Of 45,000 tax-savings pledge entrants, Texas woman wins $5,000 grand prize
Dallas, Texas – EARN, a nonprofit transforming lives through the power of savings, announced the winner of the national $5,000 SaverLife Grand Prize Story Competition. EARN’s SaverLife program builds a habit of saving and creates financial security for hundreds of thousands of individuals across the country. One of those individuals, Derkisha Wofford, was presented with the $5,000 check at her home today. SaverLife’s Grand Prize Story Competition is supported by a grant from the Intuit Financial Freedom Foundation.
Tax time is a crucial opportunity for families to save money. For many Americans, their tax refund is the largest cash infusion they get all year. With the support of Intuit, makers of QuickBooks, TurboTax, and Mint, EARN launched the SaverLife Tax Pledge, a limited-time promotion to encourage more Americans to save part of their 2018 tax refund. Participants entered to win cash prizes for saving their refund and continuing to save in the subsequent months. In addition to these prizes, savers could submit a photo and caption to enter the $5,000 Grand Prize Story Competition.
Derkisha, a mother of five, saved her tax refund for her family’s safety and security. Over the past few years, she’s learned more about saving and budgeting. She developed the discipline to become more financially confident. “Saving has a HUGE impact on my family’s lives,” she says. She will use the $5,000 prize will help get her closer to her goal of “buying land to one day build our forever home.” She wants stability for her family, and a home is part of having that security.
“Last year, people who took the SaverLife Tax Pledge were 2.5x more likely to save part of their tax refund than those who did not,” said Leigh Phillips, CEO of EARN. “We doubled down on pledges this year and nearly 45,000 people pledged to save $60M of their tax refunds.”
Derkisha’s photo and story were chosen by a panel of judges. Entrants were asked to share their motivation for saving their tax refund and the impact that saving had on their life. One judge, Dasarte Yarnway, co-founder & CEO of Berknell Financial Group and host of the Young Money podcast, was “moved by the dedication the entries – many of them have overcome great obstacles to save for life-long goals. SaverLife is a compelling saving incentive, even for people who’ve never saved before.”
SaverLife awarded nearly $50,000 in prizes for taking positive tax-time actions like pledging and starting to save. Tax season is a prime savings moment, with 101 million households receiving over $277 billion in federal tax refunds, an average of $2,729 per filer in 2019.
“Tax time is a unique opportunity – one where you can take stock of your finances and where many receive their largest paycheck all year,” said Susan Mason, Director of the Intuit Financial Freedom Foundation. “Matching the power of that moment with a program like SaverLife can be a powerful combination. We are proud to support this program and bring awareness to tax time savings opportunities so those like Derkisha can save for the future and help them prosper.”
EARN.org is an award-winning nonprofit that transforms lives through the power of saving. Since 2001, we have helped over 150,000 families across the country save for a better future through SaverLife, our flagship program. SaverLife starts small and builds a habit of saving, creating long-term financial security, confidence, and pride. Almost half of Americans don’t have $400 saved for an unexpected emergency. The constant financial instability this creates leads to fear and anxiety for families. Saving helps focus on the future and creates a path to prosperity that affects multiple generations. EARN.org SaverLife.org
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