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All-time high savings contribution

April 30th, 2015 at 02:37 pm

I checked the Where is my Refund link at irs.gov to get an idea as to when we will be receiving our refund. As it turns out it is supposed to be electronically deposited tomorrow. So I decided to go ahead and pay the property taxes with that money and put the rest in savings (about $250 left after paying the taxes). The refund left us with the opportunity to save an additional $1,350. We hit an all time high in savings this month. We deposited about 65% of our total net income. As I said before, we did not have to pay for heating oil this month and hoping to go at least half of May without having to do fill up the oil tank again. But I think that's pushing it!

Now, some of you may wonder why are we opting to get a federal income tax refund instead of having the extra money each month. Quite frankly, with a house paid for and the only deduction being our DS #2 college tuition, we much rather claim zero dependents and get a refund, rather than to pay the IRS at the end of the year. The element of surprise does not appeal to us, so for now the government gets an interest-free loan from us and we are okay with that!

3 Responses to “All-time high savings contribution”

  1. rob62521 Says:

    We do the same and get a refund. Better than having to pay the IRS.

  2. VS_ozgirl Says:

    Awesome work with your savings!

  3. frugaltexan75 Says:

    What an awesome savings rate! I'm ecstatic when I get to 50%.

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