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Savings meet -- sweepstakes?
A program called SaveYourRefund wants to give you an incentive to boost your savings. It's running a contest offering cash prizes if you sock away at least a portion of your tax refund.
Now in its sixth year, SaveYourRefund is aimed at helping reduce the financial insecurity that comes with not having enough savings for a financial emergency.
To enter, you must fill out IRS Form 8888, which will break up your refund and direct-deposit it into two or more accounts. Accounts making you eligible for the contest include savings accounts, certificates of deposit (CDs), IRAs and U.S. savings bonds.
Is the contest worth your while? Heck yeah
All you have to do is send at least $50 from your refund into one of the eligible accounts. And here's the good stuff: You could win one of 100 prizes of $100 each! Enter a related photo contest, and you'd have a chance at one of the two grand prizes of $10,000.
That could seriously pad your piggy bank.
You can do this
Filing your taxes can be stressful, and adding yet another form to the mountain of paperwork might be a deterrent for some. But, by offering the prizes, SaveYourRefund hopes to convert spenders into savers.
And here's another plus: Having your refund direct-deposited into a bank account can help you get your money faster than waiting for a paper check.
Too many people admit they don’t have enough emergency savings to cover an unexpected expense of $1,000 or more. Putting your refund directly into a savings stash can help ward off financial woes.
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