So, after tax season comes tax return season or… audits… or money you may owe to the IRS. This is can be a touchy topic here, but bare with me. And I know lots of people will say, “If youre getting a tax return that means you gave too much money to the government interest free”. I don’t disagree with that statement but I’m not here for that arguement… yet. I’m here for those of you ladies who’ll be getting a return.
So, let’s talk about how we’ll be using that money and where it’ll be going. I’ve already received my state return and I had that directly deposited into my “Dream Home Fund”. That’s a bit of good news. If I actually see all of my $1,164 federal return, I’ve already decide to divide that into thirds.
- One-third will be split among my savings. $194 will be going into my Emergency Fund. And I’ll drop the other $194 into my “Dream Home Fund”. Really trying to beef up that goal.
- Another third will go into my business and personal development. Any remainder monies will go into my Emergency Fund.
- And the final third, $388, will hang out in my account for 30 days. If in 30 days I cannot find a real need for something important I need to buy, then it will be split again among my savings accounts. Or maybe I’ll start my Travel Fund. I’ll see.
If you noticed, I have only two real goals for my tax returns. To save money and to invest in myself. That’s really it. That’s all I want to do. I don’t need to buy anything for myself or my apartment. Im not trying to go on some splurge and live it up. No shopping sprees for me.
I made a decision not to pay down student loan debt, because I just feel right now while I am making steady payments on time, it’s important I beef my savings, both long and short term. And when I get my saving accountd to where I want them to be in the near future, I’ll change gears.
Point is: my money has a plan because I’m on a mission. What’s the plan for your money?