User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


58° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

Watch tonight's gubernatorial forum live at 8 p.m. central

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Spend Or Save Your Tax Refund?

April 4, 2012, 9:50 PM by Angela Kennecke

Spend Or Save Your Tax Refund?
SIOUX FALLS, SD -

The average tax payer gets a nearly $3,000 refund.  That's a nice little windfall and there's a lot of temptation to spend it.

When the check arrives in your bank account, it's natural to feel the urge to spend it.

"I'm kind of hoping to put it toward a kayak.  That's my main goal. I probably should spend it on my car to fix it up, but I really want a kayak," Danielle Quist said.

"I just spent it on new tires for my car.  Yeah, it was a bummer," Alex Cahlander-Mooers said.

Others plan to save some, spend some.

"I guess the rest you could just throw in the bank, but it's more important we start putting it back in the economy," Len Abraham said.

Of course, financial planners would advise you against having the government withhold so much money from your paycheck and use it for free all year.

"It's not good to have the government hold your money for the better part of the year. It doesn't make good economic sense.  But again for some people that just can't save, money burns a hole in their pocket. It is a way for them to accumulate money to use for a project," Neil Graff of Eide Bailly said.

But Graff says paying down debt should be the number one use for your tax refund. 

"A way to really help ease your life is to reduce your debt. If you can reduce your debt payments or your monthly payments, your life is going to be easier," Graff said.

Once you're out of debt, Graff advises saving it in the form of investing in an IRA or your 401(k) plan at work. 

"It gives them a tax advantage investment and it locks the money up where they can't get at it in some kind of minor emergency; it's a two fold advantage for them," Graff said.

Of course, spending it is a lot more fun.  The number one thing people spend their tax refund on is electronics, followed by a vacation.  Go to my KELO Angela Kennecke Facebook page and tell me what you plan to do with yours.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Valentino's Restaurant For Sale

10/20/2014 12:18 PM

Prime real estate on 41st Street in Sioux Falls is for sale. Valentino's Restaurant at 41st Street and Western Avenue has been listed for $1.35 mi...

Full Story
Long John Silver's Closes, Building For Sale

10/20/2014 12:31 PM

A longtime fast food option in Sioux Falls, the Long John Silver's restaurant is closing after more than 30 years in business. 

Full Story
Pierre Woman Wins On In-Flight Game Show

10/17/2014 12:10 PM

A South Dakotan is a winner on the Allegiant Airlines' first in-flight game show called "The Game Plane."  The reality show is film...

Full Story
SD Gas Prices Jump While Nation Approaches Four-Year Low

10/21/2014 11:00 AM

Gas prices have fallen to a nearly four-year low nationwide at an average of $3.09 a gallon.  AAA South Dakota says U.S. gas prices could drop to...

Full Story
Ebola Scams Surface

10/17/2014 2:15 PM

It was only a matter of time before scammers started capitalizing on the Ebola scare.  The Better Business Bureau is warning consumers about a va...

Full Story


Events