Don’t Give the Government an Interest-Free Loan!

It’s tax season so it is time for a personal finance post.

Every year, it amazes me to hear young people get excited about a big tax refund. No one should give the government an interest-free loan.

If you’re not disciplined enough to save on your own, open an account that allows automatic savings and SAVE YOUR OWN money. See a tax advisor who can help you adjust your withholding so that you receive that money each paycheck rather than giving it to the government who will only give it back a year later, interest-free. Then, instead of spending your extra money each paycheck, you will pay yourself by putting it into a savings account.

I’ve had my checking and savings with ING Direct since before I started this blog five years ago and while the interest rates have dipped, they are still better than the local options. My paycheck is directly deposited to my checking account and then I have several savings accounts, which are automatically funded based on amounts and a schedule I created.

Remember, pay yourself first whether it is retirement, building an emergency fund or saving for vacation. Just don’t give the government an interest free loan! If you are ready to start saving and have $250, I highly encourage you to use a referral link below to open a savings account at ING. Then, set up an automatic savings plan.

I’m not going to lie, I love my year-end statements and seeing how much interest I’ve earned, plus, ING will tell you how much you’ve earned over the lifetime of your account(s) – keeps me motivated!

ING Direct Orange Savings – referral 1
ING Direct Orange Savings – referral 2
ING Direct Orange Savings – referral 3
ING Direct Orange Savings – referral 4
ING Direct Orange Savings – referral 5

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1 Comment

  1. Sherry
    February 7, 2011 at 4:30 pm

    I couldn’t agree more chic!! I did better when I knew better, cuz I did the same thing when I was young. Oops!!

    BTW thanks for the Tweet today!! Yes, Liberty Bell is still open, and the lake is still backed on weekends. I grew up in Fairfield north of Cincy and my family and I boated on Brookvile when I was a kid. Now the lake is 3 miles from our farm and I love it!!

    Are you a part of the Cincinnat Women Bloggers?!? If not, check it out! Also there is a conference for Blogging Moms at the Great Wolf Lodge coming up in July. It’s being put together by BloggyMoms.com. Check it out!

    Feel free to tell me about yourself, and your roots in Cincy by emailing me at citychiconafarm@gmail.com. Looking forward to hearing from you!!

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