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Your Take: Plans for Your Tax Refund?

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Last year, the average tax refund was a cool three thousand bucks. While we don’t know what the average tax refund will be for the 2010 tax year, chances are it’ll be pretty sizable as a result of all the different stimulus and tax credits of the last year. While I’ve long talked about adjusting your tax withholding (and reasons why you wouldn’t want to adjust), most people don’t do it. Some people are concerned about penalties, others prefer this “forced savings,” and others just don’t want to bother.

We learned yesterday that most people were planning on paying down debt or putting it towards savings, while others were going to buy a big ticket item or go on a vacation. The question we have for you today is – what do you plan to do with it? Save for a rainy day? Spend it on a vacation or new television? Put it towards a downpayment or against existing debt?

{ 39 comments, please add your thoughts now! }

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39 Responses to “Your Take: Plans for Your Tax Refund?”

  1. MoneyNing says:

    No tax refund for me! I guess that’s a good thing in a way since I didn’t give the tax man a loan but there’s a small voice inside that keeps saying “I wish I got a refund!”

  2. Dave says:

    I’m spending about 1/3 on fun (I’m heading to Vegas in 3 weeks!), 1/3 on purchases I’ve been putting off, and 1/3 to savings. I know its not optimum, but I just spent the last 6 months being super frugal and getting my financial house back in order so I’m being a little “carefee” with my refund. I also have my yearly bonus from work coming in the next week or two, which is all going to savings…

  3. Deby says:

    Using part of my refund to take a motorcycle safety training course. The rest in savings so that next year I can buy that Yamaha Star I’ve had my eye on and give a little bit less to the oil companies.


  4. eric says:

    I actually think I might end up owing a little bit this year..less than $1000. So I guess no refund!

  5. Our tax return is going toward a downpayment for our first house purchase. We are getting pretty excited! 🙂

  6. thunderthighs says:

    Ha, what refund?

  7. Evan says:

    I hoping to pay my car off! This way I will get “dividends” off the money (the amount I would have to pay monthly for the next couple years lol)

  8. Renae says:

    With this year’s refund, I plan to pay off bills other than utilities. By the time the refund arrives it is already spent. Back in 1996, I was unwise and went shopping and out to eat till the money was gone. Now I pay bills and repair items we already own.

  9. Ellen says:

    I’m not understand about “adjusting tax withholding”,I just know that my husband never get refund for many years begining 2003 until 2007,just I know my husband adjusting tax withholding after early retired in 2008.
    maybe later I will more understand about it.

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