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Spending or Saving: Maximizing Your Tax Refund for Financial Success

Survey Reveals Shift in Tax Refund Usage Towards Savings Over Debt Repayment

Tax Refund Allocation Trends: Savings vs. Debt Repayment

Many are wondering what to do with their expected tax refunds as the deadline for filing taxes approaches. In a recent Bankrate survey, 28% of participants said they would use their refunds to increase their savings and 19% said they would use them to settle debt. Senior Industry Analyst Ted Rossman observed that, despite record-high credit card balances and interest rates, fewer customers chose debt repayment this year, reflecting a trend towards pragmatism in refund usage.

READ ALSO: Local Property Tax – Commissioner Baty Proposes Innovative Solutions To Address Concerns!

Spending or Saving: Maximizing Your Tax Refund for Financial Success. (PHOTO: Bloomberg)

Financial Expert Advises Balanced Approach to Tax Refund Allocation

Rossman emphasized the significance of striking a balance between debt repayment and savings, acknowledging the part that savings play in preventing future financial difficulties brought on by unforeseen costs like medical expenditures. He suggested taking a balanced approach, dividing the refund between savings and debt repayment. Rossman further suggested focusing prudent financial decisions while reserving a tiny amount for discretionary spending. In order to achieve financial security, Rossman stressed the importance of making informed decisions as people consider how best to use their tax refunds.

READ ALSO: 2024 Child Tax Credit 17 States Join Forces To Distribute Payments – New Era Of Support!

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