Survey Shows What People Are Spending Their Tax Refund On This Year
Tax time is here and for millions of Americans that means a refund is coming their way. Fancy trips, shopping sprees or a new piece of furniture. What exactly are we spending our refund on? A new survey shows how tax refunds are being spent in 2014.
According to the Wall Street Journal, a new survey by CarMax, Inc. shows one in four Americans plan to use their refund wisely by either paying off debt or saving it.
One in six, according to this survey, are probably going to put their tax refund toward the purchase of a new car.
Not much has changed from last year in how Americans spend their tax refund. 44% have used it to reduce debt, 40% saved the money, 38% have used it for everyday purchases such as food, gas and bills and and 23% put the money toward travel.
Those living in the South and under the age of 35 are the ones most likely to spend the money on a car.
What part of the country has the most early filers? The Midwest, with 89% filing before April 15th.
How about extensions? Men are more likely to ask for an extension and unmarried adults are more likely than married adults to ask for an extension.
By the way, 29% surveyed said they won’t be getting a refund this year.
What do you plan to do with your tax refund, if you’re getting one? I’m going to save some of mine and put the rest toward bills.