As we move towards the tax refund season, it’s always interesting to see how people will be using their check. Even though in most cases the refund is just a return of a taxpayer’s own money, most people look at it as the biggest check of their year and use it as “free” money. The IRS has calculated that the average federal tax refund will be $2.913. According to a new poll by Capital One Bank, 33 percent of Americans plan on spending their tax refund this year, while 27 percent of plan on saving the refunded money.
What will Americans do with their refunds from Uncle Sam? One-third (33%) will spend all or part of it, with more than one in four (28%) spending it on everyday expenses, according to Capital One Bank’s annual taxes and savings survey. Not all are spendthrifts, however. Some plan to save at least part of the money (27%), pay down debt (17%), and/or invest their refunds (5%).
Other uses for the refund include major purchases (9%), vacation (8%), new clothing and accessories (6%), and electronics (5%).
13.2% of Americans will spend their refund on a big ticket item, such as a new television or furniture, up from 12.5% last year. Furniture remains one of the most popular purchased categories- along with cars, vacations, electronics and clothes.
Rooms Today Outlet is here and ready for the tax refund season. We have all our furniture in stock and ready- it can be in your house within the hour. Plus with our low, low warehouse prices, you can get more of it with less money. Whether it’s your refund check, or your money the rest of the year- you can keep more of it and still have all the new furniture you want.