Tax refund - Thank goodness :)

iVillage Member
Registered: 04-10-2003
Tax refund - Thank goodness :)
Mon, 03-19-2012 - 9:13am

I did my taxes this weekend and it looks like I'm getting about $1200 back. I have been hoarding money for the past few months because I was sure I was going to owe :) I had saved around $900.

My first instinct was to put the money right on my student loans but I'm not sure. I sat with my advisor and did the math. The loans really are not costing me all that much (5.5% on my student loans but it a tax deduction meaning the real rate is closer to 2.75% and 1.9% on the car).

I have been trying for ages to put money aside to spend on ME but haven't been very successful to date. I really want a motorcycle (fell in love with it a few years ago but haven't been able to save the money because I kept putting it on loans). So I am testing myself.

If I can cut my food budget down to a reasonable amount (i.e. NOT $800 for one person) for two months, then I will give myself permission to spend on the motorcycle (I can send the savings from food to the loan). If I can't, good bye motorcyle, and on the loan it goes.

Keep your fingers crossed for me!

Bex -


iVillage Member
Registered: 02-19-1998
Wed, 03-21-2012 - 11:54am

Good for you! I do think you're allowed one guilty pleasure. And yes definitely buy a used one - that should save you tons of cash. As long as you have a mechanic check it over first before buying.

It felt so good earlier this month to pay cash for a new stove and two cell phones, plus finally getting our dog her shots etc. And the rest was put away in EF savings! Hoping for more to put away with a bonus, but haven't heard when we're going to get that!