Money Musings 💭 An online shopping challenge 🛍
We usually have to file and pay our taxes by April 15th. Not this year. The tax filing and payment deadlines have been moved to July 15th.
This means we don’t have to file or pay any taxes until July 15th. Yay! 🎉 The idea being that this will remove some of the financial burden of tax bills and paying accountants amidst an economic crisis.
BUT, if you are one of the 97 million Americans who expect to get a tax refund, why not file as soon as possible and get that cash in your bank account? 💵
If you expect a refund, make a plan for that money BEFORE it hits your account. Your goals might have shifted due to changes in income or overall financial uncertainty. I’m a big fan of setting aside a certain percentage for something fun and the rest for your #1 priority goal.
When we have a plan, we can’t spend our tax refunds 8x over (I’ve done that many times 😂). And we don't let the money slip away into our abyss of expenses (unless that’s what we’ve chosen to do with it).
For those who are filing sooner rather than later, we’ve put together this tax roundup for you. It covers how to:
Even when we’re getting a refund, it can be painful to see what we’ve paid in taxes, especially if you aren’t happy with what your tax money is being used for. Despite your political beliefs or the things you know are wrong with the system, this time of year, it helps me to focus on the good that’s being done with my money.
Our tax dollars are currently covering crucial protective gear for our frontline heroes, hospital expansions that are saving lives and wage protection for small businesses who can no longer afford to make payroll.
Our tax dollars are everywhere.
I notice them when I’m walking on a paved road or when cars stop at a traffic light for me to cross the street.
I smile when I pass a school and know that our tax dollars go to fund so many children’s educations (even though that’s now happening at home).
We all contribute to the 2.1 million federal workers who now receive paid parental leave.
When you file your taxes this year, think about what that money has and will go towards. Look around and notice all the contributions you’ve already made.
If you aren’t happy with how our current programs are spending money or are saddened by the lack of funding for certain things, make sure you register to vote and mark your calendar for your turn to get in the booth (or vote remotely).
MONEY MOVE OF THE WEEK
Take five deep breaths and wait thirty minutes before making an online purchase. While many of us expected our spending to decrease due to stay at home orders, we’ve been surprised to see it stay the same or go the other way. One of the biggest culprits? Online shopping. We’re stressed, we’re sad, many of us are bored and a lot of our favorite brands are offering big sales to lure us in. How can we make sure these purchases are more conscious and intentional, rather than retail therapy we’ll regret?
We can take five deep breaths and leave the item(s) in our carts for thirty minutes before making the purchase. Actually set your timer for thirty minutes. I’m usually a fan of waiting forty eight hours BUT I want this to feel manageable and realistic. If more time feels better, implement a longer wait time. Why does this work? The breathing centers us and gets us closer to knowing what we really want. Waiting gives us time for the impulse wave to wane.
YOU GOTTA SEE THIS
100 Women of the Year. “For 72 years, TIME named a Man of the Year. With a few exceptions, it was almost always a man…” In 1999 TIME Changed the Man of the Year award to Person of the Year (in 1999?! 🤯), YET the choice was still almost always a man. TIME has created 89 new Women of the Year covers, many designed by prominent artists, and has left the 11 covers that already had women choices in-tact. The former TIME editor-in-chief Nancy Gibbs writes, “this project is an exercise in looking at the ways in which women held power due to systemic inequality.” Each has a profile so we can get to know these extraordinary women. I hope you enjoy!