For those of you who are entitled to one, refunds are what make tax time worth it. Taxes can be a tedious process, but the annoyance is soon forgotten when that refund check gets deposited. It feels like having the keys to the city, doesn’t it?
According to our researchers, the 2011 tax year (filed in 2012) resulted in almost 11.5 million refunds with an average refund of $2,803. That’s a lot of money to spend. And most of that money went towards debt, savings and other important necessities rather than fun, lavish expenditures.
Check out our infographic below and see how your refund spending habits compare with people across the country.
Photo credit: Getty ThinkStock and Demand Media