Recently, many Americans received their Federal Income Tax refund check. What did you do with yours?
And if you want to know what many other Americans did, a recent survey brought up some very interesting results. This is what they found that people plan to do with your tax refund money.
Most people, 41%, plan to put it into savings. The next group,38% will pay off some debt. 5% want to splurge and make a nice purchase, and a similar percent want to make a major purchase such as a car a home. And 11% want to use it to go on vacation.
I think that what many people should do, is save it for a down payment on a house. In 2016, the typical first time home buyer made a down payment of 6%. If they would include their tax return money into the down payment that would mean a smaller mortgage and over time much less money would be paid out of pocket on mortgage expense.
Or perhaps do the same thing helping a child with me down payment and help them make their dream of only home a reality.
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