Comments on: Ten Things to Do With Your Tax Refund http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 22:51:28 -0500 http://wordpress.org/?v=abc hourly 1 By: Anna http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-129011 Anna Thu, 12 Feb 2009 19:51:00 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-129011 I agree with all of your ideas except for #4-pre-pay your mortgage. I definitely believe in paying off your mortgage early but you need to put the money in a separate account until you have enough to pay off the remaining balance of your mortgage. The reason for this is simple. It gives you the control and not the mortgage company. If you lose your job this separate account will enable you to continue to pay your mortgage payments for a long time(hopefully). If you pre-pay, the bank can forclose on you if you can no longer pay the payments. We paid off our home in a little over 10 years so now the only thing we have to worry about is property tax. I agree with all of your ideas except for #4-pre-pay your mortgage. I definitely believe in paying off your mortgage early but you need to put the money in a separate account until you have enough to pay off the remaining balance of your mortgage. The reason for this is simple. It gives you the control and not the mortgage company. If you lose your job this separate account will enable you to continue to pay your mortgage payments for a long time(hopefully). If you pre-pay, the bank can forclose on you if you can no longer pay the payments. We paid off our home in a little over 10 years so now the only thing we have to worry about is property tax.

]]> By: Elizabeth http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116615 Elizabeth Wed, 23 Apr 2008 04:55:18 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116615 Am I the only PF blogger who's excited about earning a quick and dirty 10% on my "stimulus" check by cashing in on Kroger's "free grocery" offer? Turn in a $300 check and you'll get a $330 gift card; a $600 check will net you a $660 card; and a $1,200 check will get you $1,320 in grocery cards. No alcohol or tobacco and nothing from the pharmacy but that doesn't seem like a big deal to me. The best part is, unlike Kmart's deal, you don't actually have to take in your stimulus check. You can pay in cash, personal check, or credit card. So put your stimulus check to use twice -- once to get a quick 10% return and another to pay down your credit cards or fatten your emergency fund. Am I the only PF blogger who’s excited about earning a quick and dirty 10% on my “stimulus” check by cashing in on Kroger’s “free grocery” offer?

Turn in a $300 check and you’ll get a $330 gift card; a $600 check will net you a $660 card; and a $1,200 check will get you $1,320 in grocery cards. No alcohol or tobacco and nothing from the pharmacy but that doesn’t seem like a big deal to me.

The best part is, unlike Kmart’s deal, you don’t actually have to take in your stimulus check. You can pay in cash, personal check, or credit card. So put your stimulus check to use twice — once to get a quick 10% return and another to pay down your credit cards or fatten your emergency fund.

]]> By: Kyle http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116549 Kyle Fri, 18 Apr 2008 15:54:22 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116549 11. Blow it in Vegas. Come on guy, gotta be patriotic by getting out there and stimulating the economy! 11. Blow it in Vegas. Come on guy, gotta be patriotic by getting out there and stimulating the economy!

]]> By: SavetotheFuture http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116546 SavetotheFuture Fri, 18 Apr 2008 13:26:25 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116546 I like the use of the word "sunny day fund". Thankfully, my finances are in good shape (No debt,e-fund full,and funding for retirement). I'm using the money to go towards my upcoming wedding. I like the use of the word “sunny day fund”. Thankfully, my finances are in good shape (No debt,e-fund full,and funding for retirement).
I’m using the money to go towards my upcoming wedding.

]]> By: SomeGuy http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116515 SomeGuy Thu, 17 Apr 2008 22:07:44 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116515 Wish we were getting a refund. Writing $10K worth of checks is really depressing and our April net worth will be taking a hit. I'm considering next year having the tax savings fund be excluded from net worth reports to avoid this. Nickel or anyone else -- how do you handle? Wish we were getting a refund. Writing $10K worth of checks is really depressing and our April net worth will be taking a hit. I’m considering next year having the tax savings fund be excluded from net worth reports to avoid this. Nickel or anyone else — how do you handle?

