6A THE UNIVERSITY DAILY KANSAN
NEWS
FRIDAY, MARCH 11.2005
Photo illustration by Courtney Kuhlen/KANSAN
FINANCES
To SAVE or to SPLURGE on one's tax return
BY ADAM LAND
aland@kansan.com
KANSAN STAFF WRITER
Students plan their spending
With tax returns due soon and refunds usually sent six to eight weeks later, students have time to plan what they want to do with their government checks. The refund checks can be deposited earlier with e-file and direct deposit than with traditional paper returns, according to the IRS's Web site. www.irs.gov.
The student returns can vary from a few dollars to more than $1,000. Refunds are based on a filer's marital status, wages and outside income, such as stocks.
Some students use the money for necessities.
"I am going to put a lot of it toward school costs," said Ryan Henderson, Clearwater senior. "It will be nice to save it for next semester."
Henderson said he would be getting a few hundred dollars back this year.
Other students say they will save the money and either use the money toward tuition or loans.
"I am transferring to American University," said Katherine Whitson, Prairie Village sophomore. "The living costs are about three times as expensive as they are in Lawrence."
"I'm using that money to help pay for a road trip to New Orleans," said Jon Haugh, Leawood senior. "That money is going to help me get there for less than I would have started with."
However, amid the frugal saving and careful spending, some students prefer to spend their money now.
Other students said they would use their refund for rent, utilities and groceries.
Each student will have his own expenditures, but the trends this year seem to be either saving or splurging. The size and timing of the refund will determine each person's options.
Still, some students are saving the money to help pay for trips, either on spring break or this summer.
"I really want to save, and I plan on it," Henderson said. "But there will probably be a portion of it that goes to video games or just money for going out."
"What are you going to do with your income tax return?"
"I'd put it into savings and use it to help buy a car or for going somewhere." **Kourtnut** *Voegele*, Minnetonka, Minn., sophomore
"Spend it on a trip to New Orleans." Jon Haugh, Leawood senior
"Not much, it's only going to be $30-$40, but it will be a start towards an iPod or a new Xbox — mine blew up."
*Spenser*
*Harris*, Kansas City, Mo., junior
- Edited by Jesse Truesdale
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