7 Money-Smart Ways to Spend Your Tax Refund

Nearly 60% of taxpayers expect a refund this year, and many will receive a larger amount.

picture of refund line on a tax form
(Image credit: Getty Images)

The average federal tax refund so far this year is $3,103 – up 8% from the same period in 2021. But instead of using the money for a summer vacation, many people who are struggling with rising inflation will need to use their refunds to pay for gas and groceries.

If you're fortunate enough to have the essentials covered, you may be tempted to treat yourself to dinner at your favorite restaurant or a nice bottle of wine. Fine. But once you've scratched that itch, consider these ways to put the rest of your tax refund to work for you.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Sandra Block
Senior Editor, Kiplinger's Personal Finance

Block joined Kiplinger in June 2012 from USA Today, where she was a reporter and personal finance columnist for more than 15 years. Prior to that, she worked for the Akron Beacon-Journal and Dow Jones Newswires. In 1993, she was a Knight-Bagehot fellow in economics and business journalism at the Columbia University Graduate School of Journalism. She has a BA in communications from Bethany College in Bethany, W.Va.