See How People Spend Their Tax Refund Money

image of a beach on a sunny day lined with people sitting in chairs

We’ve reached the time of year when taxpayers cross their fingers and hope for a nice tax return as they file their taxes. In 2019, more than 111 million Americans received a tax refund from the Internal Revenue Service, with an average amount of $2,869.

Expectations seem to be high for large refund checks in 2020. About 44 percent of taxpayers expect their tax refund will be their biggest paycheck of the year, according to a survey by CreditKarma. The survey also found that 46 percent of taxpayers are expecting their refund will be at least $1,000.

So, how are people spending their tax refund money? According to a 2019 survey by TurboTax, most people said they had a plan, but those plans varied by age and sex of respondents. Here are the results of that survey.

What Are Your Plans?

If you’re thinking about making a big purchase, our loan rates are the lowest they’ve been in years. If you’re leaning towards socking it away, we have solutions for short-term, and long-term savers. The choice is yours!

Save It

Spend It 

  • Auto Loans: Enjoy our lowest rates in years, and an easy online application or pre-approval process
  • Home Loans: Fast & easy pre-approval, creative loan options, and local experts ready to help
  • RV Loans: Competitive low rates, flexible terms up to 240 months, easy pre-approval process

Recommended For You

image of a sticky note on an alarm clock that reads tax time; honor credit union has tips to help make filing taxes easy

Use Our Tax Prep Guide To Help File Your State & Federal Taxes

If you haven’t filed your taxes yet, use our Tax Prep Guide to help locate important documents and tax information. We also have important details to ensure there are no hiccups when it’s time to file.

How To Manage & Destroy Sensitive Documents

From how to keep sensitive documents safe, to when and how to destroy them, we have plenty of info to make sure your important documents don’t end up in the wrong hands.

Related Posts

Zero Down Payment Offer

To make the process as simple as possible with our Zero Down Payment mortgage offer, we encourage you to speak with a mortgage expert so they can explain the requirements and guide you through the process!

Find An Expert Near You

Need Help? Contact us at 800.442.2800 and we will help you get started with the application process.