What will you do with your tax refund?

I have just finished filing our taxes and we should receive them in a few days!!  As I consider how we should spend our tax refund I thought to myself, should we spend it on something fun?  Or should we spend it on something like bills, car repairs, or paying down credit card debt?  I checked a couple of sites to see what others were doing with their refunds.  Some spent all their money on themselves, some put it all in the bank or other investment vehicle, but I like the idea of doing a little of both.  I think it's an issue of leverage, what will give you more "bang for your buck"?  For example, if we spend some money on our cars they may last longer, prolonging the time when we have to purchase another car.  I think it's important to go on a vacation with your family and spend quality time with them allowing you to create lasting memories a happy home.

If you find yourself in a position where you're not sure how to spend your refund take a look at this neat site I found as I was researching this entry.  The site is http://www.saveorspend.com/ and it will give you some ideas of how others will spend or have spent their tax refund.

Another article I read titled 5 smart ways to Spend your tax refund talked about 5 goods and services on which you can spend your money.  Some of these items are not only great to have now but keeps your money in your pocket longer.

Take a look at these links and let me know if they helped and if you had some good ways to spend your tax refund.  Next week we'll be discussing "How to most economically prepare for your summer vacation".

Thank you,

Greg and Jody Roche
Be Frugal Live Wealthy

How to create a peaceful financial environment with your spouse

Marriage is a great institution that can bring a lot of joy into our lives.  But even in the best marriages you have conflicts and hurdles that are hard to mitigate.  What is the one thing that married couples argue about most?  Money!!!  Is it the same in your home, or have you found a way to manage your home finances without arguing?  If you have, you're ahead of most of the couples in America.  As promised last time I'm going to discuss some topics and ideas with you today that will help you and your spouse communicate better financially.  Eventually if you're going to be successful financially it will be necessary to discuss finances with your spouse, you'll have to overcome your obstacles.  Here are some suggestions, let me know how they work in your lives.

1)  It all begins with me - Sometimes we have our own issues and challenges about money, perhaps caused by the way we were raised or maybe we've adopted a line of thinking that doesn't lend itself to discussing money with our spouses.  We may have to do some soul searching and determine why we can't discuss money matters with our spouse.

2)  Determine your comfortable dollar amount - I was asked by a friend the other day if we had a "comfortable" dollar amount.  You know, the amount of money you and your spouse can spend without the other's permission.  If you can determine this you may save yourself and your spouse a lot of headache.  I think a lot of the conflicts in marriage is when money is spent without the spouse's knowledge.

3)  Make a plan to discuss your finances - Ask your spouse if they will sit down with you and discuss your financial life.  This should be a time when both are relaxed.  Some like to do it when they're dropped the kids off for ball practice or after the kids have gone to bed.  This shouldn't be when your spouse is at work or in the "heat of the battle". 

4)  If you're the money handler make changes that the "non-money handler" suggests- This is one I learned from Dave Ramsey.  In most marriages one of the spouses does the finances.  This includes paying the bills, allotting allowances, and basically keeping the family on a budget.  Now that you're able to sit down and discuss how you should manage your finances encourage the "non-money handler" handle to make decisions and the money handler should make the requested change, even though you don't feel it's the right move.  This will help the non-money handler to buy into the budget and feel comfortable about making suggestions.  In our home, I do the finances and one of the reasons my wife doesn't like to spend time on finances is because she makes good suggestions and I don't execute the changes.

I have to tell you a neat experience Jody and I had today.  The kids were gone and we were able to sit down for about 45 minutes and go through our bank accounts and spend some time on our spending plan. She was able to ask questions and make suggestions and we were able to work together, and it was a positive experience for both of us.  I came away ver hopeful for future discussions.  It wasn't always like this, I had to make some changes and work more cooperatively, and apply some of her changes

Last of all, I want to share a short video that will help you in your quest to be more united as a couple, avoid conflict, and have more peace and harmony in your home.

Let me know if you have more suggestions that have worked for you and your spouse.

Thank you,

Greg and Jody Roche
Be Frugal Live Wealthy!!!