by Judy Corbus | Feb 10, 2016
As W-2 forms and other receipts start rolling in, we’re reminded that tax season is upon us once again. It’s exciting to get back some of your own hard-earned money in the form of a tax refund! Saving a portion of your tax refund can be a big step toward meeting your savings goals, so it’s no surprise that a 2015 tax season survey found that a majority of those who receive a refund planned to save it.
This tax season, reward yourself for saving some of your refund by entering for a chance to win $25,000 through SaveYourRefund. SaveYourRefund has 101 cash prizes, including 100 weekly prizes of $100 and one grand prize of $25,000. Making smart financial decisions isn’t always easy, but splitting your refund couldn’t be simpler. Follow these quick and easy steps to enter to win in 2016:
- Use Form 8888 to split your refund. Entry to win with SaveYourRefund starts with splitting your refund into savings.
- Save $50 or more of your tax refund. In order to enter, use Form 8888 to save at least $50. There are a number of accounts you can save into including a savings account, a U.S. Treasury Direct account (savings bond), and a myRA retirement account.
- Visit SaveYourRefund.com to enter. You will automatically be eligible to win one of ten $100 prizes that will be given away every week from the start of the contest until the end of tax season.
- Upload a picture here that represents your savings goal or motivation, and you’ll be entered to win the $25,000 grand prize!
Need tax assistance? Take advantage of a Volunteer Income Tax Assistance (VITA) program. VITA programs offer free tax help to those who generally make $53,000 or less, persons with disabilities, the elderly, and limited English speakers.
Get ahead of your financial goals by splitting your tax refund into savings, and reward yourself with SaveYourRefund!
Source: Tammy Greynolds, AmericaSaves.org.
by Ricki McWilliams | Oct 30, 2013
Last year, the Consumer Federation of America (CFA) and the Credit Union National Association (CUNA) found that 12 percent of people said they were planning to spend more during the holidays than in the previous year. That number was up from 2011, where only 8 percent planned on spending more than in the previous year. This year, help reverse this trend and plan on spending less and saving more. Remember, it’s the thought that counts, not the amount you spend. Helpful tips for spending less and saving more:
- Make a Budget and a List: Decide how much you can afford to spend and stay within that budget. Make a price list of all gifts and other holiday items you plan to purchase. Take the list with you shopping to avoid overspending and impulse buys.
- Comparison Shop: You can easily save more than 10 percent on most items, sometimes considerably more, by comparing prices at different stores. The Internet and smart phones have made comparison shopping that much easier. But when shopping online, shop wisely. Be sure you are purchasing from a secure site and review emailed statements for accuracy as you receive them.
- Make Time Your Ally: The reason to start sooner rather than later is that when you delay, you pay. At the last minute, you have to settle for something, and it might cost more than you had wanted or planned to pay. Another benefit to starting early: It gives you more time to find the “right” gift and avoid impulsive decisions, which too often leave you less happy with your purchase.
- See what’s in your supply drawer: You may have more wrapping paper, ribbons, unused cards, and gift boxes stored away from last season than you realize. Use up those holiday supplies first to trim down the amount you’ll have to buy this season.
- Find Some Low- or No-Cost Ways to Celebrate: Adding a few changes can ease the strain on your spending budget. For example, draw names to reduce the number of people you have to purchase gifts for; give homemade items; make your own gift wrap; or organize a potluck rather than trying to make, and pay for, the entire holiday meal yourself.
With the money you save on gifts, you can give yourself the gift of financial freedom by paying down debt or building your emergency savings fund.
Need help finding ways to save? Take the America Saves pledge to make a commitment to yourself to save and to receive emails and/or text messages to keep you motivated. (America Saves, managed by the Consumer Federation of America (CFA), is a non-profit research‐based social marketing campaign that seeks to motivate, support, and encourage low- to moderate-income households to save money and build wealth. Learn more at americasaves.org.
Source: Katie Bryan, America Saves Communications Director
Additional ways to make a difference in YOUR financial future:
FREE ON-LINE CLASSES: Participate from your office, home, or web-enabled device. It is easy! Visit the registration link to reserve your spot. Then log on the day of the webinar to participate. All webinars are scheduled 11:30am – 12:30pm (CST).
• Credit Use and PowerPay Debt Reduction Tool – October 30
This webinar will cover strategies for wise credit use, factors that impact credit scores, and methods to pay off debt using a free, self-directed debt reduction program called PowerPay. Registration link: http://bit.ly/PowerPayToday
• The Cost of False Health & Nutrition Promises – November 1
This webinar will cover some of the myths and misleading claims that induce consumers to spend time and money on health products & supplements that have not had enough scientific scrutiny. Registration link: http://bit.ly/FHCCost
• 5 Simple Steps to Seasonal Savings – November 13
This webinar will cover seasonal stressors, developing a holiday spending plan, alternatives to pricey gifts, and fine-tuning your financial plan for the holidays. Registration link: http://bit.ly/ssss2103
To view archived webinars, please click here.
