How to make the most of your tax refund

And more of the week's best financial advice

A tax refund check.
(Image credit: B Christopher / Alamy Stock Photo)

Here are three of the week's top pieces of financial advice, gathered from around the web:

Making the most of your tax refund

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How the tax law affects divorces

The recently passed tax law "could make divorce an even more miserable experience," said Ben Steverman at Bloomberg. Until now, people who paid alimony could deduct the payments from their taxable income. But for divorces after Dec. 31, 2018, alimony will no longer be deductible. As a result, nearly two-thirds of matrimonial lawyers say they anticipate divorce negotiations will "become more acrimonious," because alimony payers will have less of a tax incentive to be generous to their former spouses. "Battles will ensue." The changes allow "recipients to omit the alimony they receive from their taxable income, but divorce lawyers don't expect that to offset the loss from a lower payout." The overhaul may also have "lasting consequences for child support," which is regularly calculated together with alimony.

Reward yourself with a savings plan

Want to save more money? First, aim low, said Russ Wiles at Arizona Central. Americans have long struggled to save, and despite an improved economic outlook and tax reforms, our savings rate "doesn't seem to be getting much better." To get started, begin with an automatic deduction — a small, set percentage of each paycheck diverted into a savings vehicle. That will instantly grow your savings without you having to think too hard about the process. Set your initial targets "low enough" to gain some momentum later on. "Saving a small sum is better than getting frustrated and abandoning the effort entirely." After achieving enough for an emergency cash reserve, set realistic new goals, and treat saving not as a chore "but as a bargain or reward."