It is probably safe to say that most of our Renewal by Andersen of Long Island friends and neighbors don’t enjoy filing state and federal tax forms every year. But, for the people who expect a large refund, it is worth the effort. GOBankingRates.com calculates the average refund this year will be around $3,000. So, how will you spend your refund check? Will you use it for a big purchase such as replacement windows or patio doors?
Here is what other people did with their tax refunds last year, according to GOBankingRate surveys.
- Roughly 38 percent of Millennials paid down debt in 2018, and 27 percent of all age groups planned to pay down their existing debt in 2019.
- Younger adults — those under 35 — chose investing, and almost 25 percent of young adults plan to invest their 2019 refunds.
- Among all age groups, adults aged 45-54 are the least likely cohorts to choose to invest their refunds. Only 6% of study respondents said it was likely they would buy stocks, bonds, or investment property.
- While Millennials were most likely to pay down their debt, 18-24 year olds also were the group with the highest percentage of splurgers — 5 percent planned to take a vacation, do something fun or just enjoy their found money.
Free Money vs Delayed Spending
People who look forward to a large tax refund often consider the annual windfall extra money. However, a tax refund isn’t additional money, it is actually money you’ve earned and loaned to the United States government interest free. It is like a savings account without any perks that you have to file a tax return to access.
Although, it is nice to get your money back in a lump sum, many financial experts and accountants say that ideally workers should carefully calculate their tax liability and change their deductions, so they have access to their money throughout the year instead of loaning it to the government.
Big Purchase Items & Tax Refunds
Some adults will spend their tax rebate on a new automobile, furniture, or as part of a down payment on their first home. Others use the money for cosmetic surgery or braces for the kids. Tax refunds also help homeowners pay for energy-efficient appliances and home upgrades like Energy Star certified replacement windows and patio doors.
While it isn’t likely you can pay for 100 percent of your total home replacement windows project or buy a brand-new car with a single refund check, tax filing season is an excellent time to make the investment.
What to Look Forward to When Shopping for Replacement Windows
Investing in home upgrades is a wise financial decision. Money invested wisely today usually nets a higher return on investment in the future.
When shopping replacement windows and patio doors, look for:
- Windows and doors with Energy Star certification that demonstrates high energy-efficiency performance
- Replacement windows and patio doors backed with an exceptional warranty package
- A brand that provides skilled, experienced installers, at no additional cost
- Affordable solutions with customization options that allow you to upgrade insect screens, operating handles and levers and locking mechanisms
- A local representative and point of contact before, during and after the installation
Call Renewal by Andersen of Long Island Replacement Windows & Patio Doors When You’re Ready to Invest Your 2019 Tax Refund Check
Renewal by Andersen of Long Island offers a full line of Energy Star replacement windows and patio doors for your home. Whether you prefer double-hung windows or horizontal sliders, we can help you enhance your energy efficiency to make your home less expensive to maintain. To learn more, just fill in the short form on this page or dial 1-877-313-9052.
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