For those getting a tax refund, what are you doing with the money?
By asyria51
@asyria51 (2861)
United States
February 8, 2012 6:11pm CST
That is the million dollar question....or this year around $2200 dollar question. We really want to fence in our back yard, but our one neighbor said that he would split the cost for our shared property line, but that still leaves a lot of area and a lot of cost.
We could invest it in an IRA, but we already contribute to retirement accounts.
My husband could use lasik surgery. That would pay for itself in the long run, when you look at the cost of glasses, contacts and the contact solutions, not to mention not having to worry about losing or tearing them.
The other thing we were looking at was replacing our deck. We probably need a new one in the next few years.
We still have not decided.
12 responses
@mariab2000 (740)
• Canada
9 Feb 12
I'm not getting such a big tax refund but whatever I'll get it will probably go into savings for now unless something else cmoes up in between. If I were you I would probably go for the laser surgery first and then it would probably be the IRA as I think they would be most profitable right now. But, it is still your choice and only you can decide what is best for you
@asyria51 (2861)
• United States
9 Feb 12
I thought that I only get taxed federally for the refund I get from the state, but I could be wrong.
either way it is more money in my pocket and the refund is a bit higher than expected, so I am not going to complain too much about high tax rates etc.
@Shellyann36 (11385)
• United States
9 Feb 12
Ours is going toward car funds. We are both getting used vehicles that cost around $1500 each. They are not pretty but they will be functional and paid for. There are a few odds and ends around the house that we need as well. The rest will pay bills.
@dorannmwin (36392)
• United States
9 Feb 12
Two and a half years ago my husband and I started a debt management plan to help make it possible for us to pay up our prior credit card debt in a much shorter period of time. We actually still have a year left until the plan has come to an end, but we are getting a tax return this year and we are going to use that money to pay off our debt management plan so that we will free up about $500 dollars of our money every month.
@asyria51 (2861)
• United States
9 Feb 12
luckily, we do not have any credit card debt. The only debt we currently have is the "good" kind. We have a home equity loan, a small car loan, and a mortgage. We have paid off college so no more of those payments.
Freeing up $500 a month is great. We are currently placing about $400 a month in savings, but would like to put more. If my husband gets a job in my same school district that will save us about $600 a year on gas, $2400 a year on health care.
@randylovesdar (4932)
• United States
9 Feb 12
I cannot wait until I can file my taxes so I can see what I will be getting back. I hope it will be enough for me to put into savings and watch it grow for a year so my husband, brother and I can buy a house. I am currently not working at the moment because I am taking care of my husband who has a serious foot condition. My husband needs to stay off his feet so he cannot work right now.
@chiyosan (30184)
• Philippines
9 Feb 12
quite a lot of times i was unable to get any tax refund. our previous company was not computing for it; i think they are or were keeping the taxes for themselves. i was told comapnies can never compute for it correctly because they do overcharge so they won't get to pay for the tax themselves and would just refund it to their employees...
@unique16 (1531)
• United States
9 Feb 12
Hi asyria51,
That is a good amount. They all sound like a good idea but I like the Lasik eye surgery or the IRA because it will grow for you and double your money. How half for Lasik and half for IRA/ it is still your choice and they are all good.
I am saving mine for my daughter who is college for payment on college this fall.
College is not cheap and the way of our Governor is chopping the aid to students in college and aid to college I am going to need all I can save to keep her in. They are cutting grant money too. They cut a lot last year but he is doing it again this year.
Needless to say I am not voting for him at all.
Good luck.
Sincerely unique16
@asyria51 (2861)
• United States
9 Feb 12
I am lucky that both my parents and my husband's parents have helped to contribute to our child's education. She is only three, but has a decent sized savings account.
Sounds like we could be in the same state. Currently, my state owes my local school district a half a million dollars.
I told the hubby that when his parent teacher conferences are over (so this weekend) that we were going to sit down and decide what we were going to do and research all of our options.
@lilblondiemjd (857)
• United States
9 Feb 12
My mom does all of my taxes and whatnot since I honestly know nothing about finances and things of that nature. I'm only 21, but it's probably time I learn. I doubt I'll get anything worth bragging about back, but if I got any many, I'm sure I'd spend it on tattoos as always.
@asyria51 (2861)
• United States
9 Feb 12
My dad made me sit down and do my taxes, with his supervision starting when I was 16 and earning my own money. It was a great learning tool. We would talk about withholding more money to cover and not have to pay any taxes come tax time.
I am still the one that does the taxes for my family.
@bhonti (1246)
• Philippines
9 Feb 12
If I were to choose among your options, I say go for the lasik surgery. It would really be beneficial for your husband and it would definitely make fim happy.
In my current company, we do not get income tax returns because I think they just get the exact amount from us or something. I am not sure how that works.
@asyria51 (2861)
• United States
9 Feb 12
The lasik is the one thing that i have done the smallest amount of research on. I really feel that since it is my husband that really wants it, he should do the research. I do need to look into whether or not my companies vision insurance covers any of lasik. IF it does I can add him at enrollment time in May and that could cut down on the costs.
@NailTech (6874)
• United States
9 Feb 12
Wow! I wish I was getting that big of a refund. I have yet to get anthing like that ever. I must say your decision on what to do with the money is entirely up to you and hubby. I know you just want suggestions, though. I would love to have the lasik surgery done but am too squeamish so probably wouldn't do it. That leaves the fencing and the deck. Go for the deck, thats the safest bet. :-) My opinion and sticking to it.
@asyria51 (2861)
• United States
9 Feb 12
I do want to expand the deck. We are hoping in a few years to redo our kitchen/ dining room. We will put sliding glass doors off of the dining room and add counter space to the kitchen. If we added the glass doors now, they would walk off onto nothing(well, grass, but a steep step down)
