Okay, so I'm thinking about what to do with our tax refund, if in fact we do get one this year. Being self-employed it is always a guess right up until the very end for me. I mean, I can look at our books and think "yeah, this will be the way it ends up" and then be totally wrong once our accountant finishes. But, this year I think we are okay since we bought two new vehicles for the business and I started us an IRA. I wasn't able to contribute the maximum when I opened it but I am hoping to be able to add some more before April.
I really figure the best thing to do is pay something off that we have to pay interest on. I have a couple of small bank loans that I could pay off but my gut tells me to keep the money close or easily accessible instead... so, I was thinking .. maybe a one year T-bill, or maybe a regular bank CD.
what do you think? and have you thought about what you will do with yours?
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7 comments:
We are paying off debt this year, first and foremost. We always have a cash cushion, but getting out of debt is paramount to us in this economy.
Paying interest on a loan or card, and letting that stand while you put money in savings at a low interest rate does not make financial sense. You should have some in savings but pay off those high interest loans and cards. If you have zero interest cards, now that is another matter.
We don't have credit cards. We eliminated credit card debt about 6 or 7 years ago and vowed never to have another.
I agree with you on the getting out of debt and we do already have a pretty good cash-on-hand stash (enough to cover us for about 3 months in case of illness or injury) so, maybe I will go ahead and pay-off or at least make extra payments on one our smaller bank loans.
...... after I see the final results of our tax statement :)
oh yeah, find out if you are getting anything first, LOL.
We're paying off bills and putting some into savings. That's what we do every year. :)
Looks like we are going to owe about $100 this year. Not bad. :)
Paying down debt, of course, is smart.
We've done the CD thing--and we thought about doing it again recently with some college money for Alyssa. But right now CDs have an extremely low interest rate, nowhere near where it's been in recent years. Depends on the bank, of course. The CD expert at our bank also recommended we do it online rather than "in store" because the rates were better online (even at the same bank--go fig). :)
I have been looking at CD rates - they are pathetic aren't they?
I did find a savings account for kids and put Seth's money into it.. he is getting 6% interest!!
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