Spending Our Refunds: Eastern Idaho Plans Ahead

Tax filing day has arrived and people said they’ve already been day dreaming about what they would do if they received a refund.

Waiting in line at the post office to mail tax returns is the perfect time to wonder what to spend your refund money on. Since 2010, federal tax refunds have averaged about $3,000 and last year the IRS refunded nearly $318 billion. That’s a lot of money to spend.

“I would spend my money on a trip…at least to Las Vegas or maybe even Hawaii if it was a big enough refund,” said Cory Blakely, an Idaho Falls resident.

“We have seven cars and we’re restoring one right now so that’s probably where it would go,” said Dawn Schwartzenberger, a local community member.

Of course, not everyone would spend it on fun things or luxury items, others said they would use that money to pay off debt, make a rent or mortgage payment, or simply save it.

“I don’t have anything I need really badly right now, so I think I would just put it in the bank and hold on to it,” said John Tiffany, an Idaho Falls resident.

“I think if I get a little money back, I would tuck it away for a little savings. I think it’s good to have some money in savings,” said Roger Barrett, a local community member.

Financial experts said it’s best to treat your refund check just like how you would treat your weekly or monthly paycheck. Giving the money a purpose will help you spend wisely.

We posted the same question to viewers on Facebook. What would you do with your tax return money? 43 percent said they would use it for debt, 36 percent said they would use it to pay expenses and 21 percent said they would spend it on something fun.