Streams

Open Phones: Did You Spend Your Refund?

Tuesday, April 09, 2013

. . . before you got it? Did you save any of it? As this Time Magazine column points out, "mental accounting" may explain why we spend small windfalls many times over, but are able to save large ones. What about you?  

 

Comments [11]

Tracy from Queens

I use all refund to refinance the home mortgage.

Apr. 09 2013 12:01 PM
Amy from Manhattan

The best thing I ever did w/a tax refund was buy a piano. I had moved for work & (I think) also taken some work-related courses, so my deductions exceeded the standard deduction & I had a big refund. I was just looking for a used upright, but I found a listing in the classifieds for a player piano! So I went for it. The refund covered the price of the piano & the cost of the movers almost exactly.

Apr. 09 2013 12:00 PM
CK from Yorktown

I'm with you Sheldon. I do the minimum withholding and pay them what I owe when I file. If this is their version of savings, I think folks need to rethink it. There are better ways of saving: even the "round up" savings from credit card companies.

Apr. 09 2013 11:57 AM

"Tee, hee...hee my boyfriend bought me an engagement ring."

...pathetic.

Apr. 09 2013 11:56 AM
Sheldon from Brooklyn

So caller - you have two kids in college, there are tax-free havens for that. You have gotten a generous deduction the last 18 years, for both. Have your kids take out loans.

Apr. 09 2013 11:55 AM
Sheldon from Brooklyn

So, the Govt holds on to your hard earned money for a year - interest free and you act like you won the lottery when you get it back?

Apr. 09 2013 11:51 AM

A State # 2 refund is paying (retrospectively) what I am paying as balance due to the IRS and State #1. So it goes--

Apr. 09 2013 11:50 AM
Karen from NYC

All to pay bills: dog got sick, septic system failed, kid in college. I don't even get an ice cream cone: bills, bills, bills.

Apr. 09 2013 11:50 AM

opps i need to file!!

Apr. 09 2013 11:40 AM
Tony from Mountain View, CA

All into my mortgage (extra payment).

Apr. 09 2013 11:26 AM
Vicki from Brooklyn

My tax refund went into my Roth IRA. Its pain free retirement saving.

Apr. 09 2013 11:04 AM

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