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How You’re Spending Your Refund: Our Survey Results02.05.14

A tax refund is the biggest “paycheck” most Americans get in a given year. In fact, according to the IRS, for two out of three Americans, their refund is just under $3,000.

Surveys find that more and more people are using their tax refund to pay for everyday expenses like food and bills, as well as annual favorites like paying off credit cards, taking a vacation or even just putting it in a piggy band for a rainy day.

This January we asked how you intended to spend your refund.  We think our snapshot of Jackson Hewitt customers matches up with the trends found in other surveys.

Here’s what you told us:

53% will use the refund to pay down debt
34% will build up savings
25% will use the refund to pay for everyday expenses
19% will make a major purchase (travel and gaming systems were mentioned in comments)
13% don't expect a refund at all*

Whether you expect a refund or not, make the most out of your tax situation. JacksonHewitt.com offers a list of commonly overlooked deductions that can save you money this tax season. Plus, you can visit your local Jackson Hewitt office where a Tax Pro is ready and happy to help you prepare your taxes today. 

 

* Results add up to more than 100% since people could choose more than one answer.