@tacpoly wrote:
@KiaBec wrote:
@youdontkillmoney wrote:I will be using it as part of a downpayment for a mortgage this year.
That's an odd way to save, specially as you are not getting any interest while the government has it. Why not just make automatic deposits into your account?
^^^^^^^
I sometimes have no self control and therefore need to force myself to save by not having access to the cash. so I pay extra in taxes understanding theoretically I should not give the gov a free loan and save myself/invest etc.
I seem to be doing ok with the money in my paycheck so I dont need it, and its been working fine for the past few years, getting $13K each year back. Putting it in an IRA locks me out of it if I want to spend it for a home etx (though can make a one time withdraw of $10K).
Anyway, thanks for the advice everyone,.....you are all of course 100% correct. But I think of it as forced savings and not having to pay a surprise tax bill.
I totally get it and this its a great idea!!! I will definitely look into this for myself!There are better ways to save than giving the money to the government for a year and not earning any interest on it. Have you tried doing a direct deposit / automatic deduction into a completely separate savings account? The people I know who have trouble saving don't have trouble when the money is taken out of their paycheck before they even see it. This way you at least earn a small amount of interest and if there is a true emergency you wouldn't have to wait to file taxes to get it.
Hi Tacpoly
No I haven't considered that, but thank you I will look into it as well. Let me just say that I'm not trying to do long-term savings. It will only be for two yrs, for I am aiming to payoff my $24,000.00 SL. I will definitely look into the percentage rates, but if it's not that much of a difference then, to me, it wouldn't be worth it for this short-term goal. I'm aiming to payoff my SL by the end of 2017.
Current the only card that I have.
@tacpoly wrote:
@KiaBec wrote:
@tacpoly wrote:There are better ways to save than giving the money to the government for a year and not earning any interest on it. Have you tried doing a direct deposit / automatic deduction into a completely separate savings account? The people I know who have trouble saving don't have trouble when the money is taken out of their paycheck before they even see it. This way you at least earn a small amount of interest and if there is a true emergency you wouldn't have to wait to file taxes to get it.Hi Tacpoly
No I haven't considered that, but thank you I will look into it as well. Let me just say that I'm not trying to do long-term savings. It will only be for two yrs, for I am aiming to payoff my $24,000.00 SL. I will definitely look into the percentage rates, but if it's not that much of a difference then, to me, it wouldn't be worth it for this short-term goal. I'm aiming to payoff my SL by the end of 2017.
I am advising you to put your money into a savings account rather than taking extra tax out of your paycheck to get it back after you file taxes. Putting money in a savings account does not mean it has to be a long-term savings; all it means is that it is separate from checking -- a place to put money that you don't want to constantly access or spend.
When you want to do long-term savings, I suggest you open an investment account.
But taking extra tax out of your paycheck should not be your first savings strategy -- it shouldn't even be in your top 10. It just is not smart.
Right, I understood you the first time. Again, thank you and I will look into it.
If I get any back I will put into a travel fund for my gf and I as one of my new years resolutions this past year was to see more places and make more memories. Life is short, gotta have some fun ... while not negatively impacting my credit score that is! 
Stimulating my savings account. 
Keeping more of my own money all year and not giving the government an interest-free loan of my money. I plan out my taxes so I pay in just about the right amount that is owed during the year, and it's very good that way. 