Search
Exact matches only
Search in title
Search in content
Search in comments
Search in excerpt
Filter by Custom Post Type
{ "homeurl": "http://rismedia.com/", "resultstype": "vertical", "resultsposition": "hover", "itemscount": 4, "imagewidth": 70, "imageheight": 70, "resultitemheight": "auto", "showauthor": 0, "showdate": 0, "showdescription": 1, "charcount": 3, "noresultstext": "No results!", "didyoumeantext": "Did you mean:", "defaultImage": "http://rismedia.com/wp-content/plugins/ajax-search-pro/img/default.jpg", "highlight": 0, "highlightwholewords": 1, "openToBlank": 0, "scrollToResults": 0, "resultareaclickable": 1, "autocomplete": { "enabled": 1, "googleOnly": 1, "lang": "en", "mobile": 1 }, "triggerontype": 1, "triggeronclick": 1, "triggeronreturn": 1, "triggerOnFacetChange": 1, "trigger": { "delay": 300, "autocomplete_delay": 310 }, "overridewpdefault": 0, "override_method": "post", "redirectonclick": 0, "redirectClickTo": "results_page", "redirect_on_enter": 0, "redirectEnterTo": "results_page", "redirect_url": "?s={phrase}", "settingsimagepos": "left", "settingsVisible": 0, "hresulthidedesc": "0", "prescontainerheight": "400px", "pshowsubtitle": "0", "pshowdesc": "1", "closeOnDocClick": 1, "iifNoImage": "description", "iiRows": 2, "iiGutter": 5, "iitemsWidth": 200, "iitemsHeight": 200, "iishowOverlay": 1, "iiblurOverlay": 1, "iihideContent": 1, "loaderLocation": "auto", "analytics": 0, "analyticsString": "", "show_more": { "url": "?s={phrase}", "action": "ajax" }, "mobile": { "trigger_on_type": 1, "trigger_on_click": 1, "hide_keyboard": 0 }, "compact": { "enabled": 1, "width": "200px", "closeOnMagnifier": 1, "closeOnDocument": 0, "position": "fixed", "overlay": 0 }, "animations": { "pc": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "fadeInDown" }, "mob": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "voidanim" } }, "autop": { "state": "disabled", "phrase": "", "count": 10 } }
Select Page

Cheerful woman sitting in a car holding new car keys.(TNS)—With tax season here, many people are looking forward to the possibility of a big refund and pondering the best way to spend the extra cash. A recent GOBankingRates survey revealed some interesting differences in how people plan to use their tax refund check — including those between men and women, age groups and income levels.

Ultimately, there is no right or wrong way to use a tax refund. Here are five of the most popular things to do with your refund.

Pay Off Debt
Among women who were polled, the most popular use of a tax refund is to pay off high-interest debt. That’s a smart plan, according to Jared Snider, a financial advisor at Exencial Wealth Advisors.

“For the average person, using a tax refund to pay down outstanding unsecured higher-interest debts, like credit card debts, is a great way to use the extra cash,” he said. Nearly 30 percent of women said they plan to use the refunds to pay off debt, compared to about 25 percent of men.

Put the Money in Savings

Women and men are about equally likely to plan on saving their tax refunds, but that view varies somewhat among age groups. People age 65 and up, and those age 25 to 34 are the most likely to plan on saving their refund, according to the GOBankingRates survey.

“I would look at using a tax refund to ensure that folks have an emergency fund for expenses,” said Snider. “At least three months’ (worth) is important.”

Put It toward a Vacation
After a hard year of work, many people are simply ready to settle down and take a nice vacation. Sometimes cash can be a little tight, though. That’s where a hefty tax refund can come in handy.

The third most popular use of a tax refund, according to the survey, is putting the money toward a vacation. Nine percent of people choose this option. Setting a budget for vacation, and sticking to it, can help you make sure you don’t overspend and potentially go into debt.

Major Purchase
A big tax refund can also be used to help fund the down payment on a major life investment, like a house or a car. In the survey, 5 percent overall said they planned to put their refund toward a major purchase.

However, men were a little more likely (4.7 percent) to use their refund this way than women (4.2 percent). People with incomes from $50,000 to $99,000 were slightly more likely (5.6 percent) to use their refund this way, compared to either people making less than $50,000 (4.1 percent) or $100,000 to $149,000 (2.6 percent).

