52 Week Money Challenge

[goliath1812]

Originally Posted by *MAD DOG*

However I have also nominated at work for them to take $50 extra a week out in tax. Therefore i'm overpaying my tax and I get it back when I do my tax return. $50 x 52 = $2,600

Sorry for bringing up an old quote, but I just saw this. Wouldn't it be more beneficial to take that extra $50 a week, and have it put into an interest bearing savings account, instead of overpaying towards taxes? That way at the end of the year, you'll still have that $2600, but it will be in your own account (not waiting for your refund), and you'll have extra interest on top of it.

Paying extra every week to taxes is essentially giving the government an interest free loan for a year.