According to the IRS, the average tax refund will be about $3,000. That’s a lot of cheddar. A recent poll by GOBankingRates suggest that over 40% of those getting a refund are going to save it. That’s responsible, and we encourage everyone to save their money.
But that also means that 60% of you are going to spend it. On what, you may ask? Well, it boils down to these four things:
- Paying off debt: Good for you for, because unless you have no debt, this is a better financial decision than saving you money.
- Saving for a vacation: We all need a vacation now and then.
- Splurging: Do you really need that big screen television?
- Making a major necessary purchase: Perhaps fixing your car or replacing a furnace.
We have another suggestion for those of you (not me unfortunately) who are getting a refund. We have an investment that won’t cost much and the return on your investment will change your life. What’s the investment?
Invest in getting yourself in better shape. Like most Americans, you could benefit from losing some weight. But also, like most Americans, you don’t have time to exercise, you’re not motivated, or you just hate going to the gym.