This infographic explains how Americans will spend their tax refunds. It also explains some ways to make the most of it.
Do Americans expect a tax refund in 2017?
46% – Expect to receive a tax refund
24% – have to pay additional taxes
12% – don’t expect a refund or have to pay
9% – already received a tax refund
9% – don’t know
What they plan to do with their tax refunds:
30% – Pay down debt
28% – Will save it
26% – Spend it on necessities
7% – Vacation
9% – Other
Here are some ideas to use your money:
1. Reduce debt
- Credit cards
- Personal loans
- Outstanding bills or fines
2. Stash it away
- Emergencies or unexpected costs
- Home deposit
3. Reward yourself
- Take a break
- Home improvements
- Pamper yourself just a little
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