Personal Finance


When you’re making out your holiday shopping budget, don’t confuse Santa with Uncle Sam.

Of those Americans who expect to receive a tax refund next year, 54 percent have already decided how they’ll use that money, according to a new survey from Credit Karma Tax. (See chart below for a breakdown of refund uses.)

The site surveyed 2,094 American adults during October.

Millennials were most likely to be planning ahead, with 63 percent having a refund plan in mind, compared with 52 percent of Gen Xers and 42 percent of baby boomers. Women were also more likely than men to have a plan, at 57 percent versus 48 percent.

Financial experts say it’s not a bad idea in general to have a plan for windfall money like a bonus or tax refund. That can help you prioritize — especially if they have a big financial goal they’re working toward, said Kemberley Washington, a certified public accountant and co-founder of Washington CPA Services in New Orleans.

“It’s good that individuals are thinking ahead with what they’re going to do with their tax refund,” she said.



Source link

Products You May Like

Articles You May Like

Cheesecake Factory meets its fourth-quarter profit forecasts
Michael Dell purchased $100 million penthouse that broke Manhattan records
Retail investors would feel cryptocurrency market collapse most
Walmart’s e-commerce growth wanes, sending shares tumbling
South Korea’s Moon bemoans GM plant closure move

Leave a Reply

Your email address will not be published. Required fields are marked *