If you are one of the many Americans whose savings plan has been impacted by a smaller-than-expected tax refund this year, it might be a good time to consider changing your financial planning approach.

Lots of people consider the tax return windfall they get every spring as an unofficial savings bonus. In reality, it’s a poor way to save money. The government ends up having your money until you file your taxes. That money does nothing for you while the government holds it. It’s not earning any interest, and it’s not being used to invest in any kind of growth fund.

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