What Will You Do with Your Tax Refund?

Christina Lewellen
April 11, 2012
THE TALK... | Markets & Trends
It a little less than a week, the 2012 deadline for filing your income taxes will be upon us. Always a fun day to look forward to, isn’t it?
I read an article that says more than half of Americans plan to use this year’s refund to pay bills. Some people will take vacations, participate in leisure activities or buy gifts with their refunds, the survey says, but a majority of respondents vowed to be “smarter” with their refunds this year.
How about you—if you’re getting one, do you have any big plans for your refund? Does the strengthening economy give you more confidence to buy something you’ve been putting off, or do you find yourself leaning toward saving your refund this year for a rainy day? Send me an email or post a comment below and share where your tax refund is going.  And let me know if you think people will use their tax refunds to buy new windows or doors? 

 

Survey Results as of 04/17/2012:

 

This year, I'm...

Not getting a tax refund.

  

 

48%

Saving my tax refund.

  

 

17%

Using my tax refund to pay bills I already have.

  

 

16%

Spending some and saving some.

  

 

15%

Going out and spending my tax refund.

  

 

3%

Most of our respondents say they're not getting a tax refund, but those who are appear to be a frugal bunch.  Only 3 percent plan to go out and spend it all.  A healthy 17 percent plans to save the money they're getting back and another 16 percent say they'll use the windfall to catch up on bills.

For those of you who did not have a refund to look forward to, I hope the pain wasn't too bad this week (or whenever you filed your taxes). And the best news of all... we're now done until next year.

Contact Christina Lewellen, senior editor, at clewellen@glass.org.