With tax season quickly approaching what are you planning to do with your tax refund? Do you use this for big expenses and plan to use it or save it for a rainy day? Do you go on a shopping spree? Maybe a combination! What do you use your tax refund for?
This year, I have a few plans. I just bought a new house. It needs some work. I plan on buying more paint and getting the materials for a floating floor. I also plan on buying a new washer and dryer. I would also like to use some of the money for a family vacation. That's about all I can think of so far. Well, I also like taking the kids clothes shopping.
I'm not sure whether or not I will get a tax refund this year since I don't work as many hours as I used to. However, if I do get a tax refund, I would try to save up because I have spent way too much money on my smartphone last Christmas, which was a week ago. I would save it for my trip with my wife this summer. I don't always look forward to my tax refund though.
My tax refund goes to pay bills. It's a lump sum that comes in handy to either get caught up or ahead on expenses. (I know it's boring, but a necessary evil.) One day, I might go on a shopping spree. So many of my friends use their tax refund for clothes, phones and mini vacations.
I'll most probably save up on it too seeing that right now I have nothing in mind that I need to spend money on. I already overspent during the Christmas season so I'll avoid using money as much as possible.
I will probably save up or try to get ahead a little. I don't plan on splurging on unnecessary items. I might buy my kids a couple of outfits and sneakers but I plan on focusing on the needs and not the wants.
Unfortunately, I always have to pay taxes, so I don't get excited about tax time like most people do. It is one of the few negative aspects of my job.
Sometimes I treat myself, although sometimes I'll use it to buy essentials like food/fuel or maybe some clothes. They are not very often anyway and usually under £100. Sometimes I will just let it accumulate into my emergency fund anyway.
I don't get a tax refund. I have to pay in a lot of money each year. Although I love being self employed, that's one thing that I don't look forward to.
I'm probably going to disappoint everyone with my answer but if I have a refund I will probably just pay off some bills. I owe money on my phone still and need to pay that off soon. I also need to get my car worked on, and that would be great if I could get that taken care of. After that I may splurge and buy myself a game or something ,depends on if I have any left.
When I do have a refund (which is rare), I tend to drop it onto my student loans. There have been a couple times in the past where I made a different purchase instead (like getting a new video card for my computer), but usually it just disappears almost as soon as I get it in order to pay down student debt.
I tend to use my tax money on whatever is needed when the check comes. This year, with just getting married, we have a few other bills we need to pay off from the wedding so the money will be going towards that. It seems like I rarely get to buy new toys with my refund!
I have been saving mine every year for when I have to pay for my student loans. The return isn't that much but neither are the loans. The school that I went to was fairly cheap compared to most colleges.
I tend to use mine for major expenses and other expenses that may be needed to ensure life gets easier though out the year! Of course we do tend to have a fun night or two as well and make a couple or purchases that we may not would have made otherwise!
I used to be a big proponent of setting up my W2's in such a way that I really didn't ever get a big tax refund. Truly, the thought of giving the government an interest free loan on my money all year just annoys me. But now I have a whole bunch of kids, am a homeowner, and a small business owner. Our tax refund always surprises us, despite the fact that we feel like we are paying a fair amount in (not too much not too little) in taxes all year. I admit that for a couple of years, we needed our tax refund to live off of. Our business has been slow growing and the economy isn't helping. Even now, we sort of just look at it like another paycheck, not like a winning lottery ticket. We don't go out an blow any of it on frivolous things. My husband and I both have financial goals, so we are able to portion out all of our income by keeping our goals in mind.
