The #1 Way Americans Spend Their Tax Refund
For those of us lucky to be getting a refund back, what to spend it on? For me, it'll go towards my "One Day We'll Get A Hot Tub Fund," but what are the most common ways people spend their refunds?
According to GOBankingRates.com, the #1 answer given in a survey which included the following answers as options:
- Pay off debt (loans, credit cards, etc.)
- Splurge on a purchase (TV, shoes, etc.)
- Put the money toward a vacation
- Put the money in savings
- Make a major purchase (car, home, etc.)
- I do not receive a tax refund
- None of the above
....the most common answer was "None of the above." Which has to be code for "One Day We'll Get A Hot Tub Fund," which makes me feel less alone. Putting it into a savings account is the next most common use for a tax refund, followed by paying off debt, then taking a vacations, followed by splurging on something big.
According to GOBankingRates.com, the "average income tax refund in 2018 was $3,000."