My Wife And I Are Saving Our Tax Refund
May 5, 2008 – 6:33 amMy Wife And I Are Saving Our Tax Refund. This is not that big of a surprise really. The blogosphere has been full lately of great ideas on how to use your tax rebate, from saving it to paying down debt. You can check out some of the ideas here:
I agree that there are a lot of great, yet responsible ways to use your tax refund.
For my wife and I, however, we’ve decided to save and invest the funds. As I joked with my sister-in-law, we’re going to spend our refund, when it’s worth $10,000. Just for fun I calculated it out, and it will actually be worth $40,000 when I’m eligible for Social Security (if S.S. still exists) assuming a 10% return. Big bucks, all for a little delayed gratification.
The argument for spending the money usually goes like this: “It’s free money. You didn’t expect to get it, so why not and spend it and have some fun?”
My thinking is similar: “It’s free money. I didn’t expect to get it, so what makes me think that I need to spend it to be happy? I was happy before, and spending ‘free’ money won’t make me any more happy.”
To each his own, but please don’t waste away a great start to an emergency fund or retirement next-egg starter!
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