Showing posts with label tax refund. Show all posts
Showing posts with label tax refund. Show all posts

Sunday, March 18, 2012

Spring Cleaning Part 2: Pay it forward


Have you ever noticed phrases like “what you put out there comes back to you” or “what you reap is what you sow,” tend to be true?  

So why not be givers?  Giving is part of a healthy financial plan.  Every unloved item in your house is an opportunity to bless others, and that action will come back to bless you. 

When doing your spring-cleaning, there are many ways to give.

  • Pass it along:  Gather clothing of the same size and pass them along to someone you know that could benefit from them.  This works especially well with children’s clothing, but can sometimes work for adults.  Make sure the clothing is not stained, or torn first.  Then have a conversation to make sure the receiver is open to experienced clothing.
  • Re-gifting: Keep a storage tote or drawer for items in excellent condition that you would feel comfortable giving as all or part of a gift (birthday, Christmas, mother’s day, etc).  These items could be books, music cd’s, movies, picture frames, knickknacks, or any unloved still in the box item you have no use for.  You will want to carefully choose a gift the receiver will like.  I often go into my storage tote for random thank you gifts.  It is a nice way to give back and not spend a lot of money.
  • Donate: There are many places in your local area to give to others in need.  You may also want to pick up a tax write-off form, because giving to a charity is tax deductible. 
Church thrift shops
Salvation Army thrift shops
Clothing and shoe donation boxes around town
 Clothing closet charities that help people with employment


Remember giving is one aspect of a healthy life and healthy finances.  It feels good to help others and you can move unwanted clutter back into circulation to benefit others.  Try it today!

Saturday, February 18, 2012

Is a Tax Refund Coming Your Way?

A tax refund can feel a bit like winning the lotto.  There is a rush of euphoria, followed by a shopping spree of ideas where that money could go.  If you expect a refund this year; instead of going on a cruise or buying a new TV, decide to create a more stable foundation with the windfall. 


  • Plan where the money will go before it comes in.  This allows you to sleep on it for a while.  If something does not feel right, change your decision and sleep on it some more. 
  • Use percentages.  If the actual refund amount is unknown, decide where the money will go based on rough percentages.  One year we decided to put 50% on debt, 25% in emergency savings and 25% toward all holiday gifts for the coming year.
  • Do what feels comfortable to you.  Do not put all your money on a debt because it seems like the right thing, only to worry all year because there is no cash if a big medical or car bill were to happen.  Wait until your head and your gut (and your partner) are all in agreement before you act.

A tax refund is not free money.  It is money you worked for and loaned the government (interest free).  This irregular income is an excellent time to get ahead on a goal.  Investing in financial goals, rather than the newest gadget, will always lead to building a more secure future.