What Do Americans Spend Their Tax Refunds On?

Tax season has arrived. Since April 15th has come and gone, now is the time to start thinking about that (hopefully) hefty chunk of change you will receive for your tax refund. For some people, getting their tax refund is one of their favorite times of the year. Although it isn’t actually free money, that’s what it appears to be, and that’s good enough for some people.

You may be curious as to what most people spend the money they receive from their tax return on. We did a little research and found some interesting results. The number one most common thing people do with their tax return money is put it in savings. This is a very wise thing to do with all of that extra money. If you decide to keep it out and not save it, then it will most likely disappear very quickly.

The next most common thing people did with their extra money was pay back a good amount of their credit card debt or other debts. This is also a great thing that you can do with your tax return money. Getting out of debt as soon as possible is definitely in your best interest. It also helps improve your credit score to pay back debts fast.

Another large group of people spent their tax money on everyday expenses, like groceries and clothing. No matter what you decide to spend your tax refund on, make sure to spend it wisely. The money will most likely disappear faster than you think it will.

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