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If you Google “how should I spend my tax refund,” the search engine spits out more than a million results.
People seek answers to the question ever so urgently as the April 18 tax deadline nears and expectations rise that a check will land in their mailboxes soon.
It’s intoxicating, the thought of that money becoming available. A survey by Capital One of 1,000 adults, conducted March 2-5, found that 51% feel good about spending the refund on needs, but 23% wish they could spend it on what they want.
And while 56% view their income tax refund as money owed them and 17% see it as extra money for debts and needs, 12% view it as free play money, the survey shows.
“There are countless ways to misspend your refund: Vegas, the lottery, a brand-new automobile, hookers and coke. But rather than thinking like a consumer, think like a saver,” says William Davis, CFP professional, executive vice president of Apex Financial Advisors.
Here are 6 ways not to spend your tax refund in 2016.
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