How to Save this Summer

Hope you're having a wonderful Fourth of July holiday week! With summer comes warm weather and sunny beaches. The turn of the season is also a great chance to give your finances a fresh start. Here are five steps to boost your savings this summer. 

Step 1: Set a goal

What are you saving for this summer? Here are some ideas to get you started:

  • Save during vacation
  • Save for an emergency fund
  • Save for fall school supplies or education
  • Save for a new appliance
  • Save for a car

Step 2: Make a pledge to yourself to save

Deciding what to save for is the easy part but following through with your savings goal is the challenge. 

The America Saves pledge can motivate you to save money and reduce debt by helping you stay focused on your goals. Whether you are saving for a vacation, a big move or school next semester, our pledge can help you.

Here's how it works, once you take the pledge, we keep you motivated with information, advice, tips, and savings reminders to help you reach your goal.

Ready to get started? >> Take the Military Saves pledge and start saving today.

Step 3: Create a budget

Creating a budget is one of the best ways to manage your money. A budget allows you to manage your finances so you can always make your savings deposit, pay your bills and have spending money. You'll never come up short if you stick to your budget each time you get paid. 

There are many different ways to do this, so you’ll want to try a few out and choose the system that works best for you. >> Check out these five simple steps to creating a budget.

Step 4: Save automatically

The easiest and most effective way to save is automatically. This is how millions of employees save for retirement through 401(k)s and other programs at work. It is also how millions of Americans save at their bank or credit union. Not only does it ensure you will be saving every month, but it also puts your cash out of sight and out of mind so you feel less of an urge to spend it. 

>> Learn about saving automatically.

Step 5: Find more money to save

Learn how to cut back on summer spending so you can save some cash and put it in your savings account instead. When you take the Military Saves pledge, we’ll send savings tips and advice straight to you.


Pledge to Save This Summer


 

Tip of the Day

  • Written by Katie Bryan | December 21, 2013

    Save on #housing costs by living near your workplace - it can save up to $1000 a year!  http://t.co/sKox04ksLY 

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My name is Chris Strong. I joined the Air Force on 25 March, 1985. On that day, my financial life changed forever. I was introduced to saving bonds in Basic Training. Savings bonds were the big thing back then just like the Thrift Savings Plan is today. A Colonel gave us a briefing. I cannot remember his name but I can remember the 100 savings bonds he had posted to a piece of card board. He gave us a speech on the importance of saving money and how it can change your life. He inspired me to save.

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I just recently retired after 30 years of service with the Marine Corps. I truly enjoyed my time serving the Corps and I flourished in the disciplined environment. I also took a disciplined approach to saving. Here are some of the tactics I used-they are very low to moderate risk.

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