Apr 12, 2016

What We Did With Our Tax Refund

Taxes. Doesn't that word just make you groan? Seriously, who likes taxes? Well, it turns out this year, I do.
My husband woke up early on Monday morning, his day off and did the taxes before I was even awake. (Thank you TurboTax.) He then came and plopped into bed next to me around 9 am. (Did I mention that our kids were staying the night with their grandparents, so we had the whole morning to ourselves? Yes, it was amazing.) So he tells me he did the taxes and then makes me play a guessing game on how much we owe. Woohoo, fun, right?
I guessed several thousand dollars because that's how much it usually is and then he smiles and says, "Nope. We are actually getting back $200." What!?! Now, that's something to wake up to.
Last year, we started a savings account and set aside money every month where we don't even see it so when taxes roll around we will be prepared to write a check to the government. (Because not being prepared to pay your taxes or any bill that you owe is stressful when you don't know where the money is going to come from.)
But now, this year, he's telling me we have $3700 that we get to keep. Oh my, the possibilities. The fun we could have.
What would you do with $3700? What did you do with your tax refund?
I knew right away that $1008.11 had to go to pay off the unexpected insurance bill that was due in 2 weeks. But the other $2700. What were we going to do with that amount?
We weren't expecting to be able to keep this money so the possibilities were endless. We could fix up part of our house; I've been wanting new flooring. We could put it towards a couple vacations we are planning to take this year. We could buy a new camera lens I've been wanting. My husband wants a shed and a tool bench. We could go shopping at Target, now that would be fun.
Or... we could pay off a big chunk on our debt.
Now, that may not sound like a lot of fun to you. But becoming $2,700 closer to being debt free sounds amazing to me. We are wanting to live debt free and find financial freedom in our lives, marriage, and family. (We are Dave Ramsey fans at my house!) We want to live this way so we can give more, be stress free of how we are going to pay our bills, and to be good stewards of what we have been given.
A couple years ago, we really attacked our debt and we were able to pay off my student loan completely. And now, we are ready to say goodbye to Jonathan's college student loans. He has two loans that are equal to $14,000. So yesterday, we signed in online and sent over $2,700 to them! Our goal is to pay off $3,300 more dollars this year and get rid of one of those loans. And then continue working towards paying off the other $8,000 loan within that next year.
So while I still think going to Target with $2,700 would be all sorts of fun. Come on ladies, who's with me on this one?! I am so thankful that we were able to pay off a big chunk of money towards debt and be that much closer to living debt free.
What do plan to do with your tax refund this year?

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