Tax Refund: To Spend or Not to Spend?

The last year has been an expensive one for my family. Starting with a broken air-conditioning system and a clogged pipe in our top floor bathroom that leaked water all the way down to our basement and ending with the renovation of two bathrooms and a kitchen. In the end I thought I had become a professional check writer. So it was welcome news when we found out that we would get a small tax refund this year. I knew there was a good reason for having two kids. As much as I would love to run to a furniture store and buy a new couch and coffee table, the voice of reason (my husband) is telling me we need to replenish some of the savings that was used to pay major expenses. So are you getting a tax refund this year?

By Tania Anderson |  April 16, 2009; 12:00 AM ET General Interest
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Comments

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I don't understand the zero-sum mentality of these questions. A refund is not an indivisible object; it's made of individual dollars and I don't have to use them all in the same way. It's not a spend-or-not-spend issue if you don't want it to be. Based on my own financial situation, I decided before I even did my taxes that if I got a refund I'd have fun with 20% of it and put the rest in savings. My savings will still get a nice little boost, and I'm not going to feel at all bad about spending that 20%.

Posted by: MadAboutNews | April 16, 2009 10:56 AM

I didn't get a lot back in my refund but what I did get back is staying put in my checking account.

Posted by: LittleRed1 | April 16, 2009 11:59 AM

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