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SAVING YOU MONEY: Tax Refund Savings

Updated: Tuesday, February 18 2014, 11:34 PM CST
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NASHVILLE, Tenn. - It's time to start planning ahead. Many of us will get a tax refund this year, so what should you do with the money? A survey by TD Ameritrade shows most of us, believe it or not, are planning to save. About half of Americans expect a refund and 61% say they'll save or invest. 21% will pay off debt. 18% will spend on necessities. Only 19% will make nonessential purchases. The key is to decide before the refund comes exactly how you'll use that money wisely, so you don't whittle it away until there's nothing left. If you still aren't convinced, this will get your attention. Bankrate.com found one in 4 Americans has more credit card debt than emergency savings. Bankrate says what's more troubling, Americans between 30-64, those prime earning years, were most likely to have more credit card debt than emergency savings.

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