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    Tax Exempt?

    I am curious as to your thoughts on going tax exempt for a pay period - or two, in an effort to pay down debt?

    #2
    Originally posted by strugglingmums View Post
    I am curious as to your thoughts on going tax exempt for a pay period - or two, in an effort to pay down debt?
    Seems like you're just robbing Peter to pay Paul at that point.

    Any expenses you can cut down? What is your overall financial situation? Who do you owe and to whom? Interest rates?

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      #3
      Originally posted by strugglingmums View Post
      I am curious as to your thoughts on going tax exempt for a pay period - or two, in an effort to pay down debt?
      Do you usually receive a tax refund when you file your tax return(s)? If so, then yes, adjust your withholding. Exempt for a pay period or two, then something you can stick with.

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        #4
        We generally get a decent tax return, yes. We don't really have any large debts. We have a car payment, rent, utilities, medical costs and the like, just living pay check to pay check and trying to adjust for unforeseen costs.

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          #5
          Many of us found it very helpful to track every dollar spent for an entire month. Just write sum spent in a tiny notebook. We found hundreds of dollars vanished in small, under $ 10. spends.` Do you buy lunch out? A Double double, and couple of vending machine items makes lots of $$$ disappear.

          There are a great many small, easy to make spending cuts to shore up earning and create savings. For example do you meal plan? It takes a ton of stress away if you know what you'll make for dinner tomorrow. It saves a ton of money if you eat at home and it's far healthier to avoid all the chemically processed stuff from the grocery and now the restaurants whose line staff mostly defrost in the microwave, heat in the salamander and present. Everyone is alarmed by the amount of salt, sugar, fat and unpronounceable chemicals in processed meals.

          If you are the Chief Financial Officer [CFO] of your household, do you use a budget?

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