I Can’t Wait To Get My Hands On Some Cash!
Posted on January 29, 2008 |
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I‘ve been chomping at the bit to spend some dough! We’ve been frugal for too long and I need to buy stuff! I can’t wait to get my tax refund and my government stimulus check.
I can’t say it better than Peter Gabriel:
Ive had enough, Im getting out
To the city, the big big city
Ill be a big noise with all the big boys
Theres so much stuff I will own
I’m thinking we’ll get at least a couple of grand from my tax return. We’ve been talking about getting a minivan. I think we’ll do it. Hook it up with all the automatic accessories; get one of those DVD players; you know everything! Heck, I think we’ll keep our Corolla too. Two cars are better than one!
And I’m loving these flat screen TV’s these days. I saw in a Pottery Barn catalog that you can get a frame for them now! Or even one of those entertainment centers where the TV comes up from the console.
Another thing I’m doing is investing in individual company stocks! Companies have been taking a beating and they’re bound to go up.
That should cover the tax refund. I might not even wait for it. I can get a tax refund loan then pay it off when the refund comes in!
That leaves the stimulus check. I figure we’ll get about $1800 from that. That’s a good start on a big vacation. The way I see it this is like found money so I’ll add it to what we would have spent on vacation so we can get an even bigger vacation. Five-star hotels this summer! Thank you government!!
Can you tell I’m being facetious? Really I am. There’s so many things wrong with what I said.
Let me show you:
- New Car - We have talked about a minivan, that is true. But we really don’t need one right now. When the time is right we’ll probably research a 2-3 year old used minivan. And most likely we’ll trade in our other car.
- Flat Screen TV - Yeah, this would be nice but definitely not something we need! In fact I’ve been trying to curb my viewing habits. I’m finding myself so much more productive when I’m not glued in front of the TV.
- Individual Stocks - This would be pure speculation for me to do this. Way too much risk nowadays. I’m no stock expert so I’ll stick with funds. If I invest more it will be in my Roth IRA or my kids 529 plans, both with Vanguard.
- Getting a Tax Refund Loan - We can totally wait for our return. We won’t be paying extra for a lender to give us the money early based on an estimate. I can see why companies offer this (to make money) but I can’t see this as ever being a good idea. In fact we’ll probably have our return direct deposited into our ING Direct savings account.
- A Big Vacation - The stimulus check will be nice to receive. Not sure if we’ll be spending it though. Most likely will join our friend the tax refund in ING.
- Add more to our Roth IRA’s. This is a good opportunity to get closer to our limits for the year ($10,000 for my wife and I combined in 2008).
- Keep the money in savings. We can let it grow. We’d like to buy a house one day and we’re saving for a down payment.
- Put more into our kids’ 529 plans. Imagine the true bonus the stimulus check could be after 10-18 years in the 529 accounts?
There’s nothing wrong with spending if you can truly afford it. But that’s the real question, isn’t it? Can you afford to spend? If you get a tax refund or the stimulus check use then as a chance to get ahead rather than stand still or go backwards.
Are you getting a tax refund? What will you do with it? How about the stimulus check? Let me know!
Sign up with ING Direct and get a $25 bonus. See here for details.
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Filed Under Money, Personal finance, Saving, Shopping, Taxes
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7 Responses to “I Can’t Wait To Get My Hands On Some Cash!”
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- Christina said: We took almost identical steps when we went to one income just over a year ago.
One thing we did, that you didn't mention, is to raise our insurance deductibles on our vehicles. Yes, it's a risk if we're in an accident, but you do tend to drive more cautiously.
You could on What We’re Doing To Adjust To One Income - That One Caveman said: That sounds like the exact same steps we took two years ago as we prepared to go to a single income. I'm so glad we did it and you will be, too! on What We’re Doing To Adjust To One Income
- MeLu said: Do I ever know what you mean, we went to a one family income over a year ago. Our income was cut in half, but our spending did not stop. I've now realized that we are in deep trouble. Lucky I'm old enough to draw social security but that is not enough so I'm on What We’re Doing To Adjust To One Income
- Nicole said: Good for you. It must be a tough change to make but it sounds like you are doing all you can to make it work. on What We’re Doing To Adjust To One Income
- Mercedes said: I saw this earlier but now I can comment now that the kids are in bed. I just wanted to drop by and offer support to both. I was miserable in my job thinking of everything I was missing with my child. And I did miss a lot, now that I have a second on What Is Raising A Child Worth - We’re Going To One Income
- Christina said: We took almost identical steps when we went to one income just over a year ago.
One thing we did, that you didn't mention, is to raise our insurance deductibles on our vehicles. Yes, it's a risk if we're in an accident, but you do tend to drive more cautiously.
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The first part of your post just cracked me up… it so reminded me of my hubby! He just gets an itch sometimes to burn-up some dough…
it is so funny to me! I can have a twenty in my wallet for ever… his cash is gone almost as soon as he gets it… At least that’s how it use to be all the time. Now he is getting much better. But still… sometimes he gets that ITCH!
Anyway, thanks for the post… it made me smile!
Thanks for the laugh! You have the right ideas though, take that money and use to better your future or your families future-invest, save, pay off debt, whatever.
What is so sad, is that so many Americans will do just that. Waste that money on absolute garbage that won’t better their lives one bit. So sad!
I am not sure if we qualify for the tax rebate, but if we do, we most certainly will not be blowing it on garbage!
Take Care and Thanks for the laughs!
LJ
Glad you both enjoyed! What will you be using your refund and check on if you get them?
Ok - I admit it, you had me going at first too. I was ready to give you a “save me, save me” email saying not to spend it yet, but I should have known better.
Good post!
Thanks Hank!
True story - I don’t always tell my wife about the articles I write. Sometimes she checks up on the site, sometimes not. Well Thursday she calls me up and tells me I almost gave her a heart attack! She read the first half of the post and thought I went off my rocker! Luckily she read through the entire article.
I’m interested in buying Green stock. I’m young and naive, but I think it would be cool to invest in some Solar companies…I believe that is the future. But I really don’t know about these stimulus checks, just seems like a band aid when we should be working towards a long term goal.
@ Jase - It’s not even a good band aid. It’s like one of those cheap band aids that fall off after a few minutes. You think you’re being helped but you’re not!