Tax refund coming - Time to buy!

[Decibel]

Cmolder you are indeed correct that it is an interest free loan to the government. It is also a way of forced savings for me enabling me to afford lightweight gear towards an upcoming thru hike. I did the Long Trail several years ago and as I get older and slower lightweight gear becomes much more important to me. This form of forced savings works for me and I'm fine with it.

[DuneElliot]

A large refund represents your interest-free loan to the government. Better to adjust withholding and keep it in your accounts rather than Uncle Sam's.

However with practically zero interest paid on most savings accounts these days, there's a good argument for letting Uncle keep it because it's harder to access and therefore it's safely out of temptation's range.

I keep my tax refund below $200 so its pretty much going to buy dinner. Im with cmoulder. No interest free loans to the gubmint.

sounds like a upper middle class perspective on taxes and returns. Seems to me hikers are mostly in the mid to upper income bracket like runners . But I'm often wrong. :0)

Thom

What cmoulder and egilbe said. I'd rather have my money in my hands so my refund is only $200. It will go straight into savings.

I'm certainly on the low end of the income scale. Makes more sense to have more money, earning at least a little interest, in your own pocket than the government's!!!

[Tuckahoe]

Have all the hiking gear I want... tax return gets to be extra spending money for Eurotrip II.

[Sarcasm the elf]

Have all the hiking gear I want... tax return gets to be extra spending money for Eurotrip II.

They made a sequel to Eurotrip?

[RangerZ]

Do they make a cuben fiber version?

[Tuckahoe]

Its in production now and will be filmed this summer in Amsterdam using a Motorola Droid Turbo. Oh and I am the executive producer, director, and star... I am just now sure about showing my boobies on screen

[jgillam]

My families refund will go to the same place as every other spare dime we have...the mortgage principal. Two more years and we will be free.


Sent from my iPhone using Tapatalk

[gracebowen]

Well Im gonna go ahead and post this. My refund is not a dime of taxes I paid. I live at or beloy the poveryy level. If it offends someone thats your right but its all Earned Income Credit.

I raised my two kids by myself after my husband left me and signed away his rights. I also take care of my disabled mom. We make just a little too much to qualify for food stamps so I appreciate my tax credit very much.

[gracebowen]

And am still raising.

[Mags]

I suspect this is where my tax refund is going....

https://youtu.be/_E-QOimQgi8

[Sarcasm the elf]

I suspect this is where my tax refund is going....

https://youtu.be/_E-QOimQgi8

That song popped into my head before I even clicked the link.


Needless to say we have a similarly dorky sense of humor.

[MuddyWaters]

The average family is grossly under-saved for both emergencies and retirement

26% have no savings at all
36% have no retirement savings
The average bank account balance is $4400
38 million households live paycheck to paycheck, in spite of average $41000 income

It would seem...living beyond ones means is a way of life for a lot of folks these days

but Id bet they all have smartphones and flat screen tvs.......

treating things like tax refunds or bonuses as windfalls...and spending immediately on vacations, items, etc is one type of person
another type of person just saves as much as possible...all the time, and only buys what they can afford with routine income.

Not suggesting anything wrong with the former. But its a bit like smokers and non smokers. Brains of smokers are wired differently, to prefer short term rewards. Or psychologists used to say once. These things are debateable and change over time.

Personally, I have never looked for things to spend money on just because of getting money.
From bonus at work, to refunds, to hazard pay from overseas jobs, to money when parents died
Not once did how to spend $ ever cross my mind. Just goes into savings. Theres nothing I want to spend money on.
Im not a smoker either.
Buddy of mine bought new truck and 40' boat when his mom died and he got money from her house.......

[Sarcasm the elf]

The average family is grossly under-saved for both emergencies and retirement

26% have no savings at all
36% have no retirement savings
The average bank account balance is $4400
38 million households live paycheck to paycheck, in spite of average $41000 income

It would seem...living beyond ones means is a way of life for a lot of folks these days

but Id bet they all have smartphones and flat screen tvs.......

Seems like a good lead-in to plug MMM

http://www.mrmoneymustache.com

[Mags]

That song popped into my head before I even clicked the link.


Needless to say we have a similarly dorky sense of humor.

Indeed!

Wierd Al....still relevant well into my adulthood!!!

treating things like tax refunds or bonuses as windfalls...

