How Americans will spend their tax refunds

Photo Courtesy: MGNonline
Photo Courtesy: MGNonline

WEST SPRINGFIELD, Mass. (WWLP) – The deadline for filing your tax return is just three weeks away, and with that in mind, a new survey is revealing how most people plan put their tax return to use.

The TD Ameritrade study examined how Americans will deal with their tax refund; whether they will save it, spend some of it, or splurge and spend it all.

Nearly 50% of those surveyed said they’re putting the extra cash into their savings account, and another 40% said they will use it to pay down their debt.

The research also shows most of those people stick to that plan.

Bret Cripps of Agawam told 22News that he has already decided how he will spend his return.

“On bills, spent it on my bills. The whole tax return,” Gripps said. “I’m getting ready to retire. The bills have got to be goose eggs when you leave.”

Others surveyed said that they take a little of that money to treat themselves to a new pair of shoes or a nice dinner out.

The survey also found that for those who got a check bigger than $1,000 tend to put it toward something bigger like a summer vacation or a down payment on a car.

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