The R & R's of Tax Refunds

Posted at 6:22 AM, Mar 17, 2016
and last updated 2016-03-17 09:23:03-04

If a healthy economy depends on people spending money, this year’s tax season won’t be much in the way of medicine.

Most are planning to save their tax refunds and pay down debt but there are some other wise investments for that chunk of change that you may not think of at first.

Let's talk green out here on the green. Americans are going to get back $330 billion this tax season and that’s enough for every man woman and child to have $1,000 each and they've got to spend some of it, right?

Some is the key word here but not a lot.

In fact, this year more Americans than ever before, just about half of all refund recipients, will save the money and another third will pay off debt.

“Before you know it that tax refund is gone.”

Matt Osborn with Desert Schools Federal Credit Union has some ideas and they don’t include new cars or grown-up toys.

“Where's the right place to utilize that tax refund. I call it utilizing it and placing it in the best resource possible for yourself.”

Those resources that you may not have considered might be getting a degree or furthering your education, saving up for a rainy day fund, planning for retirement or making an estate plan.

Nothing flashy but fiscally sound, for sure.

You know there are those who are not being as responsible as their neighbors I suppose, about one in ten, are still springing for that vacation – ‘What’s wrong with a little R & R?’ you ask... Nothing, as long as the R & R doesn't stand for regret and remorse.