Tax Refunds – Just What Are They Good For?
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iStock/Thinkstock(NEW YORK) — So you’ve gotten your IRS refund. Now what are you going to do with it?
If you’re like most Americans, according to Bankrate.com, you’re not going to paint the town red. In fact, just three percent will use their refunds towards a shopping spree or perhaps, pay for a vacation.
With the average refund nearing $3,300 in 2015, people plan to be more pragmatic with their windfalls. About one in four, says the Bankrate survey, will use it for everyday needs like groceries, utilities or rent.
Meanwhile, a third of the respondents have plans to either invest their money, stick it in their savings account or hold onto their refund for an emergency expense.
Slightly more, 34 percent hope to get on better financial footing by paying down debt.
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