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A tax refund—the result of making higher incremental payments to Uncle Sam in exchange for a big payday—is basically a mind trick. You end up with the same amount of money you would have had anyway, but by tweaking how the funds are delivered you fool yourself into thinking you walked into a ginormous windfall.
People seem to like this arrangement, and come to depend on the money they receive each April (or, in the case of 2020, up to July) to make their budget work.
The thing is, you don’t need the federal government to help you deceive yourself. There’s a tried-and-true savings trick that works much like a giant tax refund—it simply replaces the tax collectors in Washington with your trusted pals.
Let me introduce you to the lending circle.
Source: NY Times – Wirecutter
Keyword: Can You Trick Yourself Into Saving More Money?