NEW YORK (MainStreet) If you're waiting for a tax refund right about now, you're not alone. According to Time, 75% of taxpayers receive a refund each year and the average amount of a refund this year is just under $3,000.
You might be hoping to purchase a new big screen television to enhance your March Madness experience or you might be hoping for a down payment on a family vacation to Disney World.
However, financial experts say that if you're expecting a refund, you should spend the money a little more wisely, on items that might actually give you a return on your investment.
Of course, ever taxpayer is different and each situation unique but here are ten ideas on how to spend your tax refund and reap more rewards:
1. Emergency Fund: It may not be sexy or even fun to put your money back into an emergency fund, but it could save you in the event of, well, an emergency. If this past recession taught us all one lesson, it's that our lives can change in a minute. Colin W. Kimpel, a certified financial planner with Capitol Financial partners, recommends that you have three to six months of emergency funds built up in case the unthinkable happens.