The average amount of this year’s tax refund — over $3,000 so far — means many Americans can look forward to a decent chunk of cash landing in their bank accounts. And while you know that windfall from the IRS can help better your finances, it’s hard to resist spending your refund. But a psychological hack can make doing the smart thing a little easier.
Judson Bonick, a senior behavioral researcher on the Health Team at Duke University’s Center for Advanced Hindsight, suggests focusing on what he calls our “intention-action gap” — in other words, the gap between what we intend to do and what we actually end up doing.
“It’s all too common that even the best intentions often don’t translate into actions,” Bonick explains. “I’m definitely guilty of this. Most mornings, I promise myself I’m going to exercise 30 minutes that day. Most nights, I ask myself why I did not keep that promise.”
CNBC Select asked Bonick to share his tips on how you can make a meaningful promise you’ll keep when it comes to making the most of this year’s tax refund.
Haven’t filed your taxes yet?
While taxpayers have until Apr. 18 to file their returns, the sooner you file yours the sooner you receive your tax refund. Make sure to file your return electronically and choose direct deposit for payment to receive your refund as quickly as possible. Some of the best tax software on the market like TurboTax and H&R Block make it easy for you to file fast and accurately, in addition to helping you get your maximum refund.
Before you receive your t ..
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