Tax Refund

iVillage Member
Registered: 09-01-2008
Tax Refund
5
Fri, 02-06-2009 - 8:01pm
Just finished doing our taxes and we are getting a whopping $9,000 back this year. I know that we should adjust our withholdings but it seems like this is the only way that we can save a substantial amount. That will be enough to pay the $4,000 balance on credit cards and give us an emergency fund of $5,000. Now I just need to perform the plastectomy so that I don't charge them back up again. I feel like I would like to keep one just for emergencies and maybe freeze it in a block of ice but I love the interest free deals at best buy, belks, etc. I always pay them off before the interest kicks in. What is your opinion of keeping one major card and a few store cards that frequently offer no interest deals?
iVillage Member
Registered: 03-17-2003
In reply to: gateacherhcms
Fri, 02-06-2009 - 9:48pm

That's an awesome refund!

iVillage Member
Registered: 08-04-2008
In reply to: gateacherhcms
Fri, 02-06-2009 - 9:59pm

Wow!




iVillage Member
Registered: 03-28-2008
In reply to: gateacherhcms
Sat, 02-07-2009 - 11:51am

What a fantastic refund!


Myself, I haven't had cc's in years and don't miss them.

iVillage Member
Registered: 12-31-2005
In reply to: gateacherhcms
Sat, 02-07-2009 - 3:07pm
wow what a refund.

over 40 and tired

iVillage Member
Registered: 07-14-2008
In reply to: gateacherhcms
Sat, 02-07-2009 - 4:28pm

Hi,
We used to use store credit cards for buy now pay later deals all the time. We have decided not to use them anymore for a few reasons. First of all I found that we would set a budget for something, and then when it came time to do it, it was always more than we thought (especially for projects). We would buy it anyways.

I found the whole time that we had something deferred I always worried that we wouldn't have the money.

A lot can happen in six months or a year. What happens if you can't work and you have money that you owe on credit card? If you are saving up for something and that happens, then you don't have to buy what ever you were saving for and you have more cash.

Good luck with your decision.