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Author Topic: Stimulate THIS  (Read 4688 times)

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jay-ell

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Stimulate THIS
« on: February 20, 2009, 03:08:31 pm »
I'm curious.  What are you guys doing with your tax refunds (if you're getting a refund) and stimulus checks (if you're eligible for those)? 

Inspired by a recurring spot in Real Simple magazine, I made a chart of how I'm spending mine. 



This is just my federal return, which I got direct-deposited today.  When I get my state return and stimulus, it will all go to debt reduction.  We got a big refund this year on account of having had another kid. 

So how 'bout y'alls?  Have you filed yet?  Do you expect a refund?  How will you use the money?  You don't have to post a fancy chart or list amounts or anything.  I just think it's interesting to see what people do with a windfall.  Do you save it?  Pay off debt?  Splurge on something frivolous?  Invest it?  Use it for something you really need but have been putting off?  Donate it to charity? 

We're using ours mostly to repay various kinds of debt and keep ourselves out of further debt.  The $500 we put in our kids' bank accounts is money we had to borrow from them earlier this year.  And we put $1000 in savings to bring it up from $0 -- various travel and holiday expenses and two early-year birthday parties wiped us out.  When our return hit, we had $36 in our bank account, five diapers, and a week to go 'til payday, so it really came in the nick of time.  And by the end of the day, most of it will be gone. 

This is NOT the thread to discuss the political ramifications of tax cuts and stimulus packages.  I just want to know how it's breaking down for various people -- purely academic. 
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CortJstr

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Re: Stimulate THIS
« Reply #1 on: February 20, 2009, 03:49:35 pm »
I got my federal 2 or 3 weeks ago. I always have it direct deposited into savings and try not to think about it.
I didn't know we were getting stimulus checks again. If it's like last time that will automatically go straight into savings, also.

For state I always owe. Well, I think I got  $7 back once when I was in high school.

I really want a '10 Prius or Insight and those both come out in May. So I might be dipping into my savings at that point for a down payment. We'll see.
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JorgeFabregas

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Re: Stimulate THIS
« Reply #2 on: February 20, 2009, 04:10:34 pm »
Timing belt and water pump for my Civic. Though my cousin, who is a Honda mechanic, says he's not going to charge me for the labor. So I may have some extra.
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pmcd9

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Re: Stimulate THIS
« Reply #3 on: February 20, 2009, 05:10:32 pm »
I live in a van down by the river.  I ain't gettin' no money.
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AugustWest

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Re: Stimulate THIS
« Reply #4 on: February 20, 2009, 06:48:56 pm »
Paying last year's property taxes and getting a Wii Fit.
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littlefallsmets

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Re: Stimulate THIS
« Reply #5 on: February 20, 2009, 09:27:07 pm »
Having recently moved, my W-2 only finally bounced to my new place today so... we'll see.

Is Cali still handing out IOUs for the state refunds or did someone finally standing up to those short-sighted idiot-provocateurs on KFI (and so on) end that situation?
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jaydub

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Re: Stimulate THIS
« Reply #6 on: February 20, 2009, 10:04:29 pm »
A nice chunk of our Federal went into savings, where we will likely slowly tap it with checking overdraft protection.  We got a Wii (with the Fit thingy too).  Like JL's case, we acquired a new family member last year and got a hefty additional deduction.  Also, my wife insists on giving Uncle Sam interest free loans throughout the year by claiming Single & 0 for withholding because she likes the spring windfall.  Once the Stimulus and State refunds get here, Ima insist on savings.  God forbid my company burns down or something.  I really want that rainy day fund - shoveled into a limited access money market or something to enforce checking account discipline.  Gah.
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CortJstr

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Re: Stimulate THIS
« Reply #7 on: February 20, 2009, 10:09:44 pm »
Dang, it sounds like you guys got actual money. My refund was like $450 which isn't really worth splitting up between various options.
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robot_god

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Re: Stimulate THIS
« Reply #8 on: February 20, 2009, 10:37:15 pm »
I only worked like half a year or something, since I quit my job in August.

Last year I bought this MacBook Pro.

This year I will get some musical equipment.  I've been debating what to buy for months now, perhaps I'll start a thread for advice.

I need all the advice I can get, I've made very little headway on the decision in the past six months or so.
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jay-ell

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Re: Stimulate THIS
« Reply #9 on: February 21, 2009, 12:07:19 am »
We got 3 grand federal and 700 state.  That's too much; we're going to change our withholding.  But having a new kid changes all kinds of shit.  I like to under-count withholding, too, because we $1500 one year (the first year we were married) and it killed.  But if we're getting more than $1K back, the cash would do us more good in each paycheck than in a lump in the spring. 
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wombat

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Re: Stimulate THIS
« Reply #10 on: February 21, 2009, 01:06:13 am »
Dunno what we're getting but I guess it all counts as going for the new kitchen. It's worth it, I am really, really going to enjoy being able to open the refrigerator door all the way.
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Carlos del Vaca

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Re: Stimulate THIS
« Reply #11 on: February 21, 2009, 02:51:36 am »
We got a huge-ass refund, thanks largely to our huge-ass mortgage which we got at the height of the housing market.
Some to savings, bought a Wii, and it'll pay for the beach house this summer.  I will also put a bit into dividend reinvestment plan stocks, which I believe I've sung the praises of before.
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Choop

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Re: Stimulate THIS
« Reply #12 on: February 21, 2009, 04:44:56 pm »
refund? don't i wish.

i think i'll send california an IOU, since they seem now to accept them as legal tender.
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lprkn

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Re: Stimulate THIS
« Reply #13 on: February 23, 2009, 05:14:39 pm »
Quote from: carlosdelvaca on February 21, 2009, 02:51:36 am
beach house

Holidaying away from Banana Town, then?
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Carlos del Vaca

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Re: Stimulate THIS
« Reply #14 on: February 23, 2009, 07:04:18 pm »
Yup.  Outer Banks.  We may ride down there on Chug-a-Lug, the Train Who Drank.
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