Are you getting a tax refund?
Save your refund and win money!
December 17, 2015 - Author: LaShawn Brown, Michigan State University Extension
Are you getting a refund on your tax returns? If so, are you planning to save a portion? According to a survey conducted by the National Foundation for Credit Counseling approximately 11 percent of Americans will increase savings with their tax returns. The largest category was paying off debt, which was about 68 percent. If you plan to save at least $50 of your tax refund, you can enter to win a grand prize from Save Your Refund.
Save Your Refund is a tax-time savings program offered by America Saves and Doorways to Dream fund (D2D) with the chance to reward those who save at least $50 with 100 weekly prizes and a $35,000 grand prize. Savers simply designate a portion of their tax refund to a savings account through Form 8888 to enter. You can save in any one of these products: U.S. Savings Bond, Savings Account, Certificate of Deposit (CD), Individual Retirement Account (IRA), myRA, 529 Educational Savings Account, TreasuryDirect Account, or a Prepaid Card. Learn more about this program and how to enter by visiting Save Your Refund’s frequently asked questions.
Learn more about saving money by taking one of Michigan State University Extension’s financial literacy and homeownership workshops throughout the year to help you become financially healthy. For more information of classes in your area, go to either the events page or the MI Money Health website. Additionally, you can take the Financial Health Survey at MI Money Health to access if you’re financially healthy and discover more ways you can improve your financial health.
Michigan State University Extension has released a valuable new toolkit for homeowners who are experiencing or have previously experienced foreclosure. This toolkit will equip these individuals and families with tools to help them recover their financial stability, in the case that a recovery of their home is not possible. The toolkit is available to download free at the MI Money Health website.