How Will You Use Your Tax Refund?
I just signed off on my tax refund and was pleasantly surprised. Our first child was born in 2012, and apparently there is a financial break involved in the added expense of it all (although, that's kind of like thinking the comped buffet in Vegas after losing your shirt is a win). Capital One just released the results of a survey and the average federal tax refund this year will be $2,803. How will you spend it? According to the survey, see how other Americans will do just that:
22% will use it to pay down debt, 16% will put it in the bank, and 4% will invest it. But at least 35% plan to blow ALL of it. And here's how:
- 30% will use the money on everyday expenses
- 23% will spend it on a vacation
- 16% will spend it on clothes, shoes, or accessories (hello ladies)
- 15% will buy an iPad, TV, phone, or some other electronics
The rest will use it toward other major purchases. See the complete survey findings as reported by PR Newswire.