2015 tax refund irsNow that tax season is underway, many people are starting to receive their 2015 tax refund. In fact, it’s no real surprise that many of those accepting refunds already have them for 2015.

But what are these Americans doing with the 2015 tax refund? With the great recession still on the minds of many, and with concerns about the future weighing heavily, it shouldn’t be a surprise that many Americans are choosing to be careful with their money, according to a BankRate survey.

Using Your 2015 Tax Refund to Better Your Financial Situation

According to the survey, 31% of those who are receiving a refund plan to save or invest it. This is a smart move because it means that more people are planning to put their money to good use. Using your tax refund to save for emergencies can be a good way to help shore up your finances against the unexpected. Investing is another smart move because it puts your money to work for you for the future. If you want to shorter finances now and future savings or investing is one of the best things you can do with your 2015 tax refund.

Another way that Americans can improve their financial situation is to pay down debt. According to the BankRate survey, 28% of Americans want to use the 2015 tax refund to pay down debt. This is a very good way to improve your financial situation since it offers an instant return on your money. Paying off high interest credit card debt can be one way to improve your situation and prepare for the future.

Finally, 27% of Americans say they want to use the 2015 tax refund to pay for necessities. Is necessities include items such as food and utility bills. This number indicates that there are some Americans who feel that they’re falling behind financially. A tax refund can be one-way for them to meet their needs. Unfortunately, once that tax return is gone they have to find another way to meet their obligations.

What About Vacations and Shopping Sprees?

The data indicates that only about 6% of Americans plan to splurge with the 2015 tax refund. For the most part it appears that Americans are more interested in shoring up their finances then having a good time.

There is something different in these numbers, however. Last year only 3% of Americans plan to vacation or splurge. This means that even though most Americans wanted to save your money and improve their financial fortunes, there are some that starts to believe that there any better position to spend more frivolously.

BankRate reports that the average tax refunds so far this year is about $3,053. That represents a $5 increase from last year. If you are receiving a refund that’s a pretty good chunk of change. About 51% of Americans expect to get a refund this year, or they have already received one.

Whether you decided to invest, save, pay down debt, or go on vacation, your 2015 tax refund can make a difference in your finances.