As we all know so well, it’s TAX SEASON and the deadline to get those filed is April 15th so you have a little bit over a month to file if you haven’t done so already. My excitement to get money back from the government this year is well above normal. So much so that I have already spent my return check…and I don’t even have it yet. I’ve spent it in my head. Here’s my plan for my tax money this year:
- Use 30% towards my student loan. This year I’m starting to aggressively pay off this student loan debt by doubling my monthly payments. This extra money towards the loan will only help my cause to get that handled so I pursue higher priorities, like buying a Jaguar XJ Supercharged Sports Sedan. X.J. for X.J.? I think so.
- Use 30% towards paying off credit cards. I normally don’t carry a balance month to month and I don’t plan to start, but this extra money gives me a chance to not have to use my current salary
- Use 20% towards my investment list. I have a few stocks I have my investment eye on. Skyworks was one…there are two others I’ll share soon.
- Save 15% in my actual savings account. I like to have a rainy day account that can cover about 3 months of expenses. Remember what I said about the difference between s
? You can and should do both.
- BLOW MONEY FAST WITH THE LAST 5%. But really…I plan to buy a nice dress and shoes…maybe more than one dress…more than one pair of shoes..who knows but some department store is about to get this 5%.
What are ya’ll spending your money on this year? Paying down debt? Opening a brokerage account to start investing? This money back from the government could be a seed into your business or a launching pad for your family to get on track financially. However you spend that money, chose wisely.
Until next post folks…
2 thoughts on “What Will You Do With Your Tax Refund?”
UGHHHHH I hate tax time. I always spend the refund before I receive it. This year I’m saving 75% 10% to CC and 15% I will be BMF.
It’s a bittersweet time, but at least you have a plan to save most of your money and spend a little. There are a lot of folks who have it backwards and plan to spend more than they save.