great plan FiF! I'm sure that'll make things much easier next winter. Who knows what the prices will be like by then/, so good advice too on checking them out in the summer time.

As for us, we're using our refund to help pay for our property taxes due in March. So in essence, we're using our tax refund to pay for our taxes

. If you ask me there's something just so wrong with that picture

Whadyagonnado?

Theresa

**frugal is fun** · 03-01-2010, 02:14 PM

thats a great idea about checking prices in the summer. I actually have two oil tanks but only one is "active". I just bought the house over the summer and didn't have the money to find out whats up with the second tank. Once I could get all my financial eggs in a row I'll definitely look into getting that fixed and fill up BOTH tanks in the summer.

**sinopa27** · 03-02-2010, 03:20 AM

great plan. I am working on my plan as well. I set aside $500 from my tax refund to get gravel for my road. Its ashame the cost of rock and oil.

**mommy2010** · 03-07-2010, 11:03 PM

I like your plan!! We used ours to pay off our medical bills (just had a baby)!

**my4littlebuffaloes** · 03-10-2010, 02:28 PM

This sounds like a great plan. Don't forget to set aside money each month to pay for your taxes next year. I think a seperate account (or section of account) for the bed set instead of lumping it in with the EF would make more sense. Good luck!

Jennifer
GEtting Ahead
Our Suburban Homestead

**porembam** · 03-10-2010, 02:55 PM

Good Luck - you have an awesome start there!

**frugal is fun** · 03-23-2010, 04:09 PM

so update on my plan (to keep me accountable)

I put the $1000 towards my next years heating costs, I put the $500 into savings. However, I have changed my mind about paying my car insurance.

I'm going to purchase insulation for my attic instead. One, I can write it off on my taxes next year and two, it will save me in heating costs next year.

I do however need to do this soon or I at least need to get that $700 off of my debit card because apparently I don't have the discipline to keep my little hands off of it!!

Okay, I said it, and now I'm going to do it!

**frugal is fun** · 03-29-2010, 10:17 AM

another update....

I got the insulation on Saturday and guess what....IT WAS ON SALE!!! I was expecting to spend over $300 on insulation and it was on sale for 50% off so I only spent $168 with tax! Wahooo!!!

AND I put all 16 rolls of insualtion down BY MYSELF! It was the first home improvement project I did completely by myself!

I am super proud of myself!

**monkeywrangler71** · 03-29-2010, 10:21 AM

Good for you!

**Samigirl** · 03-29-2010, 10:36 AM

Originally Posted by frugal is fun

AND I put all 16 rolls of insualtion down BY MYSELF! It was the first home improvement project I did completely by myself!

I am super proud of myself!

You SHOULD be proud of yourself. That's impressive!