What should I do with my tax refund?
PTG621 asked:
I will be getting about $510 back from my taxes. Now Im just undecided on what to do with the money. Here is my situation:
I will be getting about $510 back from my taxes. Now Im just undecided on what to do with the money. Here is my situation:
I dont have much debt, about $1700.
About 75% of my monthly salary goes into mostly savings/RRSP’s and paying my debt. I am left with $500 for car insurance and other spending monthly. I am planning on going on vacation this coming August for 2 weeks which will cost me approx. $1600 (flight and spending money) which I been saving $50 every two weeks and have almost enough to cover the whole thing.
I have to do some work on my car (for it to last longer) which would cost me about $450.
Now should I put it into my debt, pay to fix my car, save it or use it as extra spening money as I dont have much to work with already.. ??
Whats your advice?
Alvin
Tags: Car Insurance, Fix Car, Money Saving
March 15th, 2009 at 10:24 pm
Vera
Why is 75% of your salary going into savings if you have debt that you are payng interest on?
Pay off that debt, then save.
Put the refund toward your debt or your car repair.
March 19th, 2009 at 2:40 am
Martin
your choices aren’t great (actually the money coming isn’t enough to really matter)
But I would say, PAY down the debt, so you avoid interest on that portion of debt,,….Also concentrate other money to pay debt and ELIMINATE interest charges
Keep saving for your trip, but when your debt is paid off, it should be easier top save to fix the car.
March 20th, 2009 at 9:18 am
Stephen
If you have an emergency fund, I would pay off debt.
If you have no savings, put the check into savings to cover emergencies.
Check out:
March 21st, 2009 at 12:53 pm
Sarah
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here: