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5 Savings Tips to Tax Refund Rewards

Mar 15, 2016 04:04PM ● By News Desk

(Family Features) If $2,000 suddenly hit your bank account, you’d feel like you hit the jackpot, right? That will be a reality for many Americans this tax season as, according to a tax time survey by Straight Talk Wireless, Americans on average expect to receive exactly that back on their tax refund this year. Use this time to reap refund rewards!

Ninety-percent of respondents said tax season is a good time to think about how to save money in other areas—with 84 percent thinking a tax refund is a good way to jumpstart healthy financial habits. Follow these five tips to help make your refund go further:

Don’t think of your tax refund as “fun” money. Sixty-eight percent of Americans said it’s easy to accidentally spend “fun” money on items they don’t really need, but by taking a step back and thinking long term you can make savings choices to help your refund stretch all year long.

Be a saver. When it comes to tax refunds, Americans are split. Fifty-two percent think you 

should spend it and 48 percent think refunds should be tucked away in savings. Good financial habits start with saving. Which side will you be on this year?

Resist the urge to splurge. Just 9 percent of Americans filing taxes this year said they’re likely to use their tax refund to splurge on a big ticket item. Consider using tax refunds to establish good financial habits, such as cutting unnecessary bills. Make a list of monthly expenses and take time to reevaluate your spending on things like food, utilities or your monthly cell phone bill. You’re almost guaranteed to find ways to cut back and reduce costs.

Think about where your tax refund would make the most impact. Wireless phone bills are the thing Americans are most likely to say they spent too much money on in 2015 (30 percent), even more than clothing (23 percent), groceries (23 percent) or travel (14 percent).

Find cellular savings. Twenty-seven percent of Americans made an effort to cut spending on their wireless phone bills last year. You, too, can use your tax refund to cut ties with your wireless company in 2016. As you look for opportunities to make your tax refund go further, ask yourself why you haven't switched to a no-contract wireless phone plan? With Straight Talk Wireless, you get access to the best phones on America’s largest and most dependable 4G LTE networks starting at just $45 a month for the unlimited plan. Straight Talk phones and service plans are available exclusively at Walmart.