This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question – “What do you plan on doing with your tax refund?”
The results of the survey were interesting. Here is what they plan to do with their money:
41% – Put it into savings
38% – Pay off debt
11% – Go on a vacation
5% – Make a major purchase (car, home, etc.)
5% – Splurge on a purchase
Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment.