Thursday, January 31, 2008

How Will You Spend Your Income Tax Refund?

I have been thinking a good bit on this subject since I went to the accountant on Monday and found how what amount we will be receiving. The following is how we will be spending ours.
  • Setting our emergency fund up again
  • Tithes
  • Loan to my parents (work on dh's pickup)
  • A television (our main tv went on while I was pregnant 3 years ago)
  • Open a savings account for each of the boys
  • Finish the repairs on dh's pickup (fuel pump and reseal the backglass)
  • Pay off 2 credit cards and cancel them!!! (we have 4 and want to get them all paid off and canceled this year!)
  • Pay 2 hospital bills in full
  • Pay off some books that I ordered
  • Pay for the boys birthday party and makeover their nursery into a big boy room

I think that is all and I am VERY excited to get the opportunity to do this. Praise the Lord for these wonderful blessings! So, how are you going to spend/save your refund?

16 comments:

Nikki said...

We are not sure yet how much we're getting back, but we think it will be a nice amount since I'm not working full-time anymore, but our deductions are the same as if I were. We haven't talked about it too much, but we have decided to pay off the tractor and invest some.

Then John is going to figure out how many deductions to claim so that we don't get too big of a refund next year. I hate giving the IRS an interest-free loan.

Nikki said...
This comment has been removed by the author.
Nico said...

Congratulations on the refund, and it sounds like you have some pretty cool plans too :) Enjoy it, and have fun redecorating!

Mimi said...

I don't know how much we'll be getting back in our refund this year. If it's enough, I'd like to knock out our ugly shower in the downstairs bathroom and have a new one put in.

Mimi said...

I don't know how much we'll be getting back. If it's enough, I'd like to knock out our uly shower in our downstairs bathroom and install a new one.

Marva said...

I love paying things off and knowing I do not owe for them. Don't you Nikki! That sounds like a great plan to me. I agree, the more money we can keep the better!

Marva said...

Thanks nico. We are just keeping it simple. We are getting rid of the two by two nursery pastel animal theme and going to the John Deere theme. No painting required! Yay for that!

Marva said...

Mimi, That would be awesome. We'll hope for enough! What thmes/colors do you want to go with?

Marva said...
This comment has been removed by the author.
~Babychaser~ said...

I think that's going to depend on what we end up getting back. One of the things we need to do is get a crown on one of my teeth. I had a root canal done this past year, but between pregnancy and expense (more than $800) we have put it off a little. The other big thing we want to do this year is purchase a new camera for our business. I don't expect to get enough this year to cover it, but maybe to help. :) We would love to boost our emergency fund too... we'll see what we get. :)

Marva said...

Wishing you the best babychaser. Here's to praying you get exactly what you need. He will supply.
Blessings!!!!

Marva said...
This comment has been removed by the author.
Mrs. Darling said...

We are going to put ours in savings.

Marva said...

Great idea Mrs. Darling!!!! Blessings!

mykidsmom said...

First, I am proud to say that I did the taxes this year (with the help of my Turbotax software), hubby was just too busy. I would also like to say we are taking the kids to Disney World- but that's NOT happening- I couldn't enjoy it knowing I have bills to pay off. So, we are getting another van and paying off most of our smaller debts. Being debt-free will be it's own reward (and we can always do Disney later).

Marva said...

Good for you mykidsmom. I am a scarred cat, so I just let the accountant do them.

That's great you guys can do that and I agree Disney can ALWAYS wait!!!!

Blessings!