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SOURCE Texas Credit Union League
Texas Credit Union Foundation offers tips for putting tax refund to good use
FARMERS BRANCH, Texas, Feb. 21, 2013 /PRNewswire-USNewswire/ -- For Texans lucky enough to receive one, a tax refund is like an extra paycheck. For others, a refund is an opportunity to replenish their "rainy day" fund, which dwindled as unexpected expenses occurred. Still others count on a tax refund to splurge on the vacation of a lifetime.
Consider this…According to a survey by the Texas Credit Union League (League), 23.8 percent of respondents are expecting a larger tax refund this year, while 41.5 percent are expecting a smaller refund. Another 34.7 percent of respondents are expecting about the same.
The majority of survey respondents (65.6 percent), say they'll use their refund to pay down debt, while 45.9 percent of respondents will save their tax refund. Only 7.3 percentage plan to make a major purchase with their refund, and an even smaller percentage will use it to take a vacation (4.3 percent). All in all, the results point to a tendency by Texas taxpayers to put their tax refund to work for them.
"Saving or paying off debt is sound financial advice that can immediately improve your personal finances," said Courtney Moran, executive director of the Texas Credit Union Foundation. "If your tax refund is substantial enough to start an emergency fund, do so. However, if your monthly budget is weighed down with monthly credit card payments, you're probably better off to use your refund to pay the balance down."
Moran suggests using a tax refund for one or more of the following:
TCUL is currently asking Texans if they are considering purchasing a home or car in 2013. That survey can be taken online, at https://www.research.net/s/MarPoll.
Media elements: Pie charts available online, at http://www.tcul.coop/consider_this.html.
About Texas Credit Union League
The Texas Credit Union League is the state trade association serving more than 500 credit unions in Texas. Organized in 1934, the Texas Credit Union League supports credit unions, not-for-profit, member-owned, volunteer-directed cooperatives, which in turn are owned by nearly eight million members. For more information, visit www.tcul.coop.
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