Military Saves Blog

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Tips, advice, and the latest news from the savings world.

Five Things to Keep in Mind this Tax Season

Income Tax Tips
Written by Lila Quintiliani · 25 January 2021

Is it really that time of year again? I admit it: I dread tax season. I hate gathering my paperwork, tracking down my W2, making sure I have all my interest and dividend statements. Taxes will never be something I enjoy, but at least I can be prepared. Here are five things to help get you ready for this year’s tax season. 

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What You Need to Know About Payroll Tax Deferral Repayment

Income Tax Tips General Savings
Written by Lila Quintiliani · 13 January 2021

Last fall, we talked about the payroll tax deferral that affected most military members and many federal employees. The deferral equated to a four-month, 6.2% increase in pay. But the catch was that it was just a temporary boost and needed to be repaid in 2021. Well, the time to repay those taxes has arrived, and here is what you need to know before the first pay period of the year.

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Ten Great Ways to Spend Your Second Stimulus Check

Student Loans Emergency Fund Emergency Savings Savings Tips Retirement Save For The Unexpected Pay Down Debt
Written by Lila Quintiliani · 04 January 2021

The federal government has started sending out the second round of stimulus checks (more formally called Economic Impact Payments). These may be the final round of payments to go out, so having a plan in place is key.

Previously, we’ve told you about things to ask yourself before you spend your stimulus check, and we’ve given you a decision tree to help you make spending choices that are right for your situation. Now we’re giving you ten ideas for this next – and possibly last – payment.

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Three Things About Money That I Learned from Hallmark Movies

General Savings
Written by Lila Quintiliani · 11 December 2020

The leaves have fallen, the air is crisp, and the flavors have shifted from pumpkin spice to peppermint mocha. Yes, it’s winter and time for the television programming lineup to be filled with movies that have improbable plot twists and lots of foreign princes. Yet aside from the epically decorated houses, the fake snow, and the cheesy love stories, you can actually learn some money lessons from these holiday flicks.

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Your Pay May Be Going Up This Month – But There’s a Catch

Written by Lila Quintiliani · 09 September 2020

Later this month, the United States government will be implementing a payroll tax deferral for about 1.3 million federal employees. The White House order specifically targets a 6.2% tax that employers deduct from wages to help fund Social Security. The details have not been completely fleshed out, but if you are a federal employee, including a military service member, here’s what you need to know about this deferral:

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Tip of the Day

  • Written by Guest Blogger | March 25, 2014

    #Save #money monthly through an automatic transfer from checking to savings using #myPay http://ow.ly/sGUX0   

Saver Stories View all »

Building a Six-Figure Savings While Enjoying Life

Written by Jackie Toops | November 13, 2020

Does the idea of saving up hundreds of thousands of dollars seem impossible? How about doing it while still living an enjoyable lifestyle?

For military spouse Martina and her husband, an E-5 in the Navy, accumulating a six-figure savings has become a reality. One might think that in order to save this much, it would take a great deal of sacrificing and forgoing a certain quality of life, but Martina and her husband would disagree. “Over the past few years (about five), we've managed to save almost $120,000 while mostly living on one income. We've learned so much about easy ways to save money and live a good life,” shares Martina.

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Making Saving Automatic Leads to Personal Success

Written by Lila Quintiliani | May 27, 2020

Ryan’s savings journey started when he was an active duty airman. Frequent deployments and temporary duty assignments gave him the opportunity to save. By the time he transitioned out of active duty, he had built up a healthy rainy-day fund and had started to aggressively save for retirement.

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How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

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