Why Savings Matters
American households, including low- and moderate-income (LMI) households in particular, do not have enough savings to cover unforeseen expenses. Nationally representative data from the Pew Charitable Trusts (2015a) find that 41% of households do not have liquid savings to cover a $2,000 expense in the case of an emergency; for low-income families that rate increases to 78%. Yet, financial emergencies are frequent: 60% of American households report a financial shock within the past year (Pew Charitable Trusts, 2015b).
Resources for Sites
- This manual will help site coordinator’s think about Savings as an integral part of their VITA operations. Get information on the importance of savings, how to implement and integrate it at your tax site and other useful tips and tricks!
- Instructions for how to complete Form 8888 Split Refund on TaxSlayer: TaxSlayer Blog Post
- Trilingual Video Link: https://vimeo.com/113330878
- Chinese Video Link: https://vimeo.com/113330509
- English Video Link: https://vimeo.com/113330508
- Spanish Video Link: https://vimeo.com/113330507
Clients have two opportunities to WIN big when they Save part of their refund!
- EKS Savings Raffle: local savings raffle. Save at least $50, via split refund (Form 8888), and enter to win $100. Winners will be drawn in mid-March and late-April.
- Link to local EKS Savings Raffle: www.surveymonkey.com/r/saveraffle
- Note: You will need to enter the client’s:
- First and last name
- Phone number
- Tax site name
- For weekly, you will need:
- Contact Info – First and last name, Phone number AND/OR email, Zip code, State of Residence, Tax preparation site
- Savings Info – Total amount of refund, Amount deposited in each account, Type of each account used, Amount used to purchase bonds (if applicable)
Other Savings Resources
- CFPB Savings Material– EKS is part of a national movement to increase Savings at Tax Time. Go here for more information: http://www.consumerfinance.gov/tax-preparer-resources/
- MyRA – Help your clients join the retirement savings initiative created by the U.S. Department of the Treasury by opening up a myRA account. It costs nothing to open, has no fees or minimums, and is backed by the U.S. Treasury.
- EARN Starter Savings Account