Is your tax refund bigger this year? Here’s how to spend it

The average taxpayer is getting a $2,852 refund this year, according to the most recent data from the Internal Revenue Service. It’s $75 more than last year but what should taxpayers do with the money?

For many Americans, receiving their tax refund is "the biggest extra windfall of the year," said Courtney Alev, consumer financial advocate at Credit Karma. 

“One thing we do see is a propensity to consider a tax refund something to splurge with. One in four taxpayers see it as free money and plan to spend it on something they would not otherwise,” she said. “While this behavior is completely understandable, given how hard up people are — with the rising cost of living, and high interest rates, the best thing you can do is use it as an opportunity to advance your financial goals.”

Read more: Associated Press

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