where's your refund going?

I'm using the vast majority for my car loan, as I've done for the past two years. After that, I'll pay off my Best Buy Credit Card and possibly make a small payment in addition to my monthly payment on the engagement ring I bought in October.

 

If you've got that much left on your student loans, I'd probably make the car loan more of a priority until you're really, really close to paying off the student loan. The interest isn't terribly high, but you're still saving yourself money by making bigger payments toward the car loan so the interest doesn't rack up so much in the meantime.

Depending on how much you're paying per month for your student loans -- aren't most people paying like $50-150? -- you've probably still got a few years left. If you had maybe $1,000 or $1,500 left in student loans, to where you can see the end of the line within a dozen payments or so, then maybe it's time to pay as much as you can to get rid of it quickly. But not with $4K, IMO. Take advantage of the low interest rate and focus on the car loan until you're closer to the finish line.

Just my two cents, anyway. Normally, I'd be in favor of paying everything off, smallest to largest, to get rid of them quicker. But Cadet's right: student loans are an exception to that rule.

 

I'm really scared about this year's taxes.

I have $7,750 in untaxed earnings from the Wheel of Fortune. I've earned income in three states with four employers.

I do have moving expenses. And a mortgage. Maybe that will help.

Should be interesting.

 

It also can be used if you are planning something medical that is not covered by your insurance, like laser eye surgery.

 

What is this refund of which you speak? I'm hoping not to have to cough up too much, an added cost of being single and renting my apartment. I must be doing something wrong.

 

Color me jealous.

 

Thanks for the advice! It's stuff like this why I will never leave SportsJournalists.com

 

That's possible. Your circumstances sound similar to mine over the last few years and I've always had a refund coming or paid a nominal amount ($70ish) to the state.

And if there's something wrong with being single and renting an apartment, then I don't want to be right.

 

Temple dues, down payment for the wife's new car. The rest, about $4K, into savings.

 

That's what I've always screamed. Don't give the government an interest-free loan. INVEST that money. And watch your $2,400 refund be worth $1,100. Oops.

Not the best year to make that argument, Junkie.

In my case, my crystal ball doesn't work. I didn't know on Jan. 1, 2008 that I would be married at the end of 2008. And it's probably not kosher to adjust your withholding from single to married until you are, you know, actually married.

Thus, instead of owing a couple hundred dollars, I'll get back $2,600.

 

Because I spent my part of the the lump sum we get in January far more wisely (paying down debt) than I would the extra $5 or so that would be on my check every other week if I adjusted my withholdings, as you suggest.

What works best for me might not work best for you, and vice-versa.

 

Anyone going to the strip club to make it rain?