Thursday, March 31, 2011

NEVER ASSUME!!

First financial mistake of the year - NEVER ASSUME!! 


What did I assume? I assumed (and now I feel like an ass) that after doing my daughter's tax return that there would be the same amount of tuition credit that she would then transfer to me (her parent who helped pay for her tuition!) as there was last year. Are you with me?


Well, darn it all if she didn't earn too much $$ last year and she needed all of her tuition credit that she didn't use last year plus ALL of her tuition credit from THIS year in order to reduce her income by enough so she could get a decent refund.  


Which meant there was none left for moi.


That leaves me with a tax refund of almost $1,000 less than last year. That means it's over $200 shy of what I owe the trailer park for my lovely large lot plus $250 short of what I owe my brother for the painting I (shouldn't have) bought last week.  


That's $450 that I will have to squeeze out of my April budget. Something is not going to get paid the way I had planned and that makes my upper lip curl in horror and disgust!!  Also the other $550 I thought I was going to get back was going to go towards a few things I needed around the house, but oh well. 


It was the one little bit of extra $$ I thought I'd have to play around with this year.  Now I'm going to have to figure something else out. 


Moral of the story?  You got it - NEVER ASSUME!!

13 comments:

Anonymous said...

Yup! Don't spend money until you have it. I've totally been burned by that before.

Marguerite said...

Jane, this made me remember the first time I did my taxes and instead of getting my usual return I actually owed money. I was flabbergasted. Taxes are never fun but that year was particularly gut wrenching.

Anonymous said...

bummer! you can make it work though I know you can!
I'm still doing kinda bad - no budget and not sticking to anything related to one enough to count darn it. I'll get there though - at least I'm still saving some and keeping up with my bills LOL!

Susanna

Mark said...

Wait! I thought you were rich! And here I joined your blog hoping that you would love me and eventually send me some cash. Oh well, I guess I'm stuck now. Let me check out your other followers. I'm sure that there's a Sugar Mama in there somewhere.
Just having fun, Jane. I really do hope things turn around. And if you are thrown out on the streets, at least the temperature is rising!
Your Friend, m.

Lisa @Cents To Save said...

I think we all have "assumed" things would go the way we want, and then reality comes along and pinches us... HARD!

But Jane, you are one to roll with the punches and there is not much that gets you down or in your way of succeeding with your plans.

Have a great Weekend!

Antie Eboo said...

That totally stinks Jane!
I stopped counting on my tax refund years ago, when I turned the corner from getting a refund to paying each spring.
I'm sure you'll figure it all out. Take care and have a good weekend, despite the setback.

The Borrower said...

This used to happen to me all the time. Then, I changed my entire philosophy to "until it's real, it isn't real".

The good thing is, is that is only $550. It could be $5,500. Yep, I've made some doozy problems well beyond this amount. Everything will work fabulously and you will see a great lesson here for the future. Plus, you would need to pay these things anyway at some point - so no worries.

psychsarah said...

Making assumptions is my biggest downfall with finances. It's my own mental game really... I'll know we have something coming in (taxes, a bonus, whatever) and I'll plan way ahead (e.g., how long it will take to get something paid off or how long to build EF to a certain point) and then something will arise and I'll be quite irritated that my plans didn't work out. Darned assumptions! On the bright side, you don't owe taxes...

laura said...

Oh no! I'm sure that you'll be able to squeeze the money out of April's budget...good luck :)

Sharon said...

I'm so sorry you came up short. I know how disappointing that is. I have a feeling I'm about to be disappointed about any kind of bonus my husband will probably not receive this year. Luckily, this is the first time I haven't spent it before it has arrived. I've been burned before.

Yes, never ass-u-me. Got it. :)! Have a great weekend Jane! You are one helluva Mama for letting your daughter take the credits!!! :)!

The Gazelle Sisters said...

I'm just learning how not to assume ... and I made my daughter remain a dependent last year for this very reason (it was probably a toss-up as she graduated college and started a real job about halfway through the year). This time next year, I'll be out of luck!

Sarah

Louise said...

my grandpa used to tell me 'don't count your chickens before their hatched' but we've all done it! hope you have a good month :)

Jane said...

Thanks for your support everyone! April is off to a roaring start - I've already spent my misc money for the next two weeks. I need to get a tighter grip on my spending!