The Tax Lady Cometh

I don't know what it is about the tax season that always gets my nerves going, maybe it is because I always get an uncomfortable feeling that reminds me that one of my potholes is paying attention to budgets and expenses.

According to my tax lady, I do the absolute "no no" of having more taxes taken out so I get some back rather than getting a little back and keeping my money on a month to month bases. Many of us probably do this as it is always nice to have that extra money in March/April. At least I hope that is the case. I talked to my tax lady again last night about this and it does make sense as to why this is a "no no" as the government doesn't pay interest on the money they 'hold' for you, but credit card companies sure charge interest.

Someday I will get myself out of the mindset that the government is my personal savings bank and I will repave that pothole, but right now I kind of enjoy having the funds all at once to put towards an expense.

So, the tax lady cameth (yes I know this isn't a word, but past tense for cometh) and all is well. I get a little back to put towards bills and a little in savings as well. My goal is to think more about the big "no no" and figure out a way to better utilize the money I make monthly that will enhance the long term goal of living debt free.

I have a WWSOD book (What would Suzi Orman Do) and most I agree with, although I never see myself that hard core, but I can take a few of the coaching tools and put them to work.

Mission - Be debt free by 2011
Goal - In order to be and feel financially secure I will follow a yearly budget that emphasises paying down debt and increase liquid accounts.
Objectives:
1. Review current 2010 and 2011 budgets and adjust pay and payments according to a lower tax refund and more monthly funds available to pay down debt.
2. Review budget bi-weekly to measure success as well as find opportunities
3. Live within my means. Decrease spending in areas that do not lend to the mission.
4. Live life by not being so strict that life becomes work.
5. Establish the appropriate number of tax deductions to have on my salary to ensure that I receive a little back next year and do not have to pay. (Estimate 2010 taxes).

There, SMART goals. Specific, Measurable, Attainable, Realistic and Timely.

Has your Tax lady cometh? What did she say? Do you have a financial pothole you need to address?