Meager Income

Pay Off Debt, Retire Comfortably on Meager Income, Win the Lottery, Not Necessarily in that Order

Waiting for my tax refund

Posted on | April 9, 2015 | No Comments

I’ve now submitted by taxes for both Federal and State bringing 2014 to a close.  I tend to procrastinate  (even when I’m anticipating a refund) and find myself rushing to get them done at the very last minute.  I surprised myself this year and I actually finished early.  Now I’m just waiting for my refunds to be deposited.  I already contributed to my Roth for 2014 otherwise I would be scrambling to get the money submitted on time.

I’m already trying to figure out how to spend my refund.    What a fantastic problem to have!  I have approximately $4500 in outstanding debt that I want to pay off by the end of this year.  Paying off the loan early would free up about $400 a month in cash flow.  The interest rate on the loan is less than 5%.  Unfortunately, my refund won’t cover the whole loan amount but it will definitely help offset it.  On the other hand, I could buy a dividend paying stock and that would also help lessen the cost of the loan.

I’m excited to be getting close to paying off this debt. Once this is out of the way, I can automate more of my savings.  I’ll keep you posted on the progress.

 

 

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