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Expecting a Tax Return? What do you plan on doing with your tax return this year?

Posted by on Jan. 28, 2013 at 10:50 AM
  • 44 Replies

Expecting a Tax Return? How to Decide Whether to Save or Splurge

Posted by Maressa Brown

tax refundTax season is upon us, and although that means we have to go through the tedious motions of getting all the necessary paperwork in order and either sitting down with our ol' pal TurboTax or making an appointment with our accountant, there could very well be a bright shiny light at the end of the tunnel ... In the form of a tax return! Who doesn't love a happy "surprise!" check in the mail (or gets direct deposited) that almost feels like a reward (but is actually your own hard-earned cash the government has decided to give back to you)?

We all have different ways of handling our tax return. For some, it goes straight into a savings account. Others use it to pay down a credit card. And well, whether we'd like to admit it or not, plenty of us consider putting our "bonus from Uncle Sam" toward a total splurge.

You know, something you don't necessarily need -- just want, covet, crave. A vacation, an upgraded car, a hot pair of designer boots ... It could even be something you want for you but wouldn't necessarily buy using your everyday dough (like a massage or a package of personal training sessions), because that wouldn't feel responsible somehow. But with a tax return, it's fair game.

Still, when it boils down to it -- I'm guessing what Suze Orman says about tax returns is that you shouldn't splurge until you've got your debt and savings bases covered. As in, the smartest move would be to use it to pay down any existing debt. If you don't have any debt, the second smartest move is to use it to build your savings up to a healthy amount. And if and only if you're free of debt and your savings is in good shape, then, sure, take that tax refund and live it up!

Then again, no matter what the experts say, everyone's financial situation is unique. Everyone has their own reasons for spending or saving their tax refund in whichever way they choose. And if you happen to make an impulsive, irresponsible move, hey, there's always next April!

What do you plan on doing with your tax return this year?

by on Jan. 28, 2013 at 10:50 AM
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Replies (1-10):
Mom2jngnc
by Stephannie on Jan. 28, 2013 at 2:07 PM

really loathe the last actual LINE of the article. 

Mom2jngnc
by Stephannie on Jan. 28, 2013 at 2:17 PM
1 mom liked this

bills, bills, then more bills. 

We get a refund... so I pay some of the quirky things for the year:
-trash service (plus I get a % off)
-water bill
-Sunday paper

Followed by:
-the remaining balance on car insurance (6 month policy)
-any random bills
-some in savings
-pantry stock up
-order pet flea meds for the year

Odities that we put off... replace pots n pans that sort of thing

MELRN
by Bronze Member on Jan. 28, 2013 at 2:35 PM

we go on vacation-- we always put 0 dependents then  file for a big return-  I'm wishful for a cruise this year

Caroldoesnails
by New Member on Jan. 28, 2013 at 3:18 PM

I'm paying down a big chunk of my car note.

Mom2jngnc
by Stephannie on Jan. 28, 2013 at 4:11 PM


Quoting MELRN:

we go on vacation-- we always put 0 dependents then  file for a big return-  I'm wishful for a cruise this year

we use our state for vacation

lish2127
by Platinum Member on Jan. 28, 2013 at 4:40 PM

We usually put 0 dependents but this year we changed it so we're getting a couple thousand less back this year. We pay bills, pay for our camping trip, get car repairs/inspections, purchase a few things we haven't been able to purchase all year, save some. 

lizmarie1975
by Liz on Jan. 28, 2013 at 5:09 PM

We don't get a refund...we always end up owing due to my husband's business. Hopefully, not as much as we have had to pay in previous years but we'll see.

SamMom912
by Platinum Member on Jan. 28, 2013 at 5:12 PM
2 moms liked this
We usually get back about 100 dollars...so maybe ill go food shopping? Lol
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Jillysmom
by Adele on Jan. 28, 2013 at 6:21 PM
1 mom liked this


Quoting MELRN:

we go on vacation-- we always put 0 dependents then  file for a big return-  I'm wishful for a cruise this year

I can't afford to do that

Jillysmom
by Adele on Jan. 28, 2013 at 6:22 PM
1 mom liked this


Quoting SamMom912:

We usually get back about 100 dollars...so maybe ill go food shopping? Lol

Don't spend it all in one store

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