we get about 5000 on our tax return... we have one daughter(so we get 1 child tax credit)who is 18 months old, and another due in may...last year we didnt need to think too hard because we spent some on her and then put a down payment on a new car.... this year....we want to put some in the savings, and have some to spend on ourselves....well my hubby wants to put 4000 away in savings and split the other 1000 up between us... 300 for him, 300 for me 200 for our daughter and 200 on the one due in may... now i want to put 3000 in the savings and split 1000 up between me, our daughter, and my hubby (a little over 300 each...)and use the other 1000 to get everything we need for the one due in may.... (cradle, swing, clothes,blankets, bouncy seat, carseat, bottles, stock up on some diapers....stuff that we need for the newborn when it gets here... we havent bought ANYTHING and im due in 4 months....)
Any ideas on how to come to a compromise, or other ideas on how we should do it....
2007-01-08 06:24:11 · 8 answers · asked by ashleyhaddon 3 in Business & Finance ➔ Taxes ➔ United States
Maybe the best strategy is to help your husband see what is really going to be needed for the new little one and take that off the top first. Maybe it won't be a full $1000-- do some pre-shopping research. If you subtract that amount and allow 300 for each of the rest of you, maybe something between 3000 and 4000 can get put into savings. If you don't already have a savings account for your daughter, you might open one and put some of it in there. Good luck, marriage/family involves a lot of compromise and diplomacy.
2007-01-08 06:38:18 · answer #1 · answered by Lily 2 · 1⤊ 0⤋
Well, the money belongs to both of you so you need to both agree of course. I would get all the things for the baby and get the room ready, then buy the 18 mo. old whatever she needs, then if there's any pressing things you and your husband needs, get that, get caught up on all bills, go out to a really nice dinner(get a babysitter), do any repairs or get any appliances you need or anything you've been really needing. Then put all the rest in savings. First things first. What's the point of having money in the bank, if your baby has no place to sleep?
2007-01-08 06:31:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
what happened to all the stuff from the 18month old? didn't she have a carseat, bottles etc that the new baby can use?
If you have any outstanding debt you should pay that off with the money, if you save it you will earn 3-4% intrest, but if you have debt you will pay 10-20% intrest, depnding on the bank. Pay the car loan down! Tax returns are not "free money", its money you overpaid to the gov't. you basicly gave them a free 5000 loan!
2007-01-08 06:30:45 · answer #3 · answered by parental unit 7 · 0⤊ 0⤋
I would put 2500.00-3000.00 in savings. then divide the rest 4-ways. But since you are due in 4 months I think that I would spend about 50% on the baby. Its going to cost a lot to get all that is need for the baby. Here is what I would do.
dad:500.00
mon:500.00
child:1,000.00
Baby:1,000.00 I hope my figures are right.
2007-01-08 06:31:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Put everything but 1000 $ into a Savings account...Thats more than enough to split 4 ways for stuff you probably don't need anyway.....
2007-01-12 05:46:22 · answer #5 · answered by iluvcats58 3 · 0⤊ 0⤋
not really an answer,but why dont you adjust your withholdings so this doesnt happen? why let the government use your money all year long?
5k means you could put about 416 a month away in investments, if you got 8% that equals about 5200 bucks, not a ton but 200 bucks interest is better than letting the government make the interest instead of you
2007-01-08 06:40:03 · answer #6 · answered by swenjj 4 · 1⤊ 0⤋
You must already have a big screen TV with surround sound.
2007-01-08 06:28:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I need some kida then!
2007-01-08 06:28:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