We know people that do the same as us, and others that treat a return like a windfall. They adjust their tax withholding situation so that Uncle Sam keeps as much of their money as possible during the year (interest free) to assure a lottery like tax return.
I’m curious as to what you will do with your tax refund if you receive one this year. Has The Great Recession changed your plans? Are you going to pay down bills, stash it away or treat yourself to something you have been wanting?
I have been using my "refund" all year long, paying down my mortgage. The best bet is to never loan the government your "refund" for 12-15 months . . .
ReplyDeleteI most often put my return in the bank, much like yourself, I use it throughout the year. It gives me peace of mind.
ReplyDeleteThis year we had about a $3000 refund (didn't adjust withholding due to a new business that we hoped would take off). 90% went to medical bills (one reason the business didn't take off). 10% went to a well-researched, frugal long weekend away to rest & restore. Can't win--my grandmother criticized us for "wasting" money.
ReplyDeleteI am only getting $46 back as a refund this year so it is going to pay for gas and meals when I travel out of town to visit friends in May for graduation.
ReplyDeleteI am glad that I am only getting a small refund because like "Not A Bank" said it is not really fiscally responsible to have the government hold on to your money just so you can get a big refund.
I am just glad that I don't have to pay anything so that small refund is exactly where I want to be.
We try to keep it as close to nothing as possible. It's hard sometimes to calculate oddball income. Soooo. Part of our small refund is going into a "dream trip" fund, and part to repair a piece of furniture.
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