SEARCH

Entries in Money Saving Tips (2)

Sunday
Mar032013

Non-Profit Urges Tax-filers to Save Tax Refund

iStockphoto/Thinkstock(NEW YORK) -- A non-profit group hopes to encourage tax filers to save a portion of their tax refund through a contest.

Doorways to Dreams (D2D) Fund is a non-profit group based in Allston, Mass. and founded by a former Harvard Business School professor, Peter Tufano. The group is awarding $25,000 to a grand prize winner and 40 weekly drawing prizes of $250 each to those over age 18 who use Form 8888 when they file their taxes with the IRS and put at least $50 in a savings vehicle. After participants file their taxes, they must also register at www.saveyourrefund.com by April 15 to enter the sweepstakes.

D2D, whose mission is to strengthen the financial security and opportunity of low- and moderate-income consumers, is using funding from Capital One Bank’s Investing for Good program, the Annie E. Casey foundation and other philanthropic sources for the contest.

Since the contest launched Feb. 1, Timothy Flacke, executive director of D2D, said it has received hundreds of entries.

“The reason we’re doing it is to shine a spotlight on this opportunity that savings represent,” Flacke said.

Because many middle- and low-income tax filers receive large tax refunds this time of year, “it’s the best time of year to try to save,” he said.

The sweepstakes’ website highlights the stories of a number of the weekly winners, some of whom say that until the contest, they had not heard of the little-known IRS program that allows you to invest your tax refund in a savings vehicle.

“We know a lot of people don’t understand an IRS infrastructure exists to have large refunds to an IRA, prepaid card and savings bond,” Flacke said. “The idea is to shine a spotlight on this and to bring an element of fun.”

President Obama announced the Tax Time Savings Bond plan in September 2009.

About 45,000 Americans have saved $11 million in U.S. savings bonds at tax time with a portion of their tax refund, with an average of $244 per family, according to D2D in 2011; and 73 percent of the 2011 users of the tax time savings bond policy had household incomes, or adjusted gross income, below $50,000.

Copyright 2013 ABC News Radio

Wednesday
Jan182012

How to Save Money at the Grocery Store

George Doyle/Stockbyte(NEW YORK) -- Saving used to be simpler. Now, thanks to rising food prices and shows like Extreme Couponing, cutting and clipping has become an art form.

Teri Gault is the founder and CEO of The Grocery Game, a website that provides consumers with weekly lists of the lowest-priced products at their local grocery stores. Gault says her site helps people save up to hundreds of dollars per month. Here is a list of her top tips:

Stacking Sales -- or, combining coupons with in-store deals.

"Investing" -- buy in bulk when things go on sale, Gault says, so you won't have to pay full price later. In other words, don't wait until you run out.

"You don't even have to cut coupons to cut it [your monthly grocery bill] in half," says Gault. "You just invest. "But adding a coupon saves you about 67 percent on the average."

Timing -- Many people don't realize you don't have to redeem your coupons the same week they come in the paper. Coupons usually expire in three months, so you can play your coupons like a card shark.

Final Note: You can donate expired coupons to military families overseas, who may use them for up to six months past the expiration date. One place to do so is this Facebook page. StockpilingMoms.com donates all of their expired coupons to their local American Legion Auxiliary. Coupons must be clipped and bundled with rubber bands.

Copyright 2012 ABC News Radio







ABC News Radio