Last year, a tax refund might have been a perfect excuse to finally splurge on that luxurious Coach handbag, or dinner at that hot new restaurant downtown.
This year, that tax refund check likely means another sobering trip to the grocery store or gas station.
With shoppers feeling the burden of rising food costs, high gasoline prices, a slumping housing market, a weakening jobs picture, and the possiblity of a recession, many intend to use their tax refund this year to cover everyday expenses.
According to the Discover U.S. Spending Monitor – a monthly index of consumer spending intentions and capacity based on 15,000 interviews – of the 61 percent of adults surveyed who said they expect a tax refund this year, nearly 64 percent said they will use that cash to help pay for basic household expenses like gas, groceries or mortgages, or pay down credit card debt.
Only 16 percent of consumers intend to put their refunds into savings, while 8.1 percent said they would use it to take a personal or family vacation.
So…how do you intend to spend your tax refund?
(Photo: Reuters)
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and on a lighter note
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eBillme(TM) Announces the Search for the Best Tax Refund Confessions
- Posted by Joe CooperGas and Go!!! Just fill up and drive away without paying. I believe in Screw me and i screw you, because they dont care about us and probably never pumped a gallon of gas themselves nor payed out of there own pocket.
- Posted by Jody[…] land that we can to grow our own food. Lawn and grass are really a waste of space if your family is having a hard time paying for food. Edible Estates is a book and a movement that encourages people to plant food in their front yards. […]
- Posted by escape from the cubeI am not getting a tax refund as I am self employed but I can say that living in New Hampshire, I barely feel any of the problems mentioned in this article. Our state is not only tax-free, but gas is reasonable still and grocery prices appear to be the same — plus this time of year we have farms here growing lots of veggies and fruit so we just buy local produce which supports them but also is a healthier option and not that expensive at all. When I read about states like California I feel for my friends living out there with the taxes, housing costs, and fuel prices. But we are America, we will rise above. It always hurts before things turn around for the best, right?
- Posted by decor8hollyShoppers can get much more out of their rebate checks than ever before. Retailers are coming out with great deals, rebates and other offers as they try to drive sales. If you’re smart, you can get much better value for money by reviewing newspaper inserts and visiting coupon sites online. For more info, visit the Retail Advertising, Marketing and Promotions blog at http://www.retailamp.com.
- Posted by TamarAs my homeowners insurance is due towards the end of May, may refund will all go there, supplemented with some more of my own money.
With interest rates near zero, my interest earnings have plummeted, so I have shut down my wallet. And I canceled one vacation I was thinking of taking.
Skyrocketing grocery costs are hitting me the hardest.
I was thinking of replacing one of my televisions, but instead sent away for the $40 coupon. Televisions aren’t made in the US anymore anyway.
- Posted by RobertI am receiving 17 Dollar as refund.
- Posted by daiWhat else?
[…] An Idea Whose Time Has Come: “Lawn and grass are really a waste of space if your family is having a hard time paying for food. Edible Estates is a book and a movement that encourages people to plant food in their front […]
- Posted by Monroe on a Budget » Carnival of Personal Finance 4/28