I got an expectant call this past week from my CPA, informing me of the nice tax refund that we are getting back this year. So the question that my wife discussed, was how to do we use this money?

So, here were the categories that we ultimately agreed upon:

1) Take 2/3s of the money and put towards credit cards – this will close out 2 credit cards, 2 store accounts, and reduces the balance of the remaining credit cards as well.
2) Take the rest of the money and split it the following way:
A. Church
B. Savings
C. Put money in the boys savings accounts
D. Use what is left for vacation and have a little fun

We made the decision together as to how we were going to use the tax refund, which is something that we had not done before. But, I have found it important to involve my wife more in the money decisions so that she can see where the money is going and where we are at financially.  Our financially goals have changed as we have gotten older and our priorities have changed.

We were fortunate that this year we are getting a nice tax refund that will help pay down our bills and more importantly, give us a cushion for our future.

So what are you doing with your tax refund this year?