Personal Insurance

12 Smart Ways to Spend Your Tax Refund

tax refund

While paying taxes can cause quite a headache, being part of the 80% of Americans that receive a tax refund proves that it can have its benefits.

According to GOBankingRates, the average income tax refund in 2016 was around $2,860.

Considering that nearly 7 out of 10 Americans have less than $1,000 in savings, a bit of “extra” cash can serve to make a huge difference.

So, how are you planning to use your tax refund?

Here are 12 smart things TurboTax suggests you can do with this year’s tax refund.

  1. Create an Emergency Fund
  2. Send it to Savings
  3. Pay off Debt
  4. Fund Your Retirement
  5. Look to the Future
  6. Seed the College Fund
  7. Invest in the Stock Market
  8. Kickstart Your Career
  9. Prepay Your Mortgage
  10. Start a Business
  11. Make Home Improvements
  12. Buy Life Insurance

If you would like to read more, check out TurboTax’s article here.


References:
https://www.gobankingrates.com/personal-finance/thing-americans-tax-refund/
https://www.gobankingrates.com/personal-finance/data-americans-savings/
https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/12-Smart-Things-to-Do-With-Your-Tax-Refund/INF29119.html
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