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More Americans Planning to Save Tax Refund This Time

Updated: Tuesday, February 18 2014, 03:34 PM CST
A recent survey done by Ameritrade showed more people in the U.S. are planning to save their tax returns this year instead of spending them.

The polls revealed 61 percent of Americans will either save or invest their refunds while 21 percent said they plan to pay off debt.  18 percent of Americans said they were going to use their refund check to pay for necessities.

Michael Gallagher, Vice President of the Trusting Investment Services Department, said many Americans were impacted during the last recession.

Even though the economy is better than last year, people are a lot more aware now and managing their money more wisely.

"I think people overall are more cognizant now instead of keeping their debt down and increasing  their savings rate to make sure that they're prepared in case the economy doesn't recover fully," Gallagher said.

Gallagher also offered some tips on what to do with your refund check.  He suggested placing it into savings in case of a major emergency like being out of work unexpectedly for an extended period of time.

He also suggested paying off debt.  Gallagher said debt reduction is just as important as saving.

Lastly, Gallagher mentioned placing your refund check into a Roth IRA to invest in retirement.More Americans Planning to Save Tax Refund This Time

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