I was saving half my take home income.... See above...

(Getting punch drunk at this time...)

[pesphoto]

and all ur gear was free....

The average family is grossly under-saved for both emergencies and retirement

26% have no savings at all
36% have no retirement savings
The average bank account balance is $4400
38 million households live paycheck to paycheck, in spite of average $41000 income

It would seem...living beyond ones means is a way of life for a lot of folks these days

but Id bet they all have smartphones and flat screen tvs.......

treating things like tax refunds or bonuses as windfalls...and spending immediately on vacations, items, etc is one type of person
another type of person just saves as much as possible...all the time, and only buys what they can afford with routine income.

Not suggesting anything wrong with the former. But its a bit like smokers and non smokers. Brains of smokers are wired differently, to prefer short term rewards. Or psychologists used to say once. These things are debateable and change over time.

Personally, I have never looked for things to spend money on just because of getting money.
From bonus at work, to refunds, to hazard pay from overseas jobs, to money when parents died
Not once did how to spend $ ever cross my mind. Just goes into savings. Theres nothing I want to spend money on.
Im not a smoker either.
Buddy of mine bought new truck and 40' boat when his mom died and he got money from her house.......

[MuddyWaters]

and all ur gear was free....

No idea what you mean
I buy gear, I choose to afford, out of regular income

Everyone has unexpected expenses that offset "windfall" income
My daughter had root canal re-done in jan., $800 after insurance
She had surgery for kidney stone in Nov., $2500 after insurance
I put new engine in truck a year ago...$4400

Things happen, with alarming regularity
Most people have to pay with credit cards when this stuff happens
I just pay cash, because I have it, I didnt waste it splurging unnecessarilly.
Thats the way I choose to live, denying myself luxuries to stay out of debt.

And also why I dont appreciate footing the bill for others that live beyond their means, but cant pay for their own needs when the time comes.

[Mags]

“Do not be in a hurry to spend money on new inventions. Every year there is put upon the market some patent knapsack, folding stove, cooking-utensil, or camp trunk and cot combined; and there are always for sale patent knives, forks, and spoons all in one, drinking-cups, folding portfolios, and marvels of tools. Let them all alone”
How to Camp Out by John Mead Gould, 1877

If you have some of your money coming back, I'd rather use to it for gas, airfare, lodging or similar to go on a trip personally.

sounds like a upper middle class perspective on taxes and returns. Seems to me hikers are mostly in the mid to upper income bracket like runners . But I'm often wrong. :0)


Thom

My grandfather (construction) and my Dad (Sheetmetal) invested part of their pre-tax income into stock savings plans or similar.

Guess they did not realize being wise with money was strictly for "professionals"

[MuddyWaters]

“Do not be in a hurry to spend money on new inventions. Every year there is put upon the market some patent knapsack, folding stove, cooking-utensil, or camp trunk and cot combined; and there are always for sale patent knives, forks, and spoons all in one, drinking-cups, folding portfolios, and marvels of tools. Let them all alone”
How to Camp Out by John Mead Gould, 1877

The industrial revolution. Abouts that time my grandmothers grandfather patented a combination tackle AND bait box. I mean, the tackle box had a compartment for worms or crickets in it. High tech stuff...airholes and all. It obviously didnt reshape fishing ....

[Hosh]

“Do not be in a hurry to spend money on new inventions. Every year there is put upon the market some patent knapsack, folding stove, cooking-utensil, or camp trunk and cot combined; and there are always for sale patent knives, forks, and spoons all in one, drinking-cups, folding portfolios, and marvels of tools. Let them all alone”
How to Camp Out by John Mead Gould, 1877

If you have some of your money coming back, I'd rather use to it for gas, airfare, lodging or similar to go on a trip personally.



My grandfather (construction) and my Dad (Sheetmetal) invested part of their pre-tax income into stock savings plans or similar.

Guess they did not realize being wise with money was strictly for "professionals"

So many define themselves as a victim, they decide that they are oppressed and must have gotten a raw deal. Combined with a culture that encourages "participation ribbons" and vilifies the wealthy and successful as the oppressor.
Thankfully many still view the world with opportunistic eyes and create their own future.

[JC13]

I have my withholding set so I usually break almost exactly even between State and Federal, I usually owe one $50 and the other owes me $50. That's not always the exact number but it is pretty close.