What Will You Do With Your Tax Refund?

Posted on 07. Apr, 2006 by in Taxes

taxrefund.jpgThere are generally three ways to look at a tax refund:

  1. A way to force savings
  2. A well-deserved shopping spree
  3. 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??

3 Responses to “What Will You Do With Your Tax Refund?”

  1. 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.

  2. 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.

  3. 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!

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