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Your Take: What Are Your Plans for Your Tax Refund?

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Tax ReturnThe average tax refund is always in the neighborhood of three thousand bucks and we always enjoy asking you what you plan on doing with yours. Some people use it like “forced” savings and put the whole slug away for a rainy day. Others look to pay down debt. I always like hearing the stories of people who take a fun trip with the funds or buy something for themselves. Whatever it is, I want to hear it.

We typically don’t get a refund, we usually owe a tiny amount on our tax return, so I don’t get to weigh in on this particular topic this time. To help make this Your Take a little extra fun, we’ll be giving away a $50 gift card to the Cheesecake Factory.

The giveaway will be open ’til 12 AM April 5th (next Friday). So like our awesome Facebook page and enter in what you’ll do with your refund (if you don’t get one, just tell us what you’d do with $3,000 to spend!) and we’ll randomly select someone as our winner.

a Rafflecopter giveaway

So, what would you spend your $3,000 on?

{ 52 comments, please add your thoughts now! }

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52 Responses to “Your Take: What Are Your Plans for Your Tax Refund?”

  1. govenar says:

    I think you mean April 5th, not March 5th…
    I won’t get a refund, which I think is good.

  2. Joey says:

    I used it to pay off my wife’s student loans.

  3. Careema says:

    I have a 16 yr old so I will be putting the refund in her college bank account (an account she has no knowledge of–and I pretend does not exist).

  4. Megan-Nicole says:

    I will be using my tax refund on school! I definitely need the help with tuition fees, housing, and book. I don’t want my parents to always support me so much, especially since there are two other siblings of mine, who will be going off to college! So, school fees are my plan! :)

  5. Jan says:

    Do people realize that ANY money they get back from IRS is THEIR overpayment to the government throughout the year? Change the number of dependants on your paycheck to get the closest to $O refund as possible. Why give IRS your money early? If you owe them (or some other government agengy) money they will take it out of your OVERPAYMENT money!!! Read about it, if you don’t believe me.

    • Scott says:

      I cannot second this enough. The ideal target is $0, owing less than $1k is next, then getting a refund, then owing more than $1k.

      To me, getting a big tax refund is a marketing gimmick similar to buying an engagement ring that costs two-months salary.

    • PawPrint says:

      While I understand this and strive for it, when you have rental income it’s difficult to plan. If we just had steady income, then it would be easier to calculate how much you want withheld. So some people who are posting may have unplanned income or expenses or situations that explain why they are getting refunds. Also, some people just aren’t good with money so this is a forced savings account for them. What they do with that “savings” is another story, of course.

  6. Rosie says:

    just on some necessities, food, bills.

  7. Joyce_Tav says:

    1) Add half months rent to my emergency fund savings.
    2) Pay off 2 high Interest payday loans
    3) Set aside the remainder while I shop for a great bargain to be able to take my mom & 2 daughters on a mini Disneyland vacation. We will have a blast at Disneyland and we love the “Cheesecake Factory”!!

  8. Joyce_Tav says:

    I would like to do 3 things: Add half months rent to my emergency fund savings.
    Pay off 2 high Interest payday loans. Set aside the remainder while I shop for a great bargain to be able to take my mom & 2 daughters on a mini Disneyland vacation. We will have a blast at Disneyland and we love the “Cheesecake Factory”!!

  9. Jennifer says:

    I’m going to eat burritos everyday for a week at my favorite burrito place and then stick the rest in a rewards checking account I have been saving for when my student loans become due in 10 months!

  10. admiral58 says:

    I may use some as well to travel

  11. We’re remodeling our laundry/well room, which includes replacing our water heater with an indirect hot water tank, getting a new filtration system, and putting in five times the insulation that used to be in the walls there!

  12. bloodbath says:

    I may owe taxes for the first time this year but if I do get a refund (a tiny one) it will be added to my savings account – I have no plans to spend it immediately.

  13. ahhhsoneo says:

    We had a lot of medical bills last year, so unlike previous years when we received no refund, this year we are getting one. The plan is to save most of it for either a trip to Africa to see family or towards a downpayment on a new house.

  14. mannymacho says:

    Mine is only a couple hundred this year, so I will just pay bills with it.

  15. rbchess1 says:

    We put our refund in the emergency fund savings account. We joined Dave Ramsey’s Money Makeover last year and really got our finances back in line with paying off all credit cards and other debt . . . now time to beef up that emergency fund with 6-12 months of cash . . . it feels awesome to have money in the bank again and not have to worry about unexpected expenses when they pop up. I highly recommend it for a peaceful night’s sleep :)

  16. Rosie says:

    on a few necessities, bills. that will be fun enough for me

  17. partee875 says:

    I put whatever I have left towards maxing out my ROTH.

  18. Vicki says:

    This past year I changed from Sole Proprietor to S corp and bought a house, so even with best guesses, I had no idea whether I’d be under, over, or just even. Today I found out I’m getting $3100 back and am amused to find I’m right on target with your average. Since I’m self employed, I’m using some of it to replace my income so I can take a vacation, some of it to establish a “house maintenance fund,” and probably a little on new clothes.

  19. Chris says:

    My wife that is Japanese and I had our first child born last year so with claiming a dependent we got around $3500 back in taxes. We’re thinking that money can be used to buy us all plane tickets to Japan so my wife’s family can meet all meet the baby! The sad thing is with plane tickets to Japan being more expensive these days, that won’t be enough to cover all our expense but definitely will help out!

  20. Drew says:

    We typically owe money come tax time and will again this year. However, if I were to receive a refund, I would put it in the savings account that we have dedicated to saving for two new cars. With two cars over 10 years old, the clock is ticking!

  21. Thomas says:

    putting sod in our back yard. right now it’s just red clay and a total nightmare.

  22. Jackie says:

    Im sort of in the same boat as you and will most definitely owe at least a few thousand, but lets say I was to have the average?

    $1,000 new handbag – I’m a glutton. I know
    $2,000 to savings

    Ahh it would be nice to be receiving a check this tax season and not writing one >.<

  23. Laura says:

    1/2 to savings, 1/2 to credit card payoff!! whoohooo!

  24. skylog says:

    i know it is typically suggested (and for good reason) to avoid a refunf, but i like the “forced save” aspect of the refund.

    that said, half into savings and half into bills. exciting…i know.

  25. I’m not planning on getting a refund, since I don’t like making interest free loans to the government. However, if I was getting a refund, I’d boost my savings.


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