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The #1 Way Americans Spend Their Tax Refund

Tax return check
Photo Credit: cabania

If you’re like me, it’s April 15 and you have literally just finished your taxes. (No joke, I e-filed mine about 6 minutes ago). And while this year, you have until Tuesday April 18 to file, I still feel like somehow I’m winning at procrastinating.

 

So for those of us lucky to be getting something back, what to spend it on? For me, it’ll go towards my “Eventually We Have To Move Out Of Mom & Dad’s House 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 “Eventually We Have To Move Out Of Mom & Dad’s House 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 2016 was $2,860.”

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