Saving at Tax Time Through SaveYourRefund

by Lindsay Ferguson, America Saves Director of Strategic Engagement

More than half of all Americans have no savings to help them cope with even small emergencies. Yet more than 100 million taxpayers get refunds from the IRS each year. For many individuals and families, that tax refund is the largest check that they will receive all year, the perfect windfall to start or grow an emergency fund.

In the 2019 tax season, SaveYourRefund will once again offer tax filers the chance to win cash prizes for saving a portion of their tax refunds. Now in its seventh year, SaveYourRefund is a partnership between Commonwealth and America Saves that provides fun and exciting incentives for Americans to save at tax time when households making less than $50,000 claim $100 billion in federal tax refunds. A chance to win one of two $10,000 grand prizes or one of 100 smaller prizes of $100 is enough to turn a savings skeptic into a savings believer.

Last year, SaveYourRefund helped over 3,400 tax clients save over $2.9 million and gave away $35,000 in cash prizes. We’re looking forward to building on last year’s success and continuing to reward those who save at tax time with 100 weekly prizes and two $10,000 grand prizes.