Splurge on a Purchase
Another popular way to use a tax refund is to splurge on some small luxury you have been wanting for a while. From a new TV to shoes or a purse, the little things in life can make a big difference. Men were more likely than women to use their tax refund this way, according to the survey.

Younger people, especially in the 18 to 24 age bracket (7 percent), were more likely than people 65 and up (2 percent) to splurge on a purchase with their refund. Finally, those with a lower income were much more likely to splurge on something for themselves than those in higher income brackets.

© 2016 GOBankingRates.com, a ConsumerTrack web property.
Distributed by Tribune Content Agency, LLC.


Buying/Selling Consumer Luxury National Spotlights
475472880
Consumer Spending to Drive Growth for 2016

The economic growth outlook for the second half of the year...

No Preview
Fueling the Referral Pipeline

Looking for more referrals? In the following interview, mother-daughter duo Linda...

No Preview
Elsa Nelson: Local Icon, Global Presence

It was 28 years ago that noted real estate veteran Elsa...

Agent Broker Coaching Lead Gen Teams
No Preview
Fueling the Referral Pipeline

Looking for more referrals? In the following interview, mother-daughter duo Linda...

No Preview
Elsa Nelson: Local Icon, Global Presence

It was 28 years ago that noted real estate veteran Elsa...

No Preview
Michael Mahon: A Strong Core Enables Growth

Dissecting the Ohio real estate market in 2016 yields similar results...

Agent Best Practices Branding Broker Niche
La Habra, United States - July 12, 2016: Macro closeup image of pokemon go game app icon among other icons on an iphone smartphone device. Pokemon Go is a popular virtual reality game for mobile devices.
Pokémon GO for Real Estate – Must or Bust?

If you’re anything like me, your social media newsfeeds look a...

Man inputing data on laptop and holding mobile phone in another hand.
Boost Your Online Presence with More .REALTOR Options

Website addresses that end in .REALTOR provide instant recognition as a...

Person. More>>
4 Ways to Update Your Digital Persona

Your digital presence is more important than ever, and now is...

Agent Apps/Gadgets Best Practices Broker Innovation
Woman holding tablet
Stay Connected to Your Business When You’re on the Go

As a busy real estate professional, you’re likely most productive when...

snapchat_real_estate_665x350
Why Snapchat Is Pure Gold for REALTORS®

There is a huge amount of attention being paid to Snapchat...

Group of business people at the office communicate
The ‘Smart Sign™’: Made for Today’s Mobile Consumer

When it comes to impacting human behavior, the internet has nothing...

Business Insights Content Generation Marketing Trends
000042086008_Double.jpg
Expanding Your Client Base through Social Media

Today’s buyer will search online at some point during the buying...

Facebook_Live_665x350
Facebook Live the Latest Trend to Infiltrate the Open House Scene

Drumming up interest in an open house may be about as...

Computer white keyboard with webinar
Beyond Likes: Move Past the Competition with a Next-Gen Social Media Strategy

Go where the competition isn’t! Move beyond Facebook with a stand-out...

Buying/Selling For Your Clients Home Improvement How-To Lifestyle
482805813
8 Ways to Stop Worrying about Money

(TNS)—Are worries about money keeping you up at night? You’re not...

183874628
Aging in Place Calls for Strategic Planning

(TNS)—Downsizing is not an easy decision—but a smart one if you...

woman looks in despair as the kitchen gets flooded
Leading by Example: Florida Real Estate Professional Espouses Benefits of Home Warranty Products

If you want to know why Watson Realty’s Dori Mackoul Dekle,...

manhattan
RISMedia’s CEO Exchange

RISMedia’s 2016 Real Estate CEO Exchange September 13 & 14, 2016...

Capital Building, Washington
RISMedia’s Power Broker Forum at the NAR REALTORS® Legislative Meetings & Trade Expo

RISMedia’s Power Broker Forum at the REALTORS® Legislative Meetings & Trade Expo...

PB-annual
RISMedia’s Power Broker Forum, Reception & Dinner – Annual

RISMedia Power Broker Events 2016 Orlando, Fla. Friday, November 4, 2016...