How Americans Will Spend Their Tax Refunds in 2017?

This infographic explains how Americans will spend their tax refunds. It also explains some ways to make the most of it.

Tax refunds

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
  • Mortgage
  • 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

HELPFUL RESOURCES 

BettermentWhether you want to grow your money using an emergency fund, want to open an IRA, or invest in stocks, Betterment is the right place for you.

Motif InvestingDo you want to invest in stocks or bonds? Then join Motif Investing. Motif Investing allows you to invest in great ideas focusing on real-world themes and popular investing strategies. The approachable platform makes it easy to buy a portfolio of up to 30 stocks, bonds or ETFs for just $9.95 total commission.

Lending Tree: Are you looking for a mortgage loan? If so, check out Lending Tree. Lending Tree is a unique marketing company that provides filtered consumers for mortgage loans, home equity loans, and home equity lines of credit.

Lending Club: alternatively if you are looking for a personal loan to reduce credit card debt, try Lending Club. Lending Club offers unsecured personal loans of up to $35,000 to borrowers with good-to-excellent credit at very competitive rates. Investors can open a free account instantly to start building a portfolio that can earn more than other investments with comparable risk.

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