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How I may divvy up my tax refund

February 17th, 2010 at 05:03 am

So, still mulling over, what, if anything, I should do with the $4,100 I expect get back from the IRS.

What I would really like to do is take $2,550 of it and apply it toward my mortgage. That figure, $2,550, would represent 6 months worth of $425 monthly prepayments that I haven't been able to make since losing my job last fall.

Not being able to continue my accelerated mortgage prepayment schedule was one of my biggest regrets about my job loss. Meaning, that it would put me behind schedule in my goal of paying off the whole darn thing in just 6 more years.

Granted, I likely will remain unemployed for longer, but at least this one-time payment would help put me back on my original track.

That would leave me with $1,550 to add to my reserve fund or perhaps think about doing some essential home repairs, like fixing some large cracks that have developed in my front walkway. Leaving it alone would allow the walkway to break up further, and i spent too much money on it maybe 10 years ago to allow that to happen.

Toy Guy, if you're reading this, or anyone for that matter, do you know anything about concrete repairs? I would do it myself but when i did one of these cracks last fall, i tried to reseal the crack with new, fast setting concrete mix and obviously it didn't work at all, since one of the cracks that showed up this winter was the same one i tried to fix last fall.

5 Responses to “How I may divvy up my tax refund”

  1. creditcardfree Says:

    I don't know what your emergency fund situation is...but I would probably hang on to that money until you are employed again. When that day comes, put the amount you would have paid into prepayments on the mortgage.

    Good luck with the concrete repair.

  2. Analise Says:

    I agree with creditcardfree regarding the extra mortgage payments. Set it aside, but hold off for a while.

    Here is a link to the DIY network that has step-by-step instructions for repairing concrete. Good luck and kudos for doing it yourself.

  3. toyguy1963 Says:

    Hi thanks for thinking of me. Unfortunately I don't know much about repairing concrete. I know for smaller repairs the stuff that comes in a tube like caulk seals up cracks very well. I think for a true repair you probably have to remove the section of concrete where the damage is and re-pour brand new concrete.
    I do know that the tricky part is that whatevber causes the crack in the first place tends to crack it again if its not fixed right.
    Maybe BA or someone else on here but be able to give you more info too.

  4. skydivingchic Says:

    The DIY tutorial posted gives some basics on concrete repair. The problem is it doesn't address the root cause of the cracking. If your concrete is cracking because it was placed on ground which was not compacted properly or is eroding out from underneath, the posted fix will only mask the problem for a while. Is there any sign of erosion from underneath the walkway? If so, the reason for that needs to be addressed first and the walkway in that area redone. Are there joints tooled into the concrete? Concrete cracks, it is a fact of life, and no amount of care will prevent it. There should be joints tooled into the walkway every 10-15 feet or so to give the concrete a place to crack without structural damage. Where do you live? If you live in an area subject to freeze/thaw cycles, it is possible that the concrete was not air entrained. Entrained air bubbles gives water a place to expand when it freezes so that it does not crack the concrete. Also, if you use deicing salt on the concrete, it is possible that it has caused damage. Concrete subject to deicing salt needs to have a low water/cement ratio when placed and possibly a corrosion resistant admixture used. Is there any type of reinforcing bars or wire mesh in the concrete? It doesn't have to be much for a basic pedestrian walkway, but reinforcing steel or mesh helps prevent cracking. #4 bars at 12-in would be adequate.

  5. tightwad kitty Says:

    I would be spending some of your tax refund on your small projects 1. install a ceiling fan in the newly done sun room; it gets stifling hot there in the heat of summer. 2. have a plumber fix the downstairs toilet. so these will make life much easier for you over the summer then put the balance away until you need it if you are still unemployed or then use it to pay off an extra lump sum on the mortgage when you have been 3 months in a new job.

    As for concrete repair if you live in our area you would need to kill the trees before you fixed the problem as tree roots are our major problem with concrete cracks, since they planted a Norfolk Pine next door 10 years ago I have major cracks through my pathways so far they are not lifting.

    Best of luck with the job hunting by the way!

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