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Putting Your Tax Refund to Work

April 22, 2010

 The best thing about Tax Season? The green grass? Sunshine? Beautiful yellow jonquils everywhere? Naaaaah. Getting your state and federal refund checks in the mail!

Cindy Battles

If you, like me, have difficulty saving beyond occasionally stuffing the cookie jar, a refund check always comes as a blessing! It’s like someone did the hard work of saving for me… now all I have to do is decide what to do with it. For me, that means depositing it directly into my savings account. And feeling the wiser for it.

Why? Because in five years or 10 years or 30 years that deposit will grow and grow and grow. And before I know it, I’ll have a good chunk stashed away for whenever I might need it — especially knowing that the average refund weighs in at over $2000 (not remotely mine, I’m sorry to say, but thank you for that info, Forbes)!

If maybe it’s your first time saving your refund check, think of this as only the beginning. What if you were to create an automatic deposit of your paycheck into your savings account each pay period? Just think, $25 per week = $1300 per year. In 10 years, you’ve got $13,000 plus interest!

The best thing about a growing savings account? Knowing that you’ve created your own financial safety net — that you can take care of yourself by weathering a financial crisis. Nothing beats that security. 

So save your refund (which should be arriving soon, track yours here). A year, not to mention a decade, passes quickly and your savings will thank you.

You can do it!

Blue skies — also nice,

Cindy

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