Military Saves Blog
Tips, advice, and the latest news from the savings world.
December 26, 2012
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication and Outreach
The wrapping paper is strewn around the house, you’ve had one too many helpings of pumpkin pie, and you’re afraid to go to the mailbox and get January’s credit card statements. It’s happened again: you overspent this holiday season. You’re not alone. According to one survey, despite the financially tough times, the average American planned to spend more on holiday gifts this year than last. If you didn’t pay cash, you must now pay for those gifts. And if you want to start the New Year off on the right note, you’ll need to have a recovery strategy for your finances.
Stop Spending – You may be tempted to take advantage of all the after holiday sales, but if you already can’t pay for the gifts you gave, you should stop accruing more debt.
December 20, 2012
by CPO Tim Duncan, USN
The bi-weekly regularity of military pay, along with the relative job security we enjoy, creates a paycheck-to-paycheck culture where saving has been placed on the back burner. Regrettably, many servicemembers have little to no savings in place, while others have found themselves overburdened with debt. Yet there are many programs in place that help us overcome this trend, and the Thrift Savings Plan is the most powerful savings tool among them.
America Saves, an initiative of the Consumer Federation of America, and Sallie Mae recently released a tip sheet to provide recent graduates with information and tips on how to pay their student loans.
The information is particularly timely: the six-month transition period that most new college graduates are given before they are required to begin paying down their student loans comes to an end in November and Class of 2012 graduates with student loans will shortly begin to make their first payments.
“This November, many new college graduates will need to factor student loans into their spending and saving plans,” said Nancy Register, director, America Saves. “This may be the first time many students have had to create a budget and savings plan to ensure they can meet both their financial responsibilities and save for their future.”
“By following a few simple guidelines, graduates can take control of their finances and make student loan repayment manageable,” said Martha Holler, senior vice president, Sallie Mae. “Proactively planning and working with your loan servicer now will make for a successful transition to repayment.”
December 18, 2012
As the end of 2012 quickly approaches, make sure to give your finances a checkup and discover if you need to make saving your New Year’s resolution. You may discover that you have debt you need to pay down or that you are ready to take the next step in savings. Helping yourself and your family save successfully for the future should be near the top of your resolution list – and it’s one resolution you can’t afford to break! Remember, you don’t have to make a lot of money to save successfully. Start Small. Think Big.
By Andia Dinesen, AFC ®
Military Saves Coordinator
When asked about saving, kids have a lot to say. They may be repeating what they have heard from their parents, at school, or even something they’ve seen on TV. But, they are beginning to form their own opinions at a young age. It is interesting to see what they think of money and saving. It is clear we all have different feelings about money and those feelings can begin to develop pretty early in life. In our last installment of What a Nine-Year Old Knows about Savings we found that both girls interviewed were saving from money they earned doing chores. This new interview was a little different.