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I’m a strong believer in paying down debt when you can but I also live life in the you only live once kind of mentality. My rule for extra money that wasn’t planned for including tax refunds, dividend payments, cashback from credit cards money from family whatever I always do 50% towards debt and 50% towards fun. If you’re drowning in debt or have a lot of very high interest debt I’d personally focus more on that (90% to 10% maybe)
I got a little little bit of a windfall and I put it towards my car. I'm really trying to pay off my car as quick as possible because it's my highest interest rate right now. What about you? What's your plan?
Rising Star
I don't get much back - so probably just put it towards spending money on a Spring Break road trip.
I set my W2s to owe, and my personal business and investments usually include enough write-offs to break even.
However I purchased a 2023 Expedition Max last year under my LLC and use it for the business so I wrote off half of the 90k price tag, aswell as put solar on my home so I'll be getting 13k back for once.
Still a drop in the bucket from the nearly 40k withheld.
I'm getting a decent return so I plan to save 50% in my FHSA, and then probably 30% to debt repayment and 20% for myself. Probably will do the same with my bonus (if I get one this year!)