5 Things WNYers Are Spending Their Tax Refunds On
As tax season rolls on and the tax filing deadline approaches, there are many things that Buffalonians could spend their tax refunds on.
As someone who usually does not get a tax refund, I find that I am almost always jealous when I see people getting a refund of their overpaid taxes.
What exactly does someone spend their newly found riches on when that direct deposit from the Internal Revenue Service hits your account? Do you go to buy a new car, save for a vacation, pay off some bills, or even live like a baller for a few weeks?
I was curious about what people are doing, so I asked my Facebook network what they were spending their tax refunds on, and here are the top 5 answers that I got.
What Tax Refund
The vast majority of the people who responded to my question said they usually owe at the end of the year, so the only thing they get to spend their money on is more taxes... Same
Pay Off Bills
Quite a few people said their tax refund was going to help them get caught up on past due bills. Recent inflation and the residual impacts of the COVID-19 pandemic have caused quite a few people to fall behind on bills, so this may be a great idea.
Save For The Future or Retirement
A number of people said they were going to save in their tax refund and/or deposit it to their retirement accounts. With all of the uncertainty in the current economy, this also might be a good idea to have a little nest egg waiting.
Downpayment To Buy A House
The real estate market in Buffalo has been red hot the last couple of years. Using your tax refunds to help bolster your downpayment might help you get out of renting and into owning
Go On A Vacation
Whether it's a cruise, a tropical paradise, or just a drive to another part of the country; going on a vacation is exactly what I would do if I got a tax refund.
What are you going to spend your tax refund on?