Poll of the month: Payback Time — May 2014

How are people spending their tax refunds?

With the income tax deadline behind us, it's time to go out and spend that tax refund, right? Well, no actually. According to our latest reader poll, while two-thirds of you are expecting a tax refund, most plan to save it (35%), put it toward the mortgage or other debt (30%) or invest it (19%). Just 16% of you have earmarked your refund as spending money, with travel (36%) and home improvement (29%) top of mind, followed by education (10%), entertainment (9%) and clothing/jewelry (7%). As for the amount of money coming your way, here's how it breaks down.


 

About the Author

Tamar Satov


Tamar Satov is managing editor of CPA Magazine.

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