According to the IRS, around 72% of Americans received a refund on their taxes in 2019. This extra cash may be the largest check some people receive all year and can be a perfect opportunity to start—or grow—your emergency savings funds.
Learn how your tax return can kickstart your savings. The Consumer Financial Protection Bureau’s guide walks you through some fast and easy ways to use your tax refund to increase your savings.
Watch the short video and read the CFPB Tax Guide
This guide will cover the following topics:
Sign up for the CFPB Savings Boot Camp, a six-step email course to help you on your savings journey.
Building an Emergency Fund:
Setting up a dedicated savings or emergency fund is one essential way to protect yourself, and it’s one of the first steps you can take to start saving. By putting money aside—even a small amount—for these unplanned expenses, you’re able to recover quicker and get back on track towards reaching your larger savings goals.
This guide will help you answer the following questions:
https://www.consumerfinance.gov/start-small-save-up/how-to-use-your-tax-refund-to-build-your-emergency-funds/?utm_source=newsletter&utm_medium=email&utm_campaign=TaxTime_P&utm_content=March20
Source: Financial Planning for Women