Military Saves Blog
Tips, advice, and the latest news from the savings world.
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August 14, 2012
by Jennifer Armstrong
National Guard Bureau
Family Programs Financial Readiness Program Manager Joint Staff J-1It’s the most wonderful time of the year….
I love summer. I love to water ski, go to the lake and bask in the heat. I simply love it. But when my daughter was in elementary and high school do you know what my favorite time of year was? BACK TO SCHOOL! I am doing the happy dance as I type this! No more whining about how there’s nothing to do. No more whining allowed! No more television at 2300! You have got to go to bed! School is in session. However, the reality was I was not fond of the many expenses that I had to incur. I wondered how often would she really use that compass and why did she need it the first day of school? Were they going to draw concentric circles their first day of school? Then there were the uniforms. She went to elementary school in Oceanside California. They wore uniforms. I thought I loved that idea. But can you tell me what 7 year old can keep a white polo shirt white?
If any of this sounds like you, you’re faced with the purchasing of various school supplies, maybe not just for one, but for multiple children. Or maybe you’re a teacher who doesn’t get reimbursed for supplies. How do we cut costs for this most wonderful time of the year? Read on…
Paying For College: Where to Get Money for Your Education
August 13, 2012
Originally published on USAA.com
With high tuition and the tough job market, you may wonder if getting a college degree is still worth the cost. It is, according to recent research.
A U.S. Census Bureau study released in September 2011 shows your education level affects your paycheck: If you work full time and year-round, a bachelor's degree can help you earn between $681,000 and $1.2 million more than a high school diploma.
To help find the cash to pay for an education in today's economy, here are five methods and their pros and cons.
Saving Money: Are Credit Cards Good, Bad or Just Plain Ugly?
August 8, 2012
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
I have counseled servicemembers who had lots of debt and I have counseled very young servicemembers who had no debt at all, and they both faced the same problem -- very low credit scores. How could this be, you might ask? How can someone who has no credit cards and no car payments still have trouble getting a loan or applying for a store card? Well, you can think of credit scores as your “reputation” with the credit bureaus and the Fair Isaac Corporation (the company behind FICO scores): a good credit history, showing on time payments and a low debt to available credit ratio,goes a long way toward building a positive credit “character.” But the sad reality is if you are very young, just starting out, and have no credit cards and have never had a car note or other type of loan, you can look just as risky to a potential creditor as someone with lots of debt. And the same goes for someone who has paid off their debts and has closed all their credit card accounts. Suddenly they may find that they have an incredibly low credit score. When they go to apply for an auto loan, they may find themselves being offered rates in the 20+% range, or they may even be turned down.
August 2, 2012
By Lila Quintliani, AFC®
Assistant Coordinator, Military Saves
I heard a statistic I found really shocking the other day: according to the Center for Retirement Research at Boston College, 50% of 60 year olds have less than $37,300 in their retirement accounts. As you might guess, that’s not nearly enough to live off of in retirement. In fact, according to the Boston College analysis, Americans are a collective $6.6 TRILLION dollars short of the amount they need to retire. I don’t know about you, but I don’t plan on working to age 75. Nor am I counting on Social Security (or any type of pension) to make up the entire shortfall. The only solution I see is to save now for later. My husband and I are consciously not living to the full extent of our paychecks now. We are delaying gratification for the sake of a nebulous future that we are only starting to be able to visualize. And I’m here to tell you, sometimes delaying gratification really stinks. So sometimes we *do* “live in the present” – we go on vacations, or buy gadgets, or go to a Broadway play. But always, always, we are socking away a part of our pay.
I realize it’s tough to save in today’s economy. It’s also tough to save when you’re starting out, and not making much. But if you make it a habit, and commit to saving even a small percentage of your salary, then you’ve made a start. You can always bump up the percentage later on.
July 31, 2012
By Katie Bryan, America Saves Communications Manager
Cars, credit, and home repair and construction once again topped the list of complaints made to state and local consumer protection agencies, according to a survey by the Consumer Federation of America (CFA) and the North American Consumer Protection Investigators (NACPI). Thirty-eight agencies from across the United States provided information about the most common, fastest-growing, and worst complaints they received in 2011.
“The information compiled in the survey helps us as consumer protection agencies follow trends in consumer fraud, educate the public, and share information with each other, which will ultimately assist us in our investigations against fraud,” said Tonya Hetzler, Interim President of NACPI.