This year the IRS expects to receive more than 147 million tax returns. Of those filing returns, at least 75% will receive a refund. Good for you if you already have your check and didn’t file last minute. Your CPA loves you. For the rest of us? We wish we were more like you. Here’s the issue: 75% of us will get some money back, but 0% of us agree on how we should spend it. We say, invest in your relationship and have fun with your tax refund!
Your tax refund can buy you happiness! (You know what we mean.)
Here are three tips to spend your tax refund and have fun:
1. Check off the “should’s”
Not so fast! Take half of the money and take care of a “should” or two. “Should’s” are things like pay down a credit card, fund an IRA, or set up a college fund, or even add to your emergency fund. (These are “should’s” for a Spender and “fun” for a Security Seeker.)
2. Satisfy all 4 of your relationship’s Money Personalities
Remember that your “fun” is probably different than your spouse’s “fun.” That’s right. Each Money Personality looks at extra money differently. (Tweet this) Find all four of the Money Personalities in your relationship and be sure each is satisfied:
Savers – Whatever you do, get a good deal.
Spenders – Enjoy spending it.
Risk Takers – Try a new adventure.
Security Seekers – Put some away for a rainy day.
Flyers – Do something together.
The reason that so many couples argue about money is that we have lost the art of compromising. (Tweet this) That’s right – take half of the money and take care of a “should” or two; take the other half and satisfy BOTH of you.
We are getting great feedback from you. You are telling us how The 5 Money Personalities are changing the way you look at all sorts of day-to-day money decisions like this one and many others. Make it happen today!
Taylor & Megan Kovar
The Money Couple