What is your plan for your refund this year? Something fun? Saving? A mix of both?
Nothing fun for us this year, we took a trip with it last year. We plan to pay off two small debts and save the rest!
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We are paying off our credit card, hallelujah! Then we have about $500 to $1000 to do some small household improvements/redecorating. Then we will likely save the rest. We're getting quite a bit back.
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We already got ours (I'm a freak and file our taxes the minute we get all the paperwork because I'm scared we will lose something if I wait.) We bought a new TV (needed and we got a killer deal on it) and are saving the rest to put toward house stuff (we are building so we have some pretty significant purchase in our near future.)
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@LuLu Mom: ours is on hold until the 15th, ugh!
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Depending on what we get back:
- Replace carpet in living room/hallway with either laminate or vinyl planks
- Pay off A's birth
- Pay other small bills
- Each buy one small thing (running shoes for me, something equal for my husband)
- Save the rest -
Last year we owed a significant amount so iwnill just be happy if we break even! If we get anything back we will probably put it towards something for the house.
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@winniebee: we're with you. We owed last year with an Iceland adventure following the dues. This year we'll file and hope to not owe with baby coming!
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Depending on what we get, we are going to get a new couch and redo our backsplash.
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We are currently negotiating. =) I want to use it towards some small home upgrades/furniture stuff. My husband wants to save it or put it towards the mortgage. We'll see!
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If we get anything back we'll throw it into the college accounts.
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Probably savings. I can't think of anything we need to do with any urgency.
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@Anagram: Somehow, from reading your posts over the past few years, I am not surprised to read this update!
I just hope we don't owe anything this year. We got killed last year and had to write a big check.
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Hospital bills for our January baby! If there's anything extra, maybe a short beach trip. We could definitely use a vacation.
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@ElbieKay: it's a constant negotiation in our house! haha =)
eta: we usually do come up with a good compromise, but it definitely requires sitting down and drawing up pros/cons. We have become more effective at the negotiating/communicating part lately, which is great. Finances is probably the biggest area where we have differing philosophies, so we've had to learn how to both get our wants/needs met and have our partner happy too. But we have improved! I know it probably seems like I'm constantly frustrated because I post on HB about financial stuff a lot, but the reality is that I'm super grateful to have a responsible husband who knows how to reach financial goals and isn't a spender. It's a good counter balance to my own tendencies.
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Paid off a personal loan, paid off a medical bill, paid for an unexpected home repair. We still have enough left over for a down payment on a new-to-us car, so we'll be doing that soon. I wish we could have saved it, but life happens!
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Gah! Jealous of all these big refunds. We usually owe. This year "only" $500 which I'm happy with.
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Small refund this year only because I was paying tuition last year! It's going toward closing costs/house downpayment
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Not sure what we'll get back b/c I file a 1099, but anything will go towards living expenses for the (hopefully short!) period of time when we have to cover 2 mortgages.
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Savings. I don't have paid maternity leave, so it will go towards replacing whatever we lose in savings for that.
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@ElbieKay: same. I almost fell off of my chair and vomited with owing in the five figures last year.
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We'll use it to offset daycare costs for the year
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@Anagram: I appreciate the info you share here. I like reading different perspectives on financial decisions!
@winniebee: Sister, I feel your pain. And then we had quarterly estimated tax to deal with too. Sigh.
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This year's is not huge (less than $1000), but it is enough to cover flights for a vacation we're taking in June to celebrate our 5th anniversary. Yay!!
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We are paying off the last of baby #2's hospital bill and buying a new bed set. Anything left after that goes into savings.
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I doubt we'll have much of a refund. We try to balance our withholdings so we come out about even at tax time. As long as it's plus or minus owing/receiving about $500, I'm happy.
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@lawbee11: don't be jealous! This just means people lent the government their money and got it back without interest. I'd rather keep my money up front and invest with interest into my 401k, HSA, etc.
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I always owe and this year is going to be exceptionally large (for me).
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Tax refund? We never get a refund. We typically owe a couple hundred dollars every year and we set it up that way on purpose.
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Putting it toward debt. We usually don't get much of a refund but we have a decent one this year.
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We usually get the same amount and I will pay down our equity line of credit we used last year to do a massive and expensive home project.
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Ours will go into travel savings for a big trip in 2018 to China.
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We made a paper chain for our savings goals and as soon as that refund comes in (surprisingly high with a couple extra tax credits!) we'll be cutting off a lot of paper links.
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@codeitall: that's a fun idea!
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we're getting a good return this year because DH switched jobs and overpaid social security (plus I SAH which helps a lot on getting a refund! when I worked we paid estimated taxes instead.)
I have a whole list - preschool for next year, landscaping improvement, medical allowance for our deductible, summer camps, photo book gifts for grandparents, car insurance . . . so it's all spoken for already but it's mostly not splurges. we may actually go on vacation this year though because it's covering a lot of the stuff we'd usually be saving for throughout the year. -
We should get more since LO2 came Dec... But all going to savings to pay for double daycare
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We owe this year which I wasn't expecting!
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I own my own business, and even with paying quarterly taxes, we still always owe more at the end of the year. Sometimes I think about working a traditional job just so we can get a tax return!
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Just hoping not to owe! But if we get anything back it will just go in savings to cover my upcoming unpaid maternity leave and then 2 in daycare.
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Probably a trip. We've discussed possibly flying out west to visit family but no definite decision yet.
We also have some money saved up to do some landscaping and build a patio in our backyard, so we may put some toward that. We hope to get that project started in the spring.
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We already got our refund. We paid off our 2 credit cards, took a small amount of personal money for ourselves, and pit the rest towards paying down my car. Our goal is to pay my car off by the end of the year.
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