How Do You Spend Your Tax Refund?

Unless you are like some of the more unfortunate, me, you are probably a little more rich this time of year. It is tax season, and although, it can be a hassle, when that big refund check shows up, it's all worth it! Vacations used to be the most popular thing to do when the money arrived, but it seems as though times have changed. What do you plan on spending your refund on, if ya got one?

According to a new survey by Taxsoftware.com, only 10% of American taxpayers plan to spend their anticipated federal and state tax refunds on vacations, down dramatically from 30% last year. Most Americans said they’ll use their refunds to pay off debts (29%) or add to their savings or investments (27%). However, on the downside:

· Fewer people plan to spend their refunds on savings or investments this year than in 2011 (27% vs. 66%) or to pay off debts (29% vs. 59%).

· Fewer individuals plan to make home improvements (8% vs. 31%), buy products such as cars, electronics, or furniture (8% vs. 23%) or pay mortgages or education loans (5% vs. 19%).

· Fewer people plan to give their refunds to charity (2% vs. 15%).

· Those who plan to “do something else” with their refunds dropped to 9%, from 38% in 2011.