Tax refund....what are you doing with yours?

**ama** · 01-12-2007, 11:53 AM

Ok -- so who here is counting on that tax refund in a few months to help pay down their debt?

I'm looking forward to paying off my Art Van and anything else I can squeeze out of that!

**PAVallygrl** · 01-12-2007, 12:21 PM

Paying bills.

**danni** · 01-12-2007, 12:26 PM

Me too. Paying down as much as we can.

**monkeywrangler71** · 01-12-2007, 12:43 PM

Because of our tax situation, it doesn't make any sense for us to keep a large sum of money sitting in an EF, but my husband wanted to have one because he was feeling a bit uneasy about our liquidity. So I came up with this (IMO

) brilliant idea to have a "revolving" EF. We will keep and contribute a respectable sum of money in this account for the majority of the year, then deposit the entire amount in an RRSP just before the deadline. If we file immediately, it takes about a week to get the return, which is then deposited directly back into the EF account. That way we have the security of having that money for 51 weeks a year, and also get the tax benefits. My husband's marginal tax rate is around 43%, so for every dollar we put in the RRSP, we get about .43 back.

I had considered making a lump sum payment on our mortgage, but our tax rate is a lot higher than our interest rate so I'm going to wait until we've maxed out the RRSP contribution limit before paying down the mortgage.

**Emerald_Mommy** · 01-12-2007, 12:44 PM

If we get one it will go in savings.

**JustJoy** · 01-12-2007, 12:52 PM

I'd like to put it all in savings, but I'm sure DH is going to want to spend a little of it.... he always does.

**Missy** · 01-12-2007, 01:38 PM

DH'll take it for bills.

**YankeeMom** · 01-12-2007, 01:39 PM

Too funny, I was just budgeting what we are doing with ours this year

~fix a busted seal on dh's truck
~repair the girl's shower (it's a claw tub w/ the shower attachment...it's $100 just for the attachment!

)
~get dh's degree (he has all the credits for his bachelor's but the school actually charges nearly $300 for the damn paper

)
~replenish the EF if I have to take from it for my root canal
~add to the EF
~get the littlest kitten fixed

**acidcookie** · 01-12-2007, 01:40 PM

Paying off more of my CC debt and also helping fund whatever portion of a conference trip to Reno next month I don't get funding from my program for.

**mulligan** · 01-12-2007, 01:49 PM

I wasn't planning on getting much - as we budget our taxes pretty carefully. But I forgot about the going back to school credits for me.

1. Finish off baby EF
2. Fund our moving fund - we have to get out of this apt or my dh will go insane
3. Pay off my car (bought from my sister)
4. The rest will go towards medical bills

**Buckeye5** · 01-12-2007, 01:53 PM

Paying off bills and put a little bit in our Ef

**justpeachy92** · 01-12-2007, 01:57 PM

I plan on having some service stuff done to the van, maybe have a little bit of fun, and put what ever is left in savings to go towards tuition and books in the fall for me.

**jzkitten** · 01-12-2007, 01:59 PM

With the federal we're:
1. Paying off the van early
2. Get the van fixed
3. Getting everyone their glasses
4. Getting my Oregon drivers license
and if anything is left DH is getting a rifle and I'm getting a digi camera

With the state we're saving half and the other half goes to DH aunt to pay back on some money we've borrowed from here.

**sk8mom** · 01-12-2007, 02:04 PM

Get caught up on bills and then put the rest in our EF fund that is if we get a refund. We always have gotten a refund, but I'm just waiting for the year that we have to pay and this will probably be the year. I'm not getting the school credit anymore and I'm not sure if we will qualify for the earned income credit. We'll see