Tax Day has come and gone and hopefully you filed on time. And now, if you’re lucky, you’ll get a nice refund from the Internal Revenue Service. In fact, eight in 10 taxpayers get money back and according to a new IRS report, the average tax return is $3,050.
So if you’re expecting a tax refund, what’s the best way to spend it? Your responsible side probably wants to pay bills or pay down credit cards, but where’s the fun in that? Your CPA has probably advised you to deposit your return into a high-interest savings account, but that’s not any kind of fun either.
But studies have shown that spending even just a small part of your tax return is good for your happiness and well-being. The thing is, what you spend your money on makes a difference.
Researchers from Cornell University have found that splurging on material things gives you a “fleeting high,” but spending on experiences - like a vacation with loved ones - offers “long-term joy.” So science says take the trip, you’ll be happier in the long run. Now you just need to decide where to go!
Source: My Domaine