Military Saves Blog
Tips, advice, and the latest news from the savings world.
By Lila Quintiliani, AFC©
Assistant Coordinator, Military Saves
Just about everyone I talk to is interested in saving money. Yet very few people are familiar with their own credit report or know their credit score. Why is this such a paradox? It’s because your credit history can determine how much you pay for your house, car, insurance, utility deposit…the list goes on and on. And aside from that, it can also affect your security clearance, your job prospects and even where you live. Everywhere you go, institutions and individuals will be looking at your credit history and judging you on it, so your best bet is to know what’s in your own report.
July 16, 2012
Tiffany Ching, Union Bank, N.A., Senior Vice President and Regional Manager
Eliminating debt is one of the fastest ways to free up money for savings, investments and other long-term financial goals. Credit card bills, student loans and other debt are not only a burden on a budget, but the balances almost always accumulate interest, adding to your debt.
For some, paying down debt may seem overwhelming, but by putting a plan in place, you may be able to pay off your debt sooner, with less interest, while possibly improving your credit score.
Following are some tips to help you pay down debt with the goal of saving more for the future:
Get a Handle on How Much You Owe
Start by listing the outstanding balance, interest rate, minimum payment and due date for each of your debt accounts. This information can easily be found on your most recent monthly statement. Keep a calendar to remind you of due dates, set up automatic payments where you have that option, and continue to make timely monthly payments on each account.
By Michelle Volpe-Kohler, Associate Director, FINRA Corporate Communications.
It’s easy to fall into debt—especially if you are supporting a growing family. But just because you’re in debt now doesn’t mean you have to stay in debt. You are taking the first step to dig yourself out of debt by reading this Action Plan. Whether you’re in serious trouble or just want to pay down some bills, take the steps in this Action Plan to get going.
10 July 2012
By Lila Quintiliani, AFC ®
Military Saves Assistant Coordinator
You’ve got a flashlight, batteries, a weather radio and gallons of water. So you’re all prepared for an emergency, right? Maybe not. See, you also need to be financially prepared for emergencies, or you can take a hard hit right in the wallet when disasters, natural or otherwise, strike.
Here are some things to consider when it comes to emergency financial preparedness:
- How’s your insurance coverage? If you are a homeowner, do you have adequate coverage for your possessions? Do you live in a flood-prone area, even if the area is not formally designated as such on a flood map? If so, you may need to buy a separate flood policy, because most regular homeowner’s policies do not cover damage from flooding (or earthquakes). If you live in an apartment or government housing, do you have renter’s insurance? While some government housing may come with limited renter’s coverage, it varies from installation to installation, and rarely covers the cost of even a fraction of your household goods. The best bet is to find a separate renter’s policy which can cost under $20 per month.
July 9, 2012
Over the next five weeks, the America Saves blog will feature articles and guest blogs on the topic of paying off high-interest debt. America Saves, along with our 52 local campaigns will be featuring information on how to reduce your debts and where to get help.
Borrowing more money than you can afford is costly in many ways. Americans spend well over $75 billion a year just on credit card interest and fees. That means that families who revolve credit card balances pay an average of $1,500 a year in interest and fees.
Too much debt isn’t just expensive. People with lots of debt often say they lack peace of mind. They worry constantly about paying off debts and making ends meet. The stress of these worries affects their family life, work performance, and other areas of their lives.
If you would like to join the conversation about paying off high-interest debt, download our latest resource packet. The resource packet contains:
- A sample article
- Social media content
- Tools and resources