According to a recent AP-GfK poll, over half of American adults are expecting to receive a tax refund from the government this year with nearly 40 percent saying they will spend some of it.
A larger majority are going to use the extra funds to pay down debt. A wise decision says one financial services company.
“If you have outstanding bills or debts, take care of those matters first,” says Allstate regional financial sales leader Dan Mattingly.
“But if you find you have money left over from your tax refund or have the full amount, don’t be scared of your options – be smart in your decisions,” adds Mattingly.
Allstate says a few smart ways to “put your tax refund to work for you,” especially during uncertain financial times, is by socking away money for a rainy day fund or contributing to a retirement account.
Given the rising costs of college tuition, many families are seeking financial aid in the form of student loans. Putting tax refund money toward a college savings plan is another good idea, says Allstate.
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