It was only a few weeks ago that we all scrambled to get our tax returns filed on time. And for those who didn't owe, only days since getting that sweet refund check in the mail.
Like a lot of Americans trying to keep up with the Joneses, you might be curious whether the amount you received was more or less than what your neighbor or co-worker got. Well, you're in luck! The IRS has answers.
According to the latest Filing Season Statistics, this year's average refund issued so far is $2,763, up $52 from the same time last year.
That's a pretty respectable chunk of change that could go toward just about anything: paying down debt, an upcoming beach getaway or that swanky blazer you've been eyeing online. But if a recent GoBankingRates survey is to be believed, most people plan to be responsible with their money: 41% said they were going to put their refund into savings, while 38% said they would use it to pay off debt.
If you're trying to think of a smart way to use your refund, consider the 90/10 rule:
You can further subdivide that 90% toward the various money goals you have; for example, putting 40% toward credit card debt, 30% toward retirement and 20% into an emergency fund.
The 90/10 rule helps ensure you’re using that refund responsibly while also taking the time to treat yourself. Think of it as a way to reward your future and present self for filing your taxes on time!