Tax Refund: Spend or Save?

By: Andrea Flores Email
By: Andrea Flores Email
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The calendar says April 15, many know it as Tax Day. But while some people may be rushing to file their returns before Tuesday's deadline, others spent the day spending their refunds by shopping.

If you're one of the lucky people getting money back this tax season, it may be burning a hole in your pocket. However, one Lincoln C.P.A says, if you're thinking about spending it, you may want to think twice.

Jessica Klingman and her daughter spent the day shopping at Best Buy after putting off purchases during the year.

"We're buying some DVDs and getting some stuff for the house that we wanted to get and just waited for the tax return to get," said Klingman.

But DVDs aren't the only thing Klingman has her eye on.

"We're going to look at some laptops and some TV equipment, too," she said.

With deals at the tech chain, some found it hard to resist.

"This time of year, we always see a transition, especially in our home theatre space where our manufacturers roll out their new models," said Best Buy Manager, Brian Seifert. "It's always a great time to get a good deal on older models that are coming out."

But with financing and credit card options making it hard to pass them up, Tom Grafton, president of Grafton Associates, says if you're thinking about splurging you may want to think again.

"As long as you make those payments, that's fine," Grafton said. "The thing is, just have a family budget put in place so you can make those payments."

But keeping a budget isn't for everyone.

"Most people have a financial goal for them that typically doesn't include savings," said Grafton. "They use it to do major purchases like vacations, laptops computers, and big screen TVs. Other people, because of their financial situation, use it to pay off their credit cards."

If you're looking to save some of your refund for a rainy day, Grafton says just remember one thing.

"Probably need to put it into a savings account where it isn't as accessible," said Grafton.


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