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Tax Refund Challenge: Walking Two Moons Into A Millennial's Wallet

By newadmin / Published on Sunday, 04 Feb 2018 00:19 AM / No Comments / 6 views


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WASHINGTON, DC – OCTOBER 13: Multi currency wallet from Aspinall, one of the items for the Post’s annual gift guide, on October, 13, 2017 in Washington, DC. (Photo by Bill O’Leary/The Washington Post via Getty Images)

If you were to look in my wallet, you’d find the following items:

  • Driver’s License
  • 1 Debit card
  • 2 Credit cards
  • Health Insurance
  • Supreme Court of Ohio Bar Association ID
  • 2017 Medical Bill
  • Amazon Giftcard
  • Picture of my pet
  • Laminated card depicting my favorite quote

Unlike many of my colleagues and friends whose wallets look like they are about to burst with the stress it holds, my wallet is structured very differently. Each of those items has a specific place, position, and purpose for why it’s there. As a young attorney, the burdens of fiscal budgeting still follow me into and out of the office. That exciting rush of receiving a paycheck quickly fades, as the thought of that week’s current bill lineup grabs for that beautiful piece of paper. And now, tax season is here. The stress of filing tax returns is returned with a sigh of relief waiting for that refund check.

Last year, I can’t even tell you what I spent my $1,100.00 refund check on. So, I’ve decided to try something new. I hope that by bringing you into the leather confines of my wallet, you may find encouragement, and even inspiration to set up your wallet in a similarly functional way. I will first break down and explain why each item mentioned above has a special place in my billfold and how they directly impact how I spend my daily dollars. Then, let’s pretend for a moment that I had a refund check in my hands containing last year’s national average–$2,782.00, and how I would spend it based off&nbsp;the items contained in my wallet.

Welcome to my wallet.

Credit Card # 1&nbsp;

This was the first credit card I ever had under my name. I was very fortunate to come out of law school debt-free. However, that summer in anticipation of studying for the bar exam and other expenses that needed to be paid, I began incurring debt for the first time.

Charge:&nbsp;$282.00.&nbsp;Consequently, this card racked up some serious figures, while still under the $10,000 balance, I believe making a well above average monthly payment is advantageous. An extra month of payment as a cushion is the best way to go about ensuring I stay one month ahead of payments. As such, I would allocate $282.00 to my credit card bill for the month.

Credit Card #2

As a result of initially maxing out my first credit card, I ultimately had to open a second account, but with a smaller credit limit.

Charge:&nbsp;$600.00.&nbsp;I have to admit, while I’ve made my monthly payments, I haven’t taken the dollar amount of the payments as seriously. That is why I believe it is imperative that starting this season, I make a nice bump in payments.

Health Insurance/Medical Bill&nbsp;

In addition to my health insurance card, I also keep a copy of a medical bill invoice from last year, the first of a series of hospital visits, as a reminder that to continue staying well and keeping up with my health, I need to pay off these visits promptly and attentively.

Charge:&nbsp;$500.00.

Ohio Supreme Court Bar Association Card&nbsp;

The day I found out I passed the Ohio Bar Exam, I was able to place my official bar identification card in my wallet. It’s a constant reminder of the professional oath I took before the Ohio Supreme Court Justices. When I was first starting out with my professional career as an attorney, I was able to take a loan out through the incredible Herbert M. Eikenbary Trust and Grant Program. Without this, I wouldn’t have been able to get my feet off the ground in the legal world until I started bringing in more paychecks.

Charge:&nbsp;$800.00, Payment. This additional payment would alleviate part of the payment for the next round of payment, which would in turn allow me to apply more payments towards the balance prior to the next due date.

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WASHINGTON, DC – OCTOBER 13: Multi currency wallet from Aspinall, one of the items for the Post’s annual gift guide, on October, 13, 2017 in Washington, DC. (Photo by Bill O’Leary/The Washington Post via Getty Images)

If you were to look in my wallet, you’d find the following items:

  • Driver’s License
  • 1 Debit card
  • 2 Credit cards
  • Health Insurance
  • Supreme Court of Ohio Bar Association ID
  • 2017 Medical Bill
  • Amazon Giftcard
  • Picture of my pet
  • Laminated card depicting my favorite quote

Unlike many of my colleagues and friends whose wallets look like they are about to burst with the stress it holds, my wallet is structured very differently. Each of those items has a specific place, position, and purpose for why it’s there. As a young attorney, the burdens of fiscal budgeting still follow me into and out of the office. That exciting rush of receiving a paycheck quickly fades, as the thought of that week’s current bill lineup grabs for that beautiful piece of paper. And now, tax season is here. The stress of filing tax returns is returned with a sigh of relief waiting for that refund check.

Last year, I can’t even tell you what I spent my $1,100.00 refund check on. So, I’ve decided to try something new. I hope that by bringing you into the leather confines of my wallet, you may find encouragement, and even inspiration to set up your wallet in a similarly functional way. I will first break down and explain why each item mentioned above has a special place in my billfold and how they directly impact how I spend my daily dollars. Then, let’s pretend for a moment that I had a refund check in my hands containing last year’s national average–$2,782.00, and how I would spend it based off the items contained in my wallet.

Welcome to my wallet.

Credit Card # 1 

This was the first credit card I ever had under my name. I was very fortunate to come out of law school debt-free. However, that summer in anticipation of studying for the bar exam and other expenses that needed to be paid, I began incurring debt for the first time.

Charge: $282.00. Consequently, this card racked up some serious figures, while still under the $10,000 balance, I believe making a well above average monthly payment is advantageous. An extra month of payment as a cushion is the best way to go about ensuring I stay one month ahead of payments. As such, I would allocate $282.00 to my credit card bill for the month.

Credit Card #2

As a result of initially maxing out my first credit card, I ultimately had to open a second account, but with a smaller credit limit.

Charge: $600.00. I have to admit, while I’ve made my monthly payments, I haven’t taken the dollar amount of the payments as seriously. That is why I believe it is imperative that starting this season, I make a nice bump in payments.

Health Insurance/Medical Bill 

In addition to my health insurance card, I also keep a copy of a medical bill invoice from last year, the first of a series of hospital visits, as a reminder that to continue staying well and keeping up with my health, I need to pay off these visits promptly and attentively.

Charge: $500.00.

Ohio Supreme Court Bar Association Card 

The day I found out I passed the Ohio Bar Exam, I was able to place my official bar identification card in my wallet. It’s a constant reminder of the professional oath I took before the Ohio Supreme Court Justices. When I was first starting out with my professional career as an attorney, I was able to take a loan out through the incredible Herbert M. Eikenbary Trust and Grant Program. Without this, I wouldn’t have been able to get my feet off the ground in the legal world until I started bringing in more paychecks.

Charge: $800.00, Payment. This additional payment would alleviate part of the payment for the next round of payment, which would in turn allow me to apply more payments towards the balance prior to the next due date.

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