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Adoption Credit

August 2nd, 2012 at 05:53 pm

Hey,

I've been inactive for quite some time, but I wanted to let you all know that our 13K federal adoption tax credit arrived in the mail this week, with interest. We deposited it, and the check cleared yesterday. Today we paid bills! $2,500 went to pay off our new front porch, $2,000 went to one of the credit cards, $5,000 paid off our van, $2,200 went to family members for Mort 2, and the rest went to our EF. Sure feels good!

Some of you may be tempted to critique how the money was spent. Please don't. (ie, more should have gone toward high interest credit cards) This was a balance of my wishes, DW's wishes, and sending money to family members with whom we have loans. Trust me, I know that paying off higher interest accounts makes more purely financial sense, but we feel an obligation to accelerate progress on family loans.

Posted in Credit Cards, Debt, Personal Finance, Saving Money, Foster Care, Credit Card Debt | 7 Comments »

7 Responses to “Adoption Credit”

  1. creditcardfree Says:
    August 2nd, 2012 at 06:11 pm 1343931065
    1343931065

    I think you made good choices with the money! Glad that money finally arrived for you.

  2. NJDebbie Says:
    August 2nd, 2012 at 06:11 pm 1343931103
    1343931103

    I agree that paying off family members should be priority! Well done.

  3. baselle Says:
    August 2nd, 2012 at 06:24 pm 1343931876
    1343931876

    No critique from me - matter of fact when I paid debts I did it I used the "the debt that bugged me the most" technique. Not the highest interest. Officially I spent a bit more, the successes were more satisfying, and ultimately its all about the goal - $0 debt.

  4. LuckyRobin Says:
    August 2nd, 2012 at 07:00 pm 1343934052
    1343934052

    Well, that's a nice chunk of change. And I'll bet it's given you some breathing room. It'll be nice to own your vehicle free and clear.

  5. North Georgia Gal Says:
    August 2nd, 2012 at 11:28 pm 1343950083
    1343950083

    It looks like you made the best decisions for your family. Well done!

  6. wowitsawonderfullife Says:
    August 3rd, 2012 at 12:16 am 1343953017
    1343953017

    PEACE of mind... priceless! Congratulations on being true to yourself.

  7. Jerry Says:
    August 5th, 2012 at 08:51 pm 1344199884
    1344199884

    I like baselle's idea of paying "The Debt That Bugs You The Most" -- and that will not always lead to the debt with the highest interest. There is no way that anyone can make those determinations for you, because you have the insurance of knowing your situation better than anyone in the peanut gallery! Smile Jerry

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