A Bittersweet win...

Today I paid a large tax bill. I've known about it for 6 months and used YNAB's goals to save the money.

I did need to WAM from the pot a few times (especially as the Tax office kept messing up my coding so I was effectively paying the balance of the bill as part of my normal pay as you earn) but finally paid it today and all my immediate obligations are funded for February.

It's going to be tight, but in YNAB we trust!

The feeling is bittersweet as I've enjoyed seeing my Age of Money grow as a result of having this large pot and now it's zero again, but at least it's paid.

2021 is going to be a much better year financially.

6replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • Great job! Saving up for a tax bill and being to pay it all on time is such a great feeling. 

    Like 1
    • Navy Blue Pegasus True - pre-YNAB I would have just ignored the bill until January then panicked, swore a lot and found some way to pay the bill (probably getting into more debt).

      It's been stressful saving up for it - making sacrifices elsewhere to cover it, and resisting the urge to dip into it too much but I'm relieved it's paid.

      Like 2
    • Turquoise Major I have often felt the same way. We were often that way with annual insurance payments. Now we do it as a monthly amount in the budget which we would be doing if we used the option from the company but we save the fee from the company. Win Win!

      Like 1
  • It’s a funny thing, there’s no way that the government whinges as loudly as, say, a credit company... (or my Strata people.... sheesh) but I feel significantly more uneasy knowing that I owe the government money. Even with a potentially interest-free arrangement I can’t wait to get rid of that debt. Congrats on your win today! I believe I’m right with you on the 1) tax bill and 2) age of money things, so you have mental backup right here :-)

    Like 1
    • Orchid Moose I wonder if it is because you know you can never get away from the government being owed money. They have lots of avenues to get the money (I work for a government) that are not available to other companies. So, it is better for peace of mind to pay them off for lots of people.

      FYI - our programs that have long term debt with lots of $ to repay will not allow people to pay with a credit card. Clients are often frustrated because they want to clear the debt. But we know that the interest on a credit card is crazy high so it is better to have longer payments with no interest for you. We do try to help people!

      Like 1
    • Orchid Moose The nice thing is now, because of the mess they made with my tax code the government owe me money... I suppose it's an incentive for me to do my Tax return early this year :)

Like10 Follow
  • 3 wk agoLast active
  • 6Replies
  • 177Views
  • 3 Following