Friday, February 18, 2011

Refund strategy: Hot & Spicy or Mild?

I haven't filed my taxes yet, but I'm already dreaming of what I'll do with my refund once I get my hands on it.

Perhaps because I'm particularly ravenous today, I'm thinking of chicken wings and taxes more or less simultaneously. And the "menu" for my anticipated $800 refund is looking like this:

Suicide: Gamble it. Potentially memorable, but pretty much guaranteed to cause heartburn...

Hot & Spicy: Spend it on something that's completely unnecessary – a trip somewhere warm, perhaps? I hear Barbados is lovely this time of year...

Honey Garlic: Buy an item I both want and could use right now, like some new clothes or an upgraded computer. A middling option, flavour-wise. Unlikely to satisfy...

Mild: Put it on my mortgage or invest it. May as well have a side of boring sauce and some wilted celery with that order...

Right now I'm wavering between "Hot and Spicy" and "Mild." A sensible Jane Eyre kind of purchase, represented by the Honey Garlic option, has little current appeal to me. I feel like I either want to spend the money on something really excellent, or just suck it up and save it. I could also consider divvying it up into different categories. Thoughts? What are you going to do with your tax refund?


  1. How is the Honey Garlic option like Jane Eyre exactly? Curious minds want to know. I don't recall her ever buying anything in the book, but it has been a long time since I read it.

  2. Strangeattractor - good point. I guess I was trying to say that I could make a Jane Eyre - style purchase (aka sensible and practical), but you're right: I think she rarely bought anything. She owned about three dresses if I recall...As for chicken wings, I think Jane would choose "mild." But, was Mr. Rochester really the practical choice? In my mind that's more "hot & spicy" - with a long wait for gratification! :P

  3. haha awesome! You are so creative :)

    You could get BOTH! That's the solution. Spend half of it on Hot and Spicy and half on Mild.

    I personally am going to use it for a TFSA or contribute to my RRSP for 2011. Super mild, along with wilted, yellow tinged celery.

  4. Thanks! :) I think I'm going to start a vacation fund and put half the refund in there, and the rest onto my mortgage. As per TFSA, I still haven't figured out how to make use of one (prior to maxing out my RRSP, that is)...