]]> By: Curt at PennyJobs.com http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116513 Curt at PennyJobs.com Thu, 17 Apr 2008 18:49:52 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116513 #11. Invest it in gold. GLD on NYSE. #11. Invest it in gold. GLD on NYSE.

]]> By: Emily http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116512 Emily Thu, 17 Apr 2008 18:39:44 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116512 What you talking about Refund. I ain't getting no refund. I owe the government 2 Gs. Good thing I saved for it all year. What you talking about Refund. I ain’t getting no refund. I owe the government 2 Gs. Good thing I saved for it all year.

]]> By: Will http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116508 Will Thu, 17 Apr 2008 16:11:50 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116508 Excellent list of possible uses for a tax refund. I wanted to comment specifically on the emergency fund option. A lot of people don't get one started because they believe they have to open it with a large amount. Well a tax refund check is an excellent start. And by the way, if you could throw in the stimulus tax rebate check, it would work wonders. I recently wrote a post about "10 ways to jumpstart your emergency fund". Among the options: using your tax rebate and/or refund, adjust your withholdings, and so on. Excellent list of possible uses for a tax refund. I wanted to comment specifically on the emergency fund option. A lot of people don’t get one started because they believe they have to open it with a large amount. Well a tax refund check is an excellent start. And by the way, if you could throw in the stimulus tax rebate check, it would work wonders.

I recently wrote a post about “10 ways to jumpstart your emergency fund”. Among the options: using your tax rebate and/or refund, adjust your withholdings, and so on.

]]> By: Frugal Dad http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116506 Frugal Dad Thu, 17 Apr 2008 15:09:39 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116506 I appreciated #9 - Add it to you “sunny day” fund. Sometimes we get so busy trying to save every last dime, or payoff debt, that we forget to stop and smell the roses. Great advice to start a little "sunny day" fund. I appreciated #9 – Add it to you “sunny day” fund. Sometimes we get so busy trying to save every last dime, or payoff debt, that we forget to stop and smell the roses. Great advice to start a little “sunny day” fund.

]]> By: KC http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116505 KC Thu, 17 Apr 2008 15:09:17 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116505 I'm not really getting a refund, but I am getting a few thousand back since I overpayed on my quarterly estimates. That money will form the basis of my Roth contribution. Couple it with the money the guvmint is giving us as an early rebate on next year's taxes and I've pretty much got my Roth contribution. Guess I'll have to dip into savings to get my husband's Roth contribution for this year. I’m not really getting a refund, but I am getting a few thousand back since I overpayed on my quarterly estimates. That money will form the basis of my Roth contribution. Couple it with the money the guvmint is giving us as an early rebate on next year’s taxes and I’ve pretty much got my Roth contribution. Guess I’ll have to dip into savings to get my husband’s Roth contribution for this year.

]]> By: Ria Rhodes http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116504 Ria Rhodes Thu, 17 Apr 2008 14:59:55 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116504 You could go the "do good, feel good" route by giving to entrepreneurs-in-need here: http://www.kiva.org/ You could go the “do good, feel good” route by giving to entrepreneurs-in-need here: http://www.kiva.org/

]]> By: Zachary Spencer http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/comment-page-1/#comment-116501 Zachary Spencer Thu, 17 Apr 2008 12:09:16 +0000 http://www.fivecentnickel.com/2008/04/17/ten-things-to-do-with-your-tax-refund/#comment-116501 I'm surprised that out of the 10 you've suggested, only 4 out of the 6 are directly related to long term investing. Well, I suppose paying down debt can be considered "investing" too. I personally used some of mine to open a lendingclub.com lending account. It's a very interesting idea and allows me to "Give back" by loaning money to people who wish to consolidate their debt. Of course, the higher interest rate is nice too :). I’m surprised that out of the 10 you’ve suggested, only 4 out of the 6 are directly related to long term investing.

Well, I suppose paying down debt can be considered “investing” too.

I personally used some of mine to open a lendingclub.com lending account. It’s a very interesting idea and allows me to “Give back” by loaning money to people who wish to consolidate their debt. Of course, the higher interest rate is nice too :) .

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