By Tim Kowols
Spending all of your tax refund in one spot is a common pitfall for many as the IRS begins accepting returns. According to CBS News, the average tax refund in 2016 was $2,860 and was often used to pay off debt and splurge on a major purchase. Gay Pustaver from Money Management Counselors says it might be a better idea to get an idea of your finances before you start spending.
Pustaver suggests treating the refund as income instead of free money so you can have a better idea on how to allocate the funds on a month by month basis. You can listen to the entire Money Management Monday interview with Gay Pustaver online with this story.