Financial Advice Needed.......

[chickenone]

The return is the form you file with the IRS. The refund is the money you get back. I agree that instead of letting the government take that money weekly, have his employer direct deposit that amount into a savings account. Don't have the account linked to your checking account, make sure you don't keep any withdrawal slips on hand. If you really want to make it difficult for you to access, have it put in a bank in another state. At least that way, you will be forced to save but at least you will earn a little bit of interest on it.

The other thing to consider is that this is a different job. Is it the same salary? If there is a chance that his earnings will be different, then your math might not work. You might be in a completely different bracket.

 

[Wannabefree]

If you guys are barely scraping by right now you probably aren't paying much if any in anyway depending on your tax bracket and deductions You may not have anything to worry about. I did notice...does you DH get paid weekly or monthly? If he is getting $130 extra WEEKLY it would be x52 rather than x12. If it's a monthly check then that is the correct number to deduct from your would be tax refund. I can't think of many who get paid monthly, so thought it may be a mistake?

See, I knew I was figuring wrong! Yes, of course 52 weeks in a year.....DUH! He gets a weekly paycheck. You're right. He'll have to change it, because now we're talking over $6700 which is basically our whole return. We like the return, because we are not good at saving money. We'll need that return to buy DH a new(er) car next year. Thanks so much for giving me the slap in the head I needed!

Well I wasn't tryin to smack ya in the head but I'm glad I was right. You all would wind up paying in.

The others are correct, you can do better with your money than the govt. will. You can put it in an interest bearing savings acct. and pull out the interest earned as needed, but ONLY the interest!! I have issues leaving it alone at times too, but it is a great safety net. I recommend ING online savings "orange savings account" for a decent interest rate and it takes up to 5 days to get the cash into your hands to spend, so is a good deterrent on any impulse spending. Making your money work for you, is like getting a raise, and very VERY SS if you feel you can swing it.

 

[mrbstephens]

If you guys are barely scraping by right now you probably aren't paying much if any in anyway depending on your tax bracket and deductions You may not have anything to worry about. I did notice...does you DH get paid weekly or monthly? If he is getting $130 extra WEEKLY it would be x52 rather than x12. If it's a monthly check then that is the correct number to deduct from your would be tax refund. I can't think of many who get paid monthly, so thought it may be a mistake?

See, I knew I was figuring wrong! Yes, of course 52 weeks in a year.....DUH! He gets a weekly paycheck. You're right. He'll have to change it, because now we're talking over $6700 which is basically our whole return. We like the return, because we are not good at saving money. We'll need that return to buy DH a new(er) car next year. Thanks so much for giving me the slap in the head I needed!

Well I wasn't tryin to smack ya in the head but I'm glad I was right. You all would wind up paying in.

The others are correct, you can do better with your money than the govt. will. You can put it in an interest bearing savings acct. and pull out the interest earned as needed, but ONLY the interest!! I have issues leaving it alone at times too, but it is a great safety net. I recommend ING online savings "orange savings account" for a decent interest rate and it takes up to 5 days to get the cash into your hands to spend, so is a good deterrent on any impulse spending. Making your money work for you, is like getting a raise, and very VERY SS if you feel you can swing it.

I have to look into this! Thanks for the ideas and tips!