More than 70% of tax filers anticipate getting a refund, which can tempt you to splurge. Future-focused people may want to invest their money or store it in a secure location.

What, in your opinion, would you do with your refund? According to a survey by the National Refund Federation, 10% of Americans said they would use their tax refunds to buy a significant purchase like a new car, while 12% of Americans said they would use their refunds to make house repairs. Only 8% of those surveyed said they would use their refund to treat themselves or go on holiday.

The overall number of refunds issued by the IRS for the 2022 tax filing season was 128 million, a 3.1% increase over the previous year. In total, $355 billion was refunded. Refunds rose by 11.2%, with an average of $2,775 per refund.

No matter how much you get, you will appreciate figuring out how to use it. Take a look at these seven ideas for using your tax refund.

Buy a Used Car With Your Tax Refund

Putting a down payment on it will more than makeup for the fact that you might not be able to purchase that pricey item. Even though your refund might not be enough to buy the automobile completely, it can still be used as a down payment on a new or used car. Check out a few of the top websites for buying used automobiles to get started. Don't confine your search to your immediate area. You might wish to have a used car brought to you if you find one outside of your state that is fairly priced. To achieve this, get in touch with Autostar Transport Express.

The Emergency Fund

If your refrigerator breaks, you experience health problems, your cell phone is broken, or you experience a serious accident, you'll be very thankful you have that rainy-day account. Saving three to six months' worth of living expenses is a recommendation from many financial gurus. Despite how frightening it may sound, you may begin simply setting aside money each month for your tax refund from the previous month. Make sure your emergency fund, if you have one, can cover all of your expenses for the next six months if you already have one.

Fun And Fitness

Starting the new year with a renewed commitment to fitness and health is always a wonderful idea. If you enjoy working out, now is a great time to start doing CrossFit. Enroll your friend in a cooking class that specializes in vegetarian food, take some time to relax in a hatha yoga session, or purchase a new pair of running shoes and hit the trails. It is possible to socialize with friends and have fun while still being healthy.

Invest In Your Career

You are your finest investment. With the addition of a certification or endorsement, your professional skill set may now be able to grow. Employing a career coach, enrolling in a few courses at a community college or other nearby institution, or even launching a business, if that's something you've always wanted to do, might all help you advance professionally.

Financial Freedom

Having trouble repaying your loan? Have credit card debt with a high-interest rate? Without a doubt, it is good to pay off or minimize credit card debt. If you continued to make the minimum payment on your credit card debt each month, you may be able to save $3,585 in interest, according to net30accounts.com. Your return might not fully pay the balance on your credit card. In that case, you might want to look for a credit card with a lower APR.

Home Renovations

Most likely, you have a homeowner's list of improvements or repairs you wish to make. To reduce energy expenditures, old roofs and windows can be replaced. Perhaps you've had your eye on a brand-new stove or an outdoor play for the kids. Painting a room is a terrific makeover. Sherwin-Williams has chosen Evergreen Fog as the color of the year for 2022. Why are you being stubborn?

Donate To a Charity

Using a portion of your tax refund to help others makes sense. You can also have a positive impact on your community by contributing to a local food bank or shelter. Your gift might be utilized to advance research or enhance the resources available for a cause that is near and dear to your heart. You might be able to reduce your tax liability by keeping track of your charitable contributions. Keep a copy of every receipt and document you have for the upcoming year.