|More than half of all Americans will get a tax refund this year. According to the IRS, the average refund last year was around $3000. That amount of money can make a significant difference in your money outlook, but it also has the potential to create tension between you and your spouse. This money decision, like all others, calls for teamwork and intentionality. Once you know how much your refund will be, come together and really think about what you will do with the money and how it can affect your Money Relationship. Here are three tips to get you and your spouse on the same tax refund page:|
- Do the sensible thing – The Saver and the Security Seeker in the relationship will want to pay off debt, save the money for retirement, and add to the emergency fund. The Spenders, Flyers, and Risk Takers might not be quite as excited about those options, but will see the possibilities of home improvements, a camper for the family, or taking that long-overdue vacation. It is vital that you compromise and respect all Money Personalities!
- Invest in yourself and your relationship! – Join a gym, pay the year in advance and finally lose that extra weight. Take a vacation for two or do a marriage workshop. Take your friends out to dinner, catch up, and feel the freedom to pick up the tab. Enjoy dreaming together, at your next Money Huddle, about something extra fun to do for your family, yourself or each other.
- Recalibrate your withholdings – A tax refund is an interest free loan to the government. Most couples can use some extra money during the month. Take a look at your overall picture and see if there is a way to recalibrate your holdings for next year. (It is always a good idea to contact your CPA or Tax Preparer before you pull the trigger with your payroll department.)
You have worked hard! Enjoy that new chunk of change together.
Make It Happen!
Scott & Bethany Palmer
The Money Couple®
Money Huddle Tip: List one need and one dream you would like to satisfy with your tax refund.
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