2009.02.26
How will you use your tax refund?
Eager for your tax refund? Though many of us are more strapped for cash this year than in past years, most people plan to use their tax refund in about the same way as they did in 2008.
The majority of people (48 percent) will pay down debt with their refund, according to the National Retail Federation's Tax Returns Consumer Intentions and Actions survey. In 2008, 47 percent of people used their refund to scale down debt.
Also this year, 39.4 percent of people will deposit their tax refund in a savings account, while 27 percent will use the extra money for everyday expenses.
Still, 11 percent plan to use the extra funds to make a major purchase, such as a television or a car, or to take a vacation.
As for those who expect a tax refund, 71 percent plan to file their taxes by the end of this month, according to the survey.
Also, look for retailers to pump up their promotions this tax season to entice you to stimulate the economy by spending your refund cash.
Care to share how you will use your tax refund?
Well judging by the posts on some of the other entries I guess like the rest of us typical Roanoke people I will spend all of mine on cheap beer and get sloppy drunk. But seriously we'll put a significant amount in our child's college fund and probably use some of the money on a new TV.
Comment by Greg — February 26, 2009 @ 12:33 pm
When I did my preliminary tax estimate, it looks like we might get about $50 refunded from the Federal side, while owing about $75 extra to the state. I always try to keep it as balanced as I can to make sure I don't owe additional come tax time, but also so not too much is withheld during the year. While it would be nice to get a huge refund every year, I'm not willing to let the government hold onto my money interest free to do it. However, I do get a nice paycheck from a part-time job early next month (they pay in 2 installments) so I will be taking that check and using a bit more than half to buy an LCD TV since our 7-year old CRT TV is about ready to quit working, and the remainder I will be using toward a car repair that needed to be made back in November, but was delayed because of a layoff at another part-time job.
Comment by Other John — February 26, 2009 @ 12:49 pm
OOH Greg can I come to your house to watch your new TV? I'll bring the beer!
Comment by Lori — February 26, 2009 @ 1:58 pm
Refund? I'm hoping to break even.
Comment by Pat — February 26, 2009 @ 2:38 pm
We've been saving for a trip to Hawaii this year and will probably put it all in our vacation fund.
Comment by Michelle — February 26, 2009 @ 3:45 pm
Already spent, on general bills and a new Wii game system with a little in savings.
Comment by Mike T — February 27, 2009 @ 10:09 am
Greg is my new favorite roanoke.com commenter EVER.
Comment by Heather — February 27, 2009 @ 10:31 am
Any refund we may get will go towards completing the remodel of our bathroom and if there's any left that will go towards a plane ticket for my father-in-law to come visit in July.
Michelle, I'm envious of your vacation plans! We went to Hawaii on our honeymoon and can't wait to go back!
Comment by Lori — February 27, 2009 @ 10:45 am