4 Most Common Uses for Tax Refunds

Tax refunds for 2015 are well under way as Americans anticipate the extra cash to use at their leisure. The possibilities are endless and they sometimes prove to be a bit overwhelming. To help, here are five most common uses for tax refunds.

Vacation: A nice getaway to an exotic location may be the thing you need to melt away your worries and stress. Vacations are a good way to enjoy time alone or make memories with other all of the expense of Uncle Sam and not your own wallet.

Treat Yourself: You’ve wanted that new purse or the latest power tool for a long time. Why not give in to your weakness and give yourself a little gift? It’s nice to be able to get something you’ve wanted without the worry of blowing your budget.

Paying of Debt: According to a Bankrate.com poll, 84 percent of Americans receiving tax refunds are planning on making payments on their debts. With this information at hand, it might be a good idea to join the bandwagon and get into a more stable financial situation before indulging.

Savings: Another smart way to use tax refunds is to save it. You can add it to your savings account. If you don’t have one, the now is a great time to start one. Other saving options would be started an emergency fund, save for the year’s holiday season, or putting it aside for children or yourself for education.

Those are just a few ways you can use your tax refund this year.

 

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