Wednesday, February 11, 2009

Woohoo, got my tax refund!

Thank you, Uncle Sam! My tax refund came yesterday, a full three days before it was scheduled to arrive in my bank account via direct deposit.

I decided that my highest priority right now is to knock out the last of my credit card debt so I sent $200 towards the balance, for a grand total of $300 I paid this month. I now have a very small balance remaining on the card and hope to knock the rest out this month.

Look for an update on my sidebars finally to acknowledge this goal as well as kicking out the rest of my Short Term Debt (Water, Friend C, Utilities).

In the meantime, Happy Tax Refunds to all you people lucky enough to get them this year!

10 comments:

J. Money said...

Awesome!!! That's a great way to use it for sure. I'm still waiting on mine to hit the account, but it's gonna be one helluva great day when it does :)

C.C. said...

That's great. I'm still waiting on mine. I hope my refund comes in early too..

Debtfree2009 said...

Great. I used my refund to pay debt too.

ldub said...

totally - a little to debt, and a lot to my wedding savings account. woohoo! i love a tax refund - i will always and forever leave my withholding at zero, because i wouldn't use the extra $10 or whatever per paycheck wisely, but a lump sum can do me some good. math be damned!

Anonymous said...

Surely you should use your tax return to pay back your friend? Banks aren't your friends, you may never know that damage you do to your friendship tho...

Anonymous said...

Good for you! I'm trying to pay off my credit card right now (last one!), I only have $58 in my checking account now but my cc balance is down to $900!

by the way, I'm the person who commented last time about paying back your friend (ldub responded) - but that's not me up there.
- sgreen

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Jim ~ mydebtblog.com said...

No tax refund yet, I still have to do my taxes. I plan to put half in my savings and half towards debt, whatever that number ends up being. I do know that in 2008 my wife and I really did well income wise, so we have to pay more taxes. I don't think I'll ever put my withholding at 0 because it's too much money being loaned to the IRS. Lately our government has not been all that responsible with money. Way to pay off debt, too bad Congress can't grasp that idea.

Lauren Padilla said...

What an impressive financial plan! Some people I know go straight shopping or plan a trip when they receive their tax refund. I believe it’s much wiser the way you did it. Using the tax return for debt reduction is definitely an implication of financial maturity. This would also bring a long-term convenience. :)

Kathy Gregory said...

You’ve used your refund well! I did the same thing few years ago, and it did help me in my goal towards financial freedom. We always have a choice on how we are going to spend our money, but this doesn’t give us liberty to spend it aimlessly.