Recent Articles

Blog

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

Split It! Have a Plan for Your Refund

Written by Lila Quintiliani · 30 January 2020

Have a plan in mind when you file your taxes. If you’re due a refund, go ahead and split it up into multiple accounts (think checking, saving, and retirement or college saving account) using the 30-40-30 plan:

  • 30% of your refund to pay off outstanding debts or catch up on bills
  • 40% of your refund to pay for current expenses, needs, or wants
  • 30% of your refund to establish or build up savings. This could be an emergency fund (start with $500) or longer-term like retirement or a large purchase like a home.

Use IRS Form 8888 to split your refund in up to THREE accounts. Form 8888 can be accessed with your tax preparer during your tax preparation appointment. It’s easy to use, so don’t forget to ask if your preparer doesn’t suggest it.

PRO TIP: Add the account and routing numbers or blank checks of the accounts you are using for the 30-40-30 plan to your tax documents folder so you’re ready to fill in Form 8888 before your complete your tax return.

It’s our favorite way to save, automatically and through direct deposit.

Want more savings tips? Take the Military Saves Pledge today and then visit www.militarysaves.org for information and inspiration.

 

Tips to Save Money AND Heartache This Tax Season

Tax Time Saving Income Tax Tips
Written by Lila Quintiliani · 24 January 2020

Filing income tax forms can be a complicated and somewhat painful process. Gathering documents is a chore. Tax forms can seem confusing to the uninitiated. And military families face additional obstacles at tax time: they may not know about certain military-specific tax provisions that can benefit them, and they are also prey to certain tax schemes that target the military community.

Read more ...

Tip of the Day

  • Written by Guest Blogger | April 29, 2014

    It's important to know your #credit score and what's on your credit report. Find out why it matters: http://ow.ly/whNQl

Saver Stories View all »

Involving Kids in Family Finances

Written by | April 19, 2019

 

One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.

Read more...

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.

Read more...

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.

Read more...