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.”

Take Charge of Your Savings
Earn rewards for creating a brighter future
Sign up to save more

Recommended Articles

Janna’s Story: Freedom to Travel

Meet Janna, a licensed social worker who lives in Texas and loves to travel. What do you do? I work for 2-1-1 Texas/UnitedWay HELPLINE, doing outreach and education about 2-1-1 services. I love my work. Every day is different, and there are different topics and coalitions that the community focuses on. I actually heard about… Read more

How do you balance debt and savings? Here’s what our research found.

If you’re paying down debt, saving money may be a low priority for you. After all, you’re probably paying interest on your debt every month, so paying off your debt more quickly means keeping more money in your pocket long-term. It’s harder to save when you have debt Our research found that Savers with a… Read more

Meet Your Fellow Savers

At the beginning of your journey with SaverLife, we asked you about your goals. Here’s what you and your fellow savers said! EARN Savers have big goals! YES, we do! (I’m saving too!) I’m not at all surprised that housing is at the top of our “goals” list. That makes perfect sense! Buying a home… Read more