SPRINGFIELD, Mass. (WWLP) – If you filed your taxes this year, you may have already received your refund check.
“Tax refund, you save it, put it in a house fund and a rainy day fund, and if anything goes wrong, I have money; that’s what you do with it,” said Chris Juss of Springfield.
Several western Mass. residents told 22News saving their tax refund check is the way to go this year.
“I usually save it and try to put as much as I can into my 401K,” said Vincent Govoni of Agawam. “The way money is nowadays, the way things are so tight, you’ve got to be able to save for the future, otherwise you’re just not going to have anything.”
Now the National Retail Federation says the more Americans than ever have the same plan with 49% planning on saving that tax refund check rather than making a big purchase and spending it. The survey also found that 35% of Americans plan to use their tax refund check to pay down debt.
Local credit counseling experts told 22News that’s a good way you can help better your financial situation long-term. The lower your debt, the better your credit score and that can help with big porches later on, like a car or a home.
If you’re receiving a significant tax refund this year, the experts say you may want to adjust how much in taxes are being withheld from your paycheck each month. In some cases that money may be better put use on a month to month basis.