77% of Americans plan to spend their tax refunds on necessities like rent, groceries, and essential items, a TaxSlayer survey of 2,000 taxpayers found. Of those paying down credit card debt with their refunds, over half are targeting holiday season expenses. Only 8% plan to spend their refund on luxuries like clothes, entertainment, or a new phone. “Collectively, people are learning to strategize better where their refunds are going,” Seth Babb of TaxSlayer said. “By planning ahead, people are reducing the stress associated with taxes.” (swnsdigital)
Phone Topic: What’s the best thing you’ve ever done with your tax refund?
