What Will You Do With Your Tax Refund?
I read an article today that said the average tax refund this year will be $2,803. Capital One just released results of a survey that explains how Americans will spend their tax refund. Here are the results:
- 22% will use it to pay down debt
- 16% will put in the bank
- 4% will invest
- 30% will use the money on everyday expenses
- 23% will spend it on vacation
- 16% will spend it on clothes, shoes, or accessories
- 15% will buy an iPad, TV, smart phone, or some other electronics
If you received a refund (or you expect to receive a refund), what will you spend it on? Brian and I will be spending our refund on our upcoming wedding, which also falls under the vacation category. So, I don’t have any complaints in doing that.