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Personal Finance > Credit & Debt
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Find $10/day: Change your withholding
Tax refunds are really just repaid interest-free loans you gave to Uncle Sam. Don't be so generous.
September 24, 2004: 3:20 PM EDT
By Jean Chatzky, MONEY Magazine

SIX PAINLESS WAYS TO FIND THAT $10/DAY
• Reduce your credit card rates
• Refinance your mortgage
• Consolidate your student loans
• Refinance your car loan
• Get rid of mortgage insurance
• Change your withholding

NEW YORK (MONEY Magazine) - Did you get a tax refund last year? Do you seem to get one every year?

You may love the thought of getting a nice fat check to brighten up your winter or spring, but you should not be giving Uncle Sam an interest-free loan. (If the shoe were on the other foot, the government wouldn't give you one.)

Bottom line: It's your money, and you should be getting any gains from investing it or using it to pay down debt.

So figure out how much you'd benefit by increasing the number of deductions on your W-4 form. The Internal Revenue Service offers an interactive withholding allowance calculator at the agency's Web site.

Unless you're positive that you would save the extra money in your paycheck, you're better off applying it toward your debt throughout the year with automatic monthly payments.

FOUND MONEY: $______/MONTH  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.