Use tax time to save

Saving for sudden expenses, future purchases, or big financial moves can be hard. So why not save some of your tax refund? You can use it to build an emergency fund or start a nest egg.

Financial savings tools

You’re not alone when saving for your future. Check out our tools and resources that can help you make the most of your savings and achieve your financial goals:

Saving for the future

Thinking about starting a retirement account? The Department of the Treasury has a new retirement savings account option called myRA. Here’s what makes myRA a good savings option:

  • It’s simple. If you have unexpected expenses you can withdraw your money any time you want with no penalty.
  • It’s safe. Because the U.S. Treasury backs myRA, your investments are secure.
  • It’s affordable. myRA has no maintenance fees, and you can contribute as little as you want on a one-time or ongoing basis.
  • It’s portable. If you change jobs you won’t have to transfer your myRA account.

Automatically save with your tax return

There are many ways to save your tax refund. By setting up direct deposit with the IRS, you send your refund to one, two, or even three accounts next year.

General saving questions

From questions for those just starting to think about long-term savings, to those looking for detailed financial help, we have the answers:

Have questions about saving or other consumer financial products and services? Search for answers or ask your own question on Ask CFPB.