I just recently had my taxes done and I’m not going to lie, I’m getting a good chunk of change back. Mostly due to the fact that I’m in a Master’s program that is expensive, so the student loan gets me quite a bit of money. Anyway-that’s beside the point. The point is…what am I going to DO with my tax return?!
I have this problem every year. It’s not really a problem, but it’s definitely a dilema. I want to be a responsible, personal budget keeping individual, but I also want to help my country’s economic issues by spending that money…you know-giving my hard earned money to other individuals so they can give it to someone else, etc., etc. It’s a tough decision.
So, what do I do? I’ve developed a rule of thumb for my tax returns that works for me. I do a little bit of both. My main rule of thumb is to put 50% or more of my return in a savings account, IRA, money market, or whatever investment tool you’d like. I then use about 30% to pay off some debt (if I have some). Whether it’s toward a credit card or mortgage. And the remaining 20% I spend!
This works for me, but it’s just a suggestion. The point is to have a plan before you get the check in the mail or deposited into your account. If you don’t have a plan, the bright “spend it” sign will flash brighter and brighter in your head. Make a plan on ALL income…tax returns count!
A couple of months ago I quit my job to go on a trip. When I did this all of my investments through my company stopped building. I stopped contributing and my company stopped matching. I am now back at the same job, but don’t have those benefits because I am part time.
At first I was pretty worried about this. It was great to have my company match me at such a great percentage, and now I have nothing! Oh don’t worry…I have an independent broker!
The beauty of being in control of your finances is that you’re in control of your finances! Instead of my money sitting in a 401k doing nothing, I moved it into a Roth IRA. Now, of course, when I start getting benefits from my place of employment again, i’ll roll that money back into a 401k account. But, there is ZERO reason to let you money sit and acrue nothing.
So, this is my advice today. Look into Roth IRA’s, 401k’s, money markets, bonds, mutual funds-find out what you are most comfortable and what works best for you and then start investing.
I have my money in several different types of investment options. It’s important to spread it out. Don’t put all your eggs in one basket, if you know what I mean. So, go and do it! Take a certain amount-even if it’s very small-and put it somewhere that it at least has the option to grow. Let your money work for you!
I was talking to my friend yesterday about what he did for Valentine’s Day for his wife and what they’re planning to do this weekend, yadda, yadda. ANYWAY, while we were talking about it he pointed out that there are a lot of things that he loves to do that don’t cost a thing!
I know that dating is a part of EVERYONE’s life. Married, single, divorced. engaged-dating happens. Husbands take out their wives for Friday night date nights, single people take out 3 different people a week during their “shopping around” phase, engaged men somehow have to prove that they really are romantic and will continue to BE romantic after they’re married…or they’re just trying to make sure the girl doesn’t back out of the engagement…
Either way-whichever category you fall under, it’s helpful to get some personal budgeting ideas for dating. I think the most important thing to remember is that it’s not WHAT you do, it’s how and who you do it with. Going on a small dating advice tangent, girls don’t care if it’s some huge expensive night-they just want to be around their date in relatively normal and comfortable circumstances. SO, because women don’t care that much about expensive dates, might as well make it an inexpensive date!
Some ideas: picnic, walk, hike, card games, board games, going to an art gallery…These are all things that are fun to do, but don’t cost you a ton of money! Brain storm on your own, come up with your own personal budgeting ideas for decreasing the cost of dates. And good luck!