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Your Take: What Are Your Plans for Your Tax Refund?

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Tax ReturnThe average tax refund is always in the neighborhood of three thousand bucks and we always enjoy asking you what you plan on doing with yours. Some people use it like “forced” savings and put the whole slug away for a rainy day. Others look to pay down debt. I always like hearing the stories of people who take a fun trip with the funds or buy something for themselves. Whatever it is, I want to hear it.

We typically don’t get a refund, we usually owe a tiny amount on our tax return, so I don’t get to weigh in on this particular topic this time. To help make this Your Take a little extra fun, we’ll be giving away a $50 gift card to the Cheesecake Factory.

The giveaway will be open ’til 12 AM April 5th (next Friday). So like our awesome Facebook page and enter in what you’ll do with your refund (if you don’t get one, just tell us what you’d do with $3,000 to spend!) and we’ll randomly select someone as our winner.

a Rafflecopter giveaway

So, what would you spend your $3,000 on?

{ 52 comments, please add your thoughts now! }

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52 Responses to “Your Take: What Are Your Plans for Your Tax Refund?”

  1. Barb says:

    I am going to put it in savings or Roth IRA or it might have to go for a new washer and dryer or HVAC system since mine is 15 years old.

  2. Shirley says:

    We are buying a gazebo for the patio and the rest goes into savings.

  3. Glenn Lasher says:

    I have my withholding almost perfectly balanced. I will be using my state tax refund to pay my federal tax bill, with just about enough left over to cover what I paid my preparer.

  4. Frugal says:

    Same as last year, the refunds will pay the annual life insurance premium.

  5. Carrie says:

    We won’t be getting a tax refund; however, if I had $3,000, I’d put it into my retirement account.

  6. Melanie says:

    We have some debt on a zero percent credit card that we’re going to pay down.

  7. Allison says:

    I plan on using it to pay property taxes which I pay as one lump sum because I do not escrow.

  8. Bryan says:

    I won’t be getting a tax refund, but if I did it would be the same as Allison… property taxes.

  9. Miranda says:

    Through a weird quirk (my husband didn’t claim exemptions on his W-4), we have a refund. But it almost exactly matches what we owe for quarterly taxes. So, we’re having the government automatically apply the refund to our quarterly tax bill.

  10. Blake Kaplan says:

    Will take my son to a water park with the money.

  11. Aaron says:

    Give it to our readers! :)

  12. Aaron B says:

    The vast majority of our refunds have gone toward Roth IRA contributions. Not planning to change that for as long as I receive a refund and haven’t fully funded the IRA for a given year.

  13. No refund but if I got one I would take the extended family on a vacation. Resort anyone?

  14. Revanche says:

    We’ve reorganized our budget pretty nicely this year so I think this means we’re going to save that money for a new downpayment on a house. Not immediately, of course, the refund we probably will get isn’t all THAT much :)

  15. I need a car so a good portion will go to a good used car when I find one. The rest I’ll put up in savings to fill in the months I need a little help with the bills and/or save.

  16. Carol Ann says:

    We paid our property taxes…that’s it. We’ve done the same thing with our refund for the last 7 years. I’m worried about how we’ll pay the taxes after my husband (and family sole support) retires.

  17. Megan says:

    I’m spending min remodeling – painting the entire first floor and getting hardwood flooring redone.

  18. Tracy says:

    Splitting it 3 ways: buying used car for my daughter who will be going off to college next fall, paying off some debt, and putting some in savings. I have a larget return this year. I adjusted my withholdings for next year.

  19. sonal says:

    well.. I’ll clear off my debt and with the rest of money will but some camping gear and go out camping somewhere in Kansas :D

  20. Tina says:

    Mine will go in to savings and funding rest of ROTH IRA for the year.

  21. Jennifer says:

    I used mine to pay down a portion of my student loan debt. There is still a ways for me to go but it certainly felt good being able to pay some extra on it.

  22. admiral58 says:

    I plan to save it, and put in my emergency fund

  23. Graham says:

    I got a surprisingly large amount of money back. I typically keep it to +/- a couple hundred dollars, so when I found out that I was getting about $3k back, I figured I’d use it to pay off the rest of my student loans. It hasn’t quite hit me yet, but starting next month, I think it will feel pretty darn good when I have one less liability to pay. 1 step closer to debt-freedom! =)

  24. Ashley H says:

    I getting Invisalign with my refund.

  25. Amy says:

    I put a large chunk of it into our retirement accounts, some of it in “planned spending” (i.e. travel fund and slush fund) and the rest for immediate spending (my husband wants a tablet computer and I wanted some new clothes).


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