Tax season is here, and for many people, that means tax refunds. While it can be tempting to splurge on a big expense or use the money to travel, you may want to consider putting your tax refund into your savings. If you do so every year, it can help put you in an excellent position for retirement, even if you can't afford to regularly save otherwise.

Below, I'll show you just how much you could end up with in your portfolio if you were to invest your tax refund every year.

Your taxes will vary year to year, but for the last filing season (2022), the average refund was $2,753. In the two years prior to that, the average was $3,012 (2021) and $2,865 (2020). That averages out to $2,877 over the past three years, and that's the amount I'll use for my example.

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Source Fool.com