What are you doing this weekend?
I’m doing my taxes! Yay!
(No, that wasn’t sarcasm.)
My last tax form is now available online, so this weekend, I will be doing my taxes and finding out just how well I estimated. I’m really hoping I estimated poorly and I get a chunk of money back, but I’m just not sure what’s going to happen. Mid-year, I sold off some mutual funds that I owned for a few years, and then repurchased them a month-ish later, per the recommendation of a broker. As he explained it, that meant I could take the capital loss on my taxes. It makes sense in theory, but we’ll see how it works out in practice. It would be nice, that’s for sure!
If I do get money back, it’s going straight into the vacation fund. A friend is getting married this summer in a place that will cost me around $500 to get to – and it’s not even a beautiful island paradise. I don’t want to miss her wedding, so I better start planning for that expense now. I’m also running the Disneyland Half-Marathon in September – more spending. But that should be a really fun trip, so it’s money well spent.
Hoping for a tax refund? What are your plans for that money?
Megan is a 40-something government employee in the Washington, DC area. She got interested in Personal Finance when she got out of college and realized that her paycheck wasn’t going to go as far as she had hoped. Since starting this blog, she has managed to buy a house and make a solid start on her retirement goals, and hopes to help others do the same. Here is her story:
In 2007, I was a gainfully employed 20-something with no debt but not a lot of knowledge about personal finance. It was a co-worker’s comment about Roth IRAs that sent me to the internet, searching for information. It was then that I realized that I really didn’t know a whole lot about personal finance and that my current financial situation was due a lot to inherent frugal tendencies, generous family members, a fear of debt, and good luck. While that was working for me, clearly I needed a better plan.
While I had no debt, I was also pretty much living paycheck to paycheck and not worrying about going over budget (I say this as if I had a real budget) because I had an emergency fund set aside to cover any overages.
Except that’s not what an emergency fund is for.
So I did a lot of research, read a lot of blogs, and decided that I needed a plan. I needed to budget. I needed to know what I was spending my money on. I needed to prepare for the future.
I decided to create a blog not only to make myself accountable to others but also to share the knowledge that I gained along the way. I’ve learned so much from my fellow bloggers, and I hope that my readers can find something useful in what I have to share as well.