With prices are up 6% over the past 12 months, a tax refund can help offset the strain of those higher prices.
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As of March, prices are up 6% over the past 12 months, according to the most recent consumer price index. At the same time, just over half of filers are expecting tax refunds for the 2022 tax year, with an average expected refund of $2,205, according to the. Financial experts say consumers can use that windfall — which is really just a delayed paycheck that you already earned — to help offset the strain of those higher prices.
Similarly, you could take care of other delayed financial tasks, such as buying life insurance. “Revisit your family situation,” Cheng urges, especially if you have younger children.In many real estate markets, rising home prices along with the higher interest rates make it harder to buy your dream home. Instead, use your refund to improve your current home, suggests Ryan Greiser, a certified financial planner and the founder of the financial firm Opulus in Doylestown, Pennsylvania.
For your outdoor space, invest in a chicken coop and gardening supplies to harvest eggs and vegetables — all of which have become pricier at the grocery store — suggests Tim Melia, a certified financial planner who is the principal and financial planner at Embolden Financial Planning in Seattle. If you have neighbors with skills such as carpentry, you could barter with them for additional savings.
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