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Sunday Morning Clicks – Tax Return Edition

by Ryan Yates

The tax returns are starting to make their way into our bank accounts. I just received mine on Friday. Now the question becomes what to do with the money. Many other bloggers are posting ideas on how to use the money wisely. Below are some of the links posted throughout this past week.

As you can probably guess, I will be using 100% of my refund to pay back more debt. I’m currently snowballing my 2nd mortgage. I have a long way to go on blasting it to bits, but this money will give me a very good start on it. I could use the money to completely pay off the smallest debt in my plan, giving me two hundred more dollars to use for snowballing the next loan. Instead, I’ve decided to go after my largest debt which has the highest interest. I ran the numbers and I will end up saving on some interest by doing so, here’s a post with some numbers. Once the 2nd mortgage debt is paid the others will fall like dominos. I love a challenge and taking on this debt will be fun. My orginial forecast was to have the 2nd mortgage paid off my Nov 2010. I’ve revised the forecast to show sometime in July 2010. July 2011 is the month forecasted for complete debt freedom. If feel great to see the end of the tunnel getting closer rather than further away.

Here are the links from around the PF blogging world.

Elle from Couple Money shows us her plans to use her tax return to fund some home improvements to her new house as well as start paying down the new mortgage Our Tax Return Plans

Matt from Debt Free Adventure answers a reader’s question How to Spend My Tax Return. This continues to demonstrate the inspiring interaction Matt has with his readers. We can all learn something from this post.

Green Mama over at Sustainable Family Finances tell us why she likes to get a big tax refund and how her family is planning on using the cash Taxes Made Easy

Jim from Bargaineering offers some suggestions for his readers How to Spend Your Tax Refund Check.

Remember, you are reading this blog because you either are very curious about delivering pizzas or you really want to blast away debt. I strongly suggest you use the tax refund wisely. I don’t want to hear about anyone going out and getting a new TV 🙂
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{ 6 comments… read them below or add one }

Financial Samurai February 21, 2010 at

Good discipline Jeff in paying back debt! Ahhh, must feel good to get a refund. I’m not this year, which is actually bugging the crap out of me. “What did I do wrong?” I ask! lol.

The good thing about owing money is I am happy to put it off until April!
.-= Financial Samurai´s last blog ..The Katana: Where Experiences Matters More Than Things =-.

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Jeffrey Kosola February 22, 2010 at

Thanks Samurai,

It does feel good to be getting a return. Sorry you have to pay our friend Uncle Sam, hope it’s not a huge hit 🙂

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Financial Samurai February 23, 2010 at

Several thousand bucks. Owie. I’m gonna run the numbers again….. I think I may have done something wrong.
.-= Financial Samurai´s last blog ..The Government Is Sexist And Nobody Seems To Care =-.

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RainyDaySaver February 21, 2010 at

We haven’t received our refund yet, but we’re eagerly anticipating the money. It’s going to finish off our CC debt, while leaving us a nice chunk of cash for our savings. We may use some of that money for improvements around the house, but we won’t be blowing it on anything ridiculous! I like having money in the bank for ‘rainy days.’
.-= RainyDaySaver´s last blog ..Fix-It Friday: Cat Door =-.

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Jeffrey Kosola February 22, 2010 at

I like I like, paying off the CC debt is perfect. Keep up the great work. Money in the bank is always great for a Rainy Day. Hmmm I think I’ve heard of that RainyDay thing before, I just can’t put my finger on it. 🙂

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Forest February 23, 2010 at

Can’t wait to read that July 2011 post :)….. Luckily I did my tax return late last year (for UK)… sadly no rebate for me, boo hoo.

Thanks,
Forest.
http://frugalzeitgeist.com
.-= Forest´s last blog ..Save Money On Printing =-.

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