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How America Plans to Spend Their Tax Refund

Justin Sullivan-Getty Images
Justin Sullivan-Getty Images

I’m not the only one who gets all nervous when tax season rolls around, am I? I have nothing to hide and nothing to worry about, but I do and that’s clearly a me problem. I worry that I’ll somehow end up owing the IRS, which is my worst nightmare.

After dragging our feet for an eternity, my husband and I finally bit the bullet and had our taxes done last weekend and great news! We don’t owe and while we’re not getting much back, we’re getting a little, which is better than none.

Jay and I were talking about what to do with our tax refund and while it was fun to imagine splurging, we decided to be practical and put some of it into our son’s college fund and pay bills with the rest. While I’m a little bummed we won’t be using the money for some grand exploration, I feel a little bit better knowing that Jay and I are pretty much like everyone else who will be getting a refund this year.

In a new Bankrate survey, 34% of people said they’d do exactly what we’ll be doing- they’re going to put the money into savings. 29% of people will use their refund for bills, 27% plan on paying down some debt, and only 6% of people say they’re going to turn around and use their refund for something fun.

Don’t forget that the tax deadline is Tuesday, April 18th this year.

[via Bankrate]

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