It’s been 2 months since I gave a savings update, so here it is!
The current standing of our baby-specific savings account is $2,929.03. Guy is still freelancing, so he hasn’t added to that yet, but he just got a BIG freelancing job and with my recent raise AND my tax return, we’re in a good place!
In my last post I discussed loans versus savings, and how the interest rates are totally killer. I have decided that a chunk of my tax return (which was sizable) will be going to my student loans to lower those high interest burdens.
Because it’s tax season (gross) I have been talking with my coworkers about their tax situations and stuff, because this year I had basically no write offs (except student loan interest and some charity donations). One co-worker of mine had a kid last year and he was talking about getting a HUGE return for having a baby! I guess when I thought about financial family planning, I forgot that babies & dependents help lower that threshold.
I am someone who doesn’t mind paying taxes, because I want my city and community to be a good place, but I also really like the idea of having tax deductions!
What’s your tax situation like? Did you feel relief having a kid and getting a tax break? Let me know your perspective (: