NORTHAMPTON, Mass. (WWLP) - Many of you will soon receive your tax refund, if you haven't done so already, but using your money from the IRS to go on a shopping spree may not be the best idea.
Sometimes you deserve to splurge, but a new LowCards.com report says you'll be better off saving your tax money, or using it to pay down debt.
The IRS says the average tax refund last year was nearly $2,800. Experts suggest using the money to pay down credit card or student loan debt, or build up emergency savings.
"I did get a tax refund last year, and I put it toward my student loans," Steph Vasiliades of Northampton said. "And I'm thinking I'll probably get one this year too and I'll put part of it towards my student loans."
Still, 22News spoke with some taxpayers who said they have been tempted to splurge.
"Last year, I put the money towards a plane ticket that I was buying to travel," Emuna David of Northampton said.
The report also says this is a good time to check your tax withholdings.
If you're getting a large refund but still have trouble paying bills every month, you could reduce the taxes withheld from your pay; effectively giving yourself a raise.