‚ÄčAre you waiting for a big tax return this year? If so, what do you plan on doing with it?  GO Banking Rates recently asked that very question during a survey. What they found was interesting. Here’s what people said they planned for their return:

  • 41% - Put it into savings
  • 38% - Pay off debt
  • 11% - Go on a vacation
  • 5% - Make a major purchase (car, home, etc.)
  • 5% - Splurge on a purchase

The National Association of Realtors wonders if this could help with the biggest challenge people have when buying a home, which is saving for the down payment. A recent post in NAR’s Economists’ Outlook Blog noted that “With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”

Even though only 5% said they were making a major purchase, 41% said they were saving it. If you’re part of that group, then you could save that money toward purchasing a home, if owning a home is your goal.

So how are you spending your tax return?