Want to Save? Concentrate on the Big Stuff.

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why do you have so much of an income tax refund with so little reported income?

Paul Sevald of MN 10:52AM October 09, 2010

this site has really helped me with savings, it has helped more than anything
http://leftearth.com

tony b of KS 1:59AM July 20, 2010

I highly recommend Financial Peace University by Dave Ramsey. It's a 13 week class designed to teach people how to get out of debt, stay out of debt and build wealth. If you go online, you can find people in your area who are offering the classes (usually churches) but it is well worth it. There are 7 baby steps that he recommends for getting out of debt.
1. $1000 for EMERGENCIES only (CUT UP THAT CREDIT CARD!!!)
2. Pay off your debt using the debt snowball effect (start with the smallest first regardless of interest rate and pay it off fast and then when that is paid, apply that amount to the next biggest debt, etc.
3. Save 3-6 months living expenses for emergencies/unexpected expenses that kick us in the a**.
4. Invest 15%
5. Save for college
6. Pay off your home early
7. Give

Lili of WI 1:39AM July 20, 2010

I had to leave a well paying position several years ago due to medical disability. This same problem left me with rather large medical bills, even with health insurance. At the same time, my spouse was downsized from a well paying position and spent a couple of years unemployed, and a couple of years making less money at less than full time hours at a position that offers NO benefits. Since I am on medical disability I have health insurance for myself only. We have a teenage daughter at home and another in college and no health insurance for either of them or my spouse. Consequently, for dental work, orthodontia, glasses, contacts, and even medical care for the family, it usually goes on the credit card.
We live very frugally, no vacations, no new cars, no major splurging. We pay as much as possible on the credit cards each month to decrease finance charges as much as possible. This is always more than twice the minimum, usually much more. It has taken several years, but the medical bills will be paid off in full within the next couple of months. (This included multiple hospitalizations and major surgeries at three facilities in different cities; dozens of physicians of different specialties, etc.) When we got a nice income tax refund last year, we used most of it to pay off half of our credit card debt. With the medical expenses we incur, along with low income; hopefully we'll receive another good refund again next year and can pay off most of what is left on credit cards. That is our goal.

bubba of TX 12:09AM July 20, 2010

I have multiple credit card and loan accounts. They are due every month and the salary I earned is 1/4 only of the amount to pay off, so that is too little. I really find it hard to settle out my bills. I wanted to try out settling first the big balances when I'm having enough fund, but that was not happening as I need to distribute that available fund to all of my account to make it updated or simply to let the bank knows that I'm very much willing to pay my obligations. That is why I always ended up running out of funds, and the worst is that the accounts I'm trying to settle out gets late for a month or two, which really a very bad move.
Can you give me any suggestions on what should I do? It gives me much burden. I can't save enough because of this.
Thanks.

Jay 9:35PM July 19, 2010

I will gladly stop paying my taxes....

FedUp of CA 6:11PM July 19, 2010

to the person who uses the system-you should be ashamed of yourself-its nothing to be proud of!

carol of FL 5:45PM July 19, 2010

Well I know one way that has been working for me and it is network marketing with GNLD. Since the past 3 months. I ahve earned $3000 US and I am only a student.

Simone of MN 5:29PM July 19, 2010

i cut back on my optonline triple play by ridding the on demand since it's not free and only getting basic cable.. i only get the premium channels when a good series is on such as: true blood, dexter, or spartacus..
instead of using my dryer @ home i dry them at the laundromat. it's cheaper

stay positive of NJ 4:59PM July 19, 2010

I am living high on the hog. I collect unemployment(1.5yrs), reduced utilities, food stamps, free cell phone, free daycare and healthcare. Why would I want a job, I just repeat the same old sob story and get freebies. To pass the time I go fishing, work around the yard of hit the ballbark and watch a game. Living the american dream!

Free Loader of AK 4:04PM July 14, 2010