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What do you plan to do with your tax refund? what would you do if you were getting 10k back?

somehow that is what we are getting...... my hubby made 22k last year and we have 3 kids and it somehow worked out that were getting a refund of 10k. i know child tax credit played a role but that is still a hell of a lot more than what we anticipated! anyway he wants to save it all...every last penny....and i want to pay off some loans, that way, we will have very little monthly expenses. such as his car loan, we owe 6k on it and yea that wouldnt leave us with much but his monthly payment is over 300 dollars and we live on a very small income so it would be so nice to eliminate that! i wish we could pay our landlord the rest of it in rent and be paid up for a few months......LOL! so what are you doing with your refund? what would you do with this much money!?!!?!?!


Asked by Anonymous at 9:52 PM on Feb. 19, 2011 in Money & Work

This question is closed.
Answers (19)
  • That is fantastic!! I would do a combination, and maybe talk to an advisor at your bank as well. If you could eliminate your some of your monthly payments bills while still saving a good chunk, that would be awesome. Yay for the great refund!!

    Answer by mevxoxo at 10:27 PM on Feb. 19, 2011

  • We aren't getting much back, but I would save it. We don't have any debt, so that's not an issue. If you have an 8 month emergency fund (enough money to hold you for 8 months should hubby lose his job) then I would pay off the loans. If you don't have an emergency fund, save it. (I'm a Suze Orman fan!)

    Answer by missanc at 9:55 PM on Feb. 19, 2011

  • I agree with off that car loan! If he wants to save he can put that $300 that you would have used on the car into the savings, if you don't pay off the loan it will get bigger with the interest. It's best to have no debt!
    If I were getting that much I would put 9k onto my mortgage and use a little for our summer holiday.

    Answer by tobys.mommy at 9:57 PM on Feb. 19, 2011

  • We are getting floors in our house, since our carpet is old and gross. We are also taking a vacation. We will also be putting into savings.
    If I was you I would pay off bills and put the rest into savings. Tell hubby you are paying more in interest than you will earn in savings interest.

    Answer by dancinintherain at 10:02 PM on Feb. 19, 2011

  • We need work on the house.

    Answer by Bmat at 10:04 PM on Feb. 19, 2011

  • WOW - such good news!   It is always best to pay off debt first instead of saving.  Right now the interest rate on almost any type of savings account would only be about 1 percent and a checking account would pay even less. I'm sure your car loan is at least 6 percent so you are paying a lot in interest on that loan. It would be best to pay off the car loan and any thing left should go in to a savings account for future emergencies....not fun, well maybe a pizza and movie night for mom and dad would be ok.


    Answer by suijuris at 10:10 PM on Feb. 19, 2011

  • We want to buy a new home this summer, so we'll add it to our savings for the house.

    Answer by LovingSAHMommy at 10:17 PM on Feb. 19, 2011

  • I got a new kitchen table, a new Ashley living room set, my 2 yr old got a new twin bed with new blankets, new shoes for 3 kids, new brakes for our van, paid rent, paid a student loan and then had a little left over so we saved it for a family vacation for this summer.

    Answer by L0vingMy3Girls at 10:20 PM on Feb. 19, 2011

  • We didn't quite get that much back, but we still got a decent amount. The first thing I did was buy all the kids a ton of new clothes and shoes. I also did a lot of the baby shopping buying all the necessities and clothes from newborn-6months. Then I got some clothes for me and hubby. Will be buying a new camera next weekend since my sassy toddler destroyed my digital camera (waiting for them to get the Nikon D3000 back in stock). Buying the hubby a new Xbox 360 and the girls a Kinect since it comes in a bundle. We're also redoing the girls bedroom so some furniture and wall decals for in there. After that we'll put the rest in savings and wait till we want or need something.

    Answer by Nanixh at 10:34 PM on Feb. 19, 2011

  • I WISH we were getting a refund!!!! We put off doing our taxes as long as possible because we always end up owing.

    Answer by 5150mama at 10:36 PM on Feb. 19, 2011