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 🙂