Tax Time!

i feel like this bears repeating

 

A long time ago some financial clown was on a morning show, repeating the catchphrase over and over again "Pay yourself first!" He was one of the few money guys that actually made sense to me.

The gist was that a certain percent of your paycheck went to 401k, then another certain percent went to high yield savings. Only after that would you pay bills with priority to the highest interest rate, then fun money after that.

Refunds and bonuses get the same treatment for me personally. Half my tax refund is going to high yield savings/investments, 25% to knock down the camper loan (my highest interest loan at the minute, to be paid off by Q2 this year), and 25% to the fun money savings account.

Pay yourself first.

 

...neither. Finish building new AR.

 

Over simplification by most likely a very simple dude.

 

If you’re getting a return your giving the government an interest free loan.

crazy.

 

See this I just don't get. Why not shell $350 of that a week into an interest bearing account, you have access to it whenever and still don't owe anything come tax time.

Getting a $20k return is just wild

 

We just arent the best at saving money to be honest. And this has always worked for me.

 

Hey if it works for you it works. $400 a week is over half my take home pay so Ive gotta keep that accessible lol.

 

I always get back a fairly large sum from RRSP contributions but it goes right back into either RRSP or paying down debt. I use SimpleTax and do my own.