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Refund Checks

TheRealDeal

By TheRealDeal,
in Huddle Lounge

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Kettle Newbie

Kettle

Posted
Posted

You'd be better off paying off your debt before worrying about trying to save to much. The way to figure out what you should do is see how much interest you would pay on that debt over the next year versus how much money you'd receive for your cash (nothing if you don't buy a CD or something). So basically unless you're going to invest the cash, you're better off paying debt.

i'm trying to be objective to both sides. on one hand i could pay a couple things off. on the other i could have an emergency fund in case of anything out of the ordinary. i need both, but can only have one. 50/50 maybe?

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sunbunny Newbie

sunbunny

Posted
Posted

My son's band trip to Fl and spending money is taking most of ours.

Laptop for my daughter.

New tires for my camry.

POS car for my son. Actually, it's an ok car, just older. Thank goodness my hubby is in wholesale.

Pay this damn $500 electric bill we just got. Holy hell I want to move.

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MadHatter Rookie

MadHatter

Posted
Posted

My son's band trip to Fl and spending money is taking most of ours.

Laptop for my daughter.

New tires for my camry.

POS car for my son. Actually, it's an ok car, just older. Thank goodness my hubby is in wholesale.

Pay this damn $500 electric bill we just got. Holy hell I want to move.

Damn....how big of a refund are you getting.

You do realize that getting a big refund is NOT a financially smart thing to do. You are giving the government an interest free loan.

Many people like to get a refund because it is forced savings....would blow an extra could hundred dollars a month, but can actually do something with $2,400 at one time.

Better solution is to increase your exemptions you are claiming....withold less....and put the extra money into an investment/savings account. You draw the interest and still have the cash later.

In fact, the best solution is to withold the minimum that you can without being assessed penalties. Take the extra cash and put it into a savings account. You earn the interest. Then you use the account to pay your tax bill in April.

FYI....if you give me $1k per month starting now, I will give you back $12k next year.....and I keep the interest. Anyone interested?

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sharkman Newbie

sharkman

Posted
Posted

Damn....how big of a refund are you getting.

You do realize that getting a big refund is NOT a financially smart thing to do. You are giving the government an interest free loan.

Many people like to get a refund because it is forced savings....would blow an extra could hundred dollars a month, but can actually do something with $2,400 at one time.

Better solution is to increase your exemptions you are claiming....withold less....and put the extra money into an investment/savings account. You draw the interest and still have the cash later.

In fact, the best solution is to withold the minimum that you can without being assessed penalties. Take the extra cash and put it into a savings account. You earn the interest. Then you use the account to pay your tax bill in April.

FYI....if you give me $1k per month starting now, I will give you back $12k next year.....and I keep the interest. Anyone interested?

Yep, I claim 8 Fed and 6 or 7 state :)

That may pay a bill and buy a case at best...if I get a return.

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