How to Make the Most of Your Tax Refund

Hero

I launched FinanceSuperhero in April 2016 to help others save money, get out of debt, earn more money, and live the best life possible. Send me an e-mail or a comment if I can help you in your journey. Thanks for reading!

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6 Responses

  1. I feel like sinking fund is the most popular option, for better or for worse. At least the government stimulates the economy a bit when people spend down their tax return on bucket list items!!

    • Hero says:

      Good point, Frank Facts. While I wish the average consumer would opt to use their refund on items 1-8 before jumping down to sinking fund type purchases, a refund serves to protect many people from jumping into debt. I suppose that is cause for minor celebration. 🙂

      For what it’s worth, I have already applied our refund to Step 3. We are striving to be free of non-mortgage debt by July/August.

  2. This is a great list and in such a powerful order. You’re correct that giving should be a higher value, at least for my budget.

    My girlfriend and I follow the Warren Buffett school of giving, where we basically plan on giving most of our money away at a later date…but maybe we should start with 1% now and work our way up.

    This year, our net tax situation turned out to be a net payment back to the government. The main reason was because I had changed my withholding status.

    Thanks for the detailed post!

    • Hero says:

      Thanks for your thoughts, Distilled Dollar. I am a big fan of the Buffett school. By planning to give even some of your wealth at a later date, you are officially more philanthropy-minded than a majority of the population. I would be very interested to hear about it your experience if you and your girlfriend choose to start giving at 1% in the near future. I imagine you wouldn’t even miss the money.

      Withholding can be a slippery slope. I constantly go back and forth about adjusting mine, but my income mix is about to change significantly over the next two months, as I’ll be adding 1099 income. I think I will just keep everything the same for now until the picture becomes clearer.

  3. Excellent site, thanks! I’ve bookmarked it 🙂

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