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I took a vacation last month. The result is a lovely memory and some residual credit card debt. One of my major life goals is to pay my debt off quickly (after all, I do work in the credit counseling industry!)
Yet, on the off-chance I do receive a tax refund, I’m buying a couch. Foolish? Maybe.
I realize getting a tax refund is not the same as finding $2,000 in my pocket. (By the way, if I ever did find $2,000 in my pocket, I most certainly am not wearing my own pants!) I also realize that I am not setting a particularly good example; however, it is so very tempting to take advantage of this unlikely form of forced savings. As my dear friend Jennifer explains, “It may not be smart, but it works!”
Fortunately, Jennifer and I don’t have as much company as you might think. In fact, I just read that most surveyed workers who expect a refund plan to do something responsible with the money, like pay down debt (44%) or save or invest (38%). That's according to the latest Principal Financial Well-Being Index.
So, if you receive a tax refund, what are your plans? Will you spend it on a splurge or obligation? Will you save the money? Tell us.
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