Military Saves Blog

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

Five Things the IRS Will NEVER Do

Written by Lila Quintiliani · 30 January 2020

Each tax season, Americans are bombarded with numerous IRS scams and fraudulent schemes. There are lots of myths and urban legends floating around social media and the internet. Taxpayers should take caution and know that:

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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.

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Four Tips for Getting Ready for a Deployment

Military Saves Deployment
Written by Lila Quintiliani · 09 January 2020

 Sometimes deployments come with advance notice, but other times they can be sprung upon military families suddenly. While service members generally go through some pre-deployment processing, family members do not. Here are some tips for preparing for a deployment.

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NEW SURVEY: UNEXPECTED EXPENSES THE BIGGEST CHALLENGE MILITARY SAVERS FACE IN BUILDING A NEST EGG

Military Saves press release
Written by · 02 January 2020

FOR IMMEDIATE RELEASE: December 16, 2019

Contact: Angela Caban, This email address is being protected from spambots. You need JavaScript enabled to view it.

Debt Repayment is Service Members’ Number One Savings Goal

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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 »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

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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.

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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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