I Can't Decide...

What would you do with the tax refund?

  • Pay off credit cards, blow the rest

    Votes: 27 75.0%

  • Buy a laptop and enroll in school

    Votes: 9 25.0%
  • Total voters
    36
D

ditzyscrap

New member
Alright, DH and I haven't gotten our taxes done yet (here in Canada, they're not due until the end of April...I haven't gotten all my paperwork yet, it's not due until Feb 28 and my old boss is so behind on paperwork she said that it will be put in on the last possible day)...but we usually get a nice refund.

Now, having said that...we usually have the intention of paying off some debt and being SMART with our money, lol...last year we paid off our credit cards and then used the cards to get last minute items before our trip (like clothes for warmer weather because we'd both lost weight and the kids had grown, so our clothes from the summer before didn't fit anymore).

This year DH wants to pay off the credit cards again...but I'm thinking maybe we could use it to buy my MacBook that I really want (and PSE until I can afford CS4), and enroll me in the accounting program that I want to take. I would be using the laptop for school and for digi scrapping...but I don't want another PC, it *must* be a MacBook. LOL!

Now, obviously both things are for me, lol...so I have to find a way to spin this to DH, lol. He *will* be getting my desktop computer if I get a laptop...and it's practically brand new (I got it maybe 6 months ago...and have upgraded the RAM already).

Soo...if you could choose...what would you do? Poll coming in a sec...
 
you should add a third one thats pay off credit cards and then save the rest to start a savings acct for accounting course :P

I just think that with the economy the way it is its probably best to pay off the debt first and then have some savings :)
 
Well we could pay off the credit cards and still enroll me in school (probably), BUT...then we wouldn't be able to travel because I'd have to be home to do my schoolwork. The school is via online correspondence, so I won't get a summer vacation or anything...I just work on the stuff for 6 months, with weekly assignments. That's why, in my mind...it's either/or. LOL!
 
i was gonna say exactly what kristin said. thats the ticket. saving is so not as fun as spending, but when you get in a crunch and need it, you'll be soooooo grateful!
 
KristinCB said:
you should add a third one thats pay off credit cards and then save the rest to start a savings acct for accounting course :P

I just think that with the economy the way it is its probably best to pay off the debt first and then have some savings :)
Click to expand...

Not what you wanna hear, but x2.
 
OK, buuuut...if I buy a Mac and enroll in school...BOTH can be used next year as expenses...business and school.
 
BrodoNY0123 said:
And what if something happens THIS year and you don't have the money for it? :thumbdown:
Click to expand...

We *do* have 2 savings account, lol...and we put money into one almost every day, plus automatic deposits on paydays to both. The one account we put into every day is a feature at our bank called "bank the rest" and what it does is when you spend money at a store and use your debit card, it rounds up the total to the nearest $5 and deposits that into your savings. So if I spent $2.43, it would deposit $2.57 into my savings. You'd be surprised how quickly it adds up!
 
ditzyscrap said:
We *do* have 2 savings account, lol...and we put money into one almost every day, plus automatic deposits on paydays to both. The one account we put into every day is a feature at our bank called "bank the rest" and what it does is when you spend money at a store and use your debit card, it rounds up the total to the nearest $5 and deposits that into your savings. So if I spent $2.43, it would deposit $2.57 into my savings. You'd be surprised how quickly it adds up!
Click to expand...

Okay, thats TOTALLY awesome Bree! You bank at Scotia? I wish RBC had something like that!
 
I am doing a little of everything. I am paying down, but not off, a credit card. I am putting a months rent in the bank for cushion. I am buying DH new tires and then buying some stuff I want/need. But I never want anything for me. So I get no arguments if I do. I want a desktop, need glasses.
I say pay some on credit cards, take classes. Who cares if you can't travel for 6 months. Classes are awesome !
 
I'm just saying. The economy blows and there's no telling how much worse it's going to get in the next year or so.

I have that too, it rounds tot he next dollar, not next 5, but still. I'm padding my savings and my 401K right now because there's no telling what's going to happen in the next few months. And there's pretty much no chance of Jordan or I losing our jobs, we're VERY stable.
 
scrapperjade said:
Okay, thats TOTALLY awesome Bree! You bank at Scotia? I wish RBC had something like that!
Click to expand...
Yep, through Scotia. They just started doing it a few months ago and Trev & I LOVE it!

Scotia also has another thing they just started...TFSA - Tax Free Savings Account...works like an RRSP sorta, but when you take money out, it doesn't tax you. I'm going to go open an account for that, too...and maybe get Trev to open one (you're allowed to save $5000/person).
 
Well, we are VERY blessed this year. We bought a laptop, paid off the credit card, paid off 3 medical bills, put $2000 in savings for our big trip to my brother's wedding this summer & still have some left over! Our main thing though was paying off debt! So, I definitely say pay off debt first. But, then you could save the rest and save up for the laptop. Or pay off debt & save for classes. I wouldn't just blow it on whatever though.
 
Sorry, another vote for pay off the debt. That's what we're doing with ours. And hopefully there will be some left over so we can go to Disneyland this year.
 
Honestly, I think you have to pay off the credit cards. No it's not the fun answer and believe me I understand about the Mac as I waited several years before I was able to get one. But you really shouldn't be using the credit cards to begin with (and probably not for clothes for a vacation) and I think buying a computer that you don't really need at this point isn't the most responsible use for the money.
 
Definitely pay off the debt, the sooner the better...the longer it takes to pay it off, the more money you're throwing at them in interest.
I'd save the rest or pay for school if necessary.
 
I like Kristin's idea. Sorry... I think that paying off debt is the best idea and then going to school will help with future income. Think of the GREAT travels you can have once you are done with school!
 
KristinCB said:
you should add a third one thats pay off credit cards and then save the rest to start a savings acct for accounting course :P

I just think that with the economy the way it is its probably best to pay off the debt first and then have some savings :)
Click to expand...

Gotta agree...but I'm a little wiser now that I'm an old lady!! I would've blown it all before. We won't get a tax refund, and instead we'll owe maybe $4,000, so I don't get to look forward to anything!
 
As much as I would love to say just buy the Mac...because that woudl be fun...pay off the cards.

I heard a stat today that Americans live on 110% of their income. How scary is that...10% over spending with credit :blink:!!!
 
I'm paying off my credit card this month, before we get the tax refund. So I'm not real sure what will become of our refund this year. Knowing us we'll fritter it away in $50 increments at Wal Mart & then sit around wondering where it all went.

What we usually do is give half to the credit card people and buy something with the other half. With the interest on the card being so high I feel obligated to give them at least my half my refund. Last year we got a Wii and some Wii related items with the other half. I have no idea how much a macbook or the classes cost but I'd be inclined to buy one and put the rest of the cash toward the credit cards. Then save up for the other.
 
Pay off the debt. I personally will NEVER own a credit card because, why pay like 20% more for something, when you can just buy it and owe nothing later!?
I hate credit cards, and I hate debt!

For us, I'm not so sure what we'll get back this year- I'll have to pay in cuz of my store, but I'm hoping the refund I would've got and the amount I have to pay in will even out- I dunno. :unsure: I really hope I don't have to pay in too much. Luckily, though, I'm a saver, so I'll just have to send them a check of my hard-earned money. :(
 
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