Check out some tips from our SaveYourRefund Partners below!
At CAP Services, we inspire clients to choose long-term savings. Many split their refund between a bank account and savings bonds for their kids’ & grandkids’ future! Our VITA site in Wautoma, WI has been STELLAR at encouraging taxpayers to choose savings bonds — 60% of those who split their refund have purchased bonds. It’s been gratifying for our volunteers to see just how excited taxpayers get when they realize the impact of making a contribution toward their childrens’ and grandchildrens’ futures
CAP Services, Inc., Wautoma, Wisconsin
Prepare + Prosper sees tax time as a money moment, an opportunity for those receiving refunds to save for a long-term goal or build an emergency fund. For many, it’s the one time of year when putting someaway is possible. SaveYourRefund takes the selling out of savings conversations for our volunteer tax preparers – the most effective messenger on saving some of your refund. More often than not, volunteer tax preparers lead with 100 chances to win $100 when asking taxpayers if they’re saving some today. It makes starting the conversation of saving easier and ultimately more exciting. In 2014, Prepare + Prosper launched its “Got Some, Save Some” campaign. That, coupled with SaveYourRefund, has made saving visible, fun, and attainable. During the 2016 tax season, 1,234 taxpayers saved $1.9 million of their refunds.
Prepare + Prosper, Minnesota
C.A.S.H.’s mission is to help working families get, keep, and grow their money. SaveYourRefund helps C.A.S.H. clients keep their refund and plan for the future. C.A.S.H. promotes asset building so that clients can function beyond living paycheck to paycheck and SaveYourRefund gets C.A.S.H. clients wanting to save money for their families, education, and large purchases. SaveYourRefund plants the seed of saving to countless clients and starts the conversation of opening a savings account or buying a savings bond. Often a client opens a savings account just to participate in the program and keeps the account for future endeavors.
The typical client receives an average tax refund of $2,000 and generally, this is the most money they will have at any time during the year. The SaveYourRefund program incentivizes them to save that money. This is why tax-time saving is vital. Saving a portion of federal refund can break the cycle of poverty by enabling people to pass wealth and opportunity to future generations. It is easier to encourage saving when the person has not seen the money because they will not be tempted to spend it.
C.A.S.H. Coalition of Rochester, New York
The Center for Economic Progress (CEP) is a nonprofit organization based in Chicago, Illinois. Through our 1,000-member volunteer corps, we provide trusted tax and financial services to 20,000+ working families across Illinois. Armed with the success of the past 25 years, CEP, through its philosophy of service with dignity, empowers low-income residents of Illinois, providing options and opportunities while raising awareness about ways they can keep more of what they work so hard to earn.
Nationally, households with less than $25,000 in income have savings to replace only six days of income, leaving them vulnerable to unexpected emergencies. The typical white household has slightly more than one month’s income in savings, compared with just 12 days for the typical Latino household and only five days for the typical African American household. In CEP’s 2015 survey of over 17,000 tax clients, 62% stated they had no emergency savings. Many of our clients express a desire and intention to save but need support and tools to put their intentions into action. Our partnership with SaveYourRefund has helped us focus our efforts in supporting our clients as they leverage the tax moment and consider saving all or part of their refund.
By organizing a $100 weekly and a final $25,000 grand prize sweepstakes, SaveYourRefund gives our staff and volunteers the tools to promote saving in a way that helps make it fun and enjoyable! When someone saves at our tax site, the whole site has reason to celebrate. We ring a bell, do a dance, and wish them luck in winning! This would not be possible without the partnership and dedication of SaveYourRefund.
Center for Economic Progress, Chicago, Illinois