When you're making out your holiday shopping budget, don't confuse Santa with Uncle Sam.
Of those Americans who expect to receive a tax refund next year, 54 percent have already decided how they'll use that money, according to a new survey from Credit Karma Tax. (See chart below for a breakdown of refund uses.)
The site surveyed 2,094 American adults during October.
Millennials were most likely to be planning ahead, with 63 percent having a refund plan in mind, compared with 52 percent of Gen Xers and 42 percent of baby boomers. Women were also more likely than men to have a plan, at 57 percent versus 48 percent.
Financial experts say it's not a bad idea in general to have a plan for windfall money like a bonus or tax refund. That can help you prioritize — especially if they have a big financial goal they're working toward, said Kemberley Washington, a certified public accountant and co-founder of Washington CPA Services in New Orleans.
"It's good that individuals are thinking ahead with what they're going to do with their tax refund," she said.