Military Saves Blog

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

How to Overcome Unexpected Expenses When Moving Overseas

PCS Moves
Written by Super User · 28 March 2013

By Life Lessons of a Military Wife

You don’t have to be a rocket scientist to realize that moving overseas, even under the protective umbrella of the military, will cost you oodles of money.  Some of these expenses the military will reimburse.  Some they won’t.  We’ve all been told to set aside money for moving in general.  Ok, I got that.  You’ve got it too I’m sure, but what exactly are we talking about with an overseas move?  Are we talking hundreds or thousands of dollars?  Here’s how you can sort it all out.

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Five Reasons You Should Save for Retirement Now

Retirement
Written by Super User · 27 March 2013

Five Reasons You Should Save for Retirement Now

The following post comes from the America Saves Blog. Follow them on Twitter and Facebook.

March 27, 2013
By Nevin Adams, JD
Director, American Savings Education Program (ASEC), Employee Benefit Research Institute

It’s easy, in the normal press of life, to put off thinking about retirement, much less thinking about saving for a period of life many can hardly imagine. We all know we should do it—but some figure that it will take more time and energy than we can afford just now, some assume the process will provide a depressing, perhaps even insurmountable target, while others don’t even know how to get started.

Here are five reasons why you—or those you care about—should save for retirement now:

Because you don’t want to work forever.

If you want to stop working one day, you are going to have to think about how much income you will need to live after you are no longer working for a paycheck.

Because living in retirement isn’t free.

Many people assume that expenses will go down in retirement—and, in fact, a recent EBRI Issue Brief noted “With the age 65 expenditure as a benchmark, household expenditure are lower by 19 percent by age 75, and 34 percent by age 85….” On the other hand, there are changes in how we spend in retirement as well—and they aren’t always less. That same EBRI report notes that health-related expenses are the second-largest component in the budget of older Americans, and a component that steadily increases with age. “Health care expenses capture around 10 percent of the budget for those between 50–64, but increase to about 20 percent for those age 85 and over.” And those spending shifts don’t take into account the possibility of a need or desire to provide financial support to parents and/or children.

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How to Train Your Willpower Muscles So You Can Stick to Your Budget

Budgeting
Written by Super User · 26 March 2013

By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach

Lack of self-control; it’s one of the reasons we humans struggle with diets, budgets and interpersonal relationships.  In the book “Willpower,” psychologist Roy F. Baumeister and science writer John Tierney explore the science behind why people struggle so much with self-control.  It turns out we have a finite amount of willpower that can be depleted and then must be replenished.  The good news, however, is that, just like a muscle, if we “exercise” our willpower, we can build it up to become stronger.

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Part 2 of Side Accounts: What Are They and How to Use Them

Saving
Written by Super User · 21 March 2013

Part 2 of Side Accounts: What Are They and How to Use Them

How do you convince Monkey Brain to save for the holidays?

By Jason Hull
Hull Financial Planning

The best way to make sure that you’re setting aside money for your irregular but recurring expenses, such as the holiday season, vacation, a car replacement, insurance payments, health care deductibles, and the like, is to hide money from yourself.

Hide money? Am I telling you to go stuff money in a mattress?

Not exactly. Plus, if you did that and the house burned down, good luck convincing the insurance adjustor that you had a few C notes stashed away in the box springs.

Instead, what we do is set up a separate account for setting aside that money. It’s different from the account where you get your paychecks deposited into. Theoretically, it should be more difficult to access money from this account so that you don’t go spend it in a wild bender of a shopping spree, so, depending on how much self-control you have, this could mean going to another bank for this account.

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5 Fast & Easy Ways to Save $50 per Month

Savings Tips
Written by Super User · 20 March 2013

5 Fast & Easy Ways to Save $50 per Month

The following post comes from the America Saves Blog. Follow them on Twitter and Facebook.

March 20, 2013
By David Bakke, a contributor for Money Crashers Personal Finance.
He shares his tips for saving money, building wealth, and preparing for the future.

If your overall financial picture needs to be improved, it's going to take some time. However, you've got to start somewhere, and your monthly expenses are a good place to begin. Saving $50 per month may not sound like much, but if you can find five different ways to do this, you'll have saved $3,000 in only one year. Here are five simple options:

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Tip of the Day

  • Written by Guest Blogger | March 21, 2014

    Having emergency #savings may be the most important way to stay afloat financially. 5 Tips on how to start one: http://ow.ly/rswS2

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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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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When You Start Small, Saving is Easy

Written by Lila Quintiliani | August 12, 2019

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.

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