How do you use your tax refund?

Every month, part of your paycheck is sent straight to the government to pay your taxes. But at the end of the year, most people owe less than they’ve already paid – so they get money back from the government. These tax refunds are a huge influx of money for many American families.

If you’re struggling to save every month, your tax refund can be a great way to get started. After all, without knowing it, you’ve been putting away money every month that you can’t touch! Even if you already have a plan for your tax refund, putting some of it into savings can go a long way.

How Savers Used Their Refunds

SaverLife Savers received an average of $3,464 in refunds in 2018. Here’s how they said they used that money:

As you may have noticed, these numbers add up to more than 100%. Savers often told us they used their refunds for multiple goals.

One Saver named Rocio told us, “My tax refund is a blessing because I can tell my son that I am able to pay his school classes and education.” Another Saver named Cortney said, “I wanted to save my tax refund, but I had to have some car repairs done, so most of my tax refund went toward that.”


Recommended Articles

Sherell’s Story: Overachieving on Saving

Meet Sherell, a born and raised Delaware native and mother of two teenage sons. What do you do? I just finished working at UPS because of health issues. I’m not working at the moment, but I’m currently looking for more work. I think the next move might be to something in the customer service field.… Read more

How a Dedicated Savings Account Can Help You Save

It may seem obvious, but it’s easier to save money in a savings account! When you sign up for SaverLife, you have the option to link either a checking or savings account. But if you read the fine print, you may notice that we suggest using a savings account. Here’s why: our research shows that… Read more

Sign up to share your story!

We are looking to talk to Savers about how saving money with SaverLife changed their lives. Your story helps us share the success of SaverLife with potential new Savers and our funders. If you’re selected, we’ll reach out to you to schedule a 30-minute time to talk on the phone. We will also ask you… Read more