How Singles Are Spending Their Tax Refund
Money is a feminist issue — and yet, women are still reluctant to talk about it. According to a recent Bustle survey of more than 1,000 Millennial women, more than 50 percent of people said they never discuss personal finances with friends, even though 28 percent reported feeling stressed out about money every single day. Bustle's Get Money series gets real about what Millennial women are doing with their money, and why — because managing your finances should feel empowering, not intimidating.
Now that you've filed your taxes, the next pressing matter is: What should you do with your refund? "While it may be tempting to splurge, your lump of cash can be used to help pursue financial goals, such as paying off debt, starting an emergency fund, or saving for goals — like booking a vacation or investing in your retirement," Anna Colton, Merrill Edge executive, tells Bustle. "If you're looking to pay off high-interest, non-tax-deductible debt and create an emergency fund, think about putting half of your tax return or bonus toward your debt and the other half toward your emergency fund. Another way to put your tax refund to work is to put it toward your other goals, both short-term, like a vacation, renovating or redecorating part of your home, or a new car, and long-term, such as saving for a down payment for a home or contributing to your retirement fund."
But what are people actually doing with theirs? Dating site Plenty of Fish recently revealed how singles spend their tax return after they surveyed 3,000 single Americans ages 21-65+, 40 percent female and 60 percent male, to get the scoop.
So were POF's findings in line with Colton's advice? Here's what POF discovered about singles' tax refund spending habits and their overall tax habits.
1. Men Prefer Spending Their Tax Refunds On Their Cars
According to POF's findings, 6.3 percent of men said that their craziest tax return spend was on a car (including a new car, car parts, repairs, and souping up a car) — the highest response by far, said POF.
2. Vacations Also Made The Tax Refund List
As far as what singles spend their tax returns on, vacations made the top three, but you can put your money on Las Vegas the most: 0.9 percent of males and 0.2 percent of females said it was their "craziest tax refund spend."
3. Getting A Tattoo Was Another Popular Tax Refund Response
POF found that some singles got tattoos with their refund, with more women, 0.7 percent having gotten them than men, 0.5 percent.
4. Respondents Also Wrote In Some Other Tax Refund Responses...
POF respondents were able to write in other things they've spent their tax returns on, and these included a 24k gold grill for their teeth, 10 gallons of beef jerky, skydiving lessons, a horse — and a chinchilla (!).
After seeing all of the above, what are ~you~ inspired to spend your tax return on this year? Or perhaps you'll save it? Or do both? Whatever you choose, know that everyone spends (or saves) their tax return differently, so you're not alone!
Check out the “Get Money” stream in the Bustle App for more tips and tricks on how to save and spend your money.