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Invest in Your Financial Health: Tax Time Savings Tips

Release Date: March 27, 2024

For many people, making ends meet throughout the year is tough, and saving regularly may seem unrealistic. According to the Internal Revenue Service (IRS), in 2023, approximately 70 percent of Americans received a refund on their taxes. Although saving throughout the year can be a challenge, a tax refund may be the single biggest lump sum you will receive all year and can be the perfect opportunity to start or increase your emergency savings funds. Take advantage of tax time to prepare yourself for unexpected emergencies.


Steps You Can Take to Save at Tax Time:

  1. Plan to save part of your tax refund. You may already have plans for what to do with your refund. However, consider including saving as part of your refund in your planning to help if an emergency occurs, or if you need a little extra cash to meet a financial goal.
  2. Have a separate account you use to save. There are many options to choose from, including a regular savings account with a bank or credit union, an IRA, a savings bond, or a savings wallet on a prepaid card. Review your options and choose the most convenient way to set aside your savings. Then, set it up in advance so you are ready to use it during tax time.
  3. Automatically deposit some of your refund into a separate account when you file your return. If you are receiving a refund, use your tax form to tell the IRS to put the part you need right away into your checking account and the rest into a separate designated savings account. Do not forget to have your savings account information with you if you visit a tax preparer or free tax preparation site. 
  4. The Consumer Protection Finance Bureau has developed a guide with tips, resources, and information about different ways to effectively file your taxes.


To help you obtain financial security, the Employee Assistance Program (EAP) offers a financial services program to provide Financial Consultants to assist in answering your financial questions.

Last Updated: 03/27/2024
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