100 Days of Christmas Savings: Day 35, Save Your Tax Refund for Christmas

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100daysrefundThis is a tip that is passed for this year, but great to keep in mind for next.

Depending on when you file your taxes, you get your tax refund from early February to summer. Before you know it, most of your refund is frittered away on bills, meals out, and little treats for your family. Then you have nothing to show for it!

Before you start spending any of your tax refund, set aside part of it for Christmas spending. The amount you put aside depends on your Christmas budget and how big your refund is. Decide how much you’re going to save and stick it in your Christmas savings account.

As an alternative, adjust your withholding status so you get more money each pay period. When you overpay on your taxes, you are basically giving the government an interest-free loan.

If you have the discipline to save extra from each paycheck, talk to your accountant to see how you can change your withholding status!

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