Family Finance
Putting Your Tax Refund to Work
Submitted by Ferguson Financial Inc. on April 22nd, 2015
Should your refund be spent? In 2014, more than 109 million tax filers received federal tax refunds, with the average refund at $2,792. What happens to that money?1
According to H&R Block's Tax Institute, little of it is saved or invested: last year, more people used their refunds to settle debts or pay for cars or vacations than anything else.2
As nearly 80% of Americans end up getting a refund from the IRS each year (including about a third of Americans with incomes above $200,000), it is worthwhile to consider other uses for the lump sum.2
