What Will You Do With Your Tax Refund?
Posted on 07. Apr, 2006 by Jason Guthrie in Taxes
There are generally three ways to look at a tax refund:
- A way to force savings
- A well-deserved shopping spree
- Finally getting back what Uncle Sam stole
Personally, I try and arrange my exemptions so that I don’t receive a huge tax refund. Although the refund is a “nice suprise” I’m not a fan of giving the government an interest-free loan. However, many people look to their tax refunds as a chance to buy “that thing” that they’ve been waiting to buy but just didn’t have the money.
However, this year 70 percent of consumers responding to a survey conducted by Roper Public Relations on behalf of TrueCredit.com, said they would save for a rainy day. Apparently many are noticing that the economy isn’t as stable as everyone thought and are comforted by the fact that a little money stashed away might help them in a time of crisis.
Other findings from the survey, which allowed respondents to select more than one of six possible responses explaining how they would allocate their total refund dollars, include:
- 57 percent report they will buy something they need;
- 40 percent would use their refund to pay down their mortgage or other bills;
- 39 percent will pay off credit card bills;
- 34 percent will take a vacation;
- 31 percent would splurge on something fun.
My question is: what are you going to spend your refund on??
Mike Stickel
07. Apr, 2006
I’m definitely one of the “pay off other bills” type of people if I get a refund this year. Gotta get the monkey off my back somehow.
mark
12. Apr, 2006
Yah im part of the 39% paying down credit card bills.
not bad putting 800 right on my bank of america card.
Josh
13. Apr, 2006
Half for car repairs, half to credit card bills. I will be debt free by the end of the year! Whoohoo!