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

Set a Goal: Save for Retirement

Retirement IRA Roth TSP
Written by Super User · 28 February 2013

Set a Goal: Save for Retirement

February 28, 2013
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach

When there are bills to pay in the here and now it’s sometimes difficult to think about saving for retirement in the distant future.  But the best time to think about retirement *is* the here and now:  if you start saving when you are young, you will have time (and the benefits of compound interest) on your side.  Remember, though, no matter what your age is, the best day to start is today!   There are many different options out there, but the Thrift Savings Plan (TSP), the defined contribution retirement savings plan for federal employees, is a good place to start. Pledge to start or increase your savings for retirement.

Financial Action for today: Start participating in the Thrift Savings Plan.  If you are already participating, increase your contribution by 1% in 2013.

The TSP has also added a Roth option to its offerings, so you will have to decide whether you want to pay taxes on your money before you contribute or when you withdraw it.  You can also do a combination of both.  Another great option beside or in addition to the employee contribution plan is to open a Traditional or Roth Individual Retirement Account (IRA).

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How to Make Investing Less Scary: Make it Automatic

Automatic Savings Investing
Written by Super User · 27 February 2013

How to Make Investing Less Scary: Make it Automatic

By J.J. Montanaro, CFP™
USAA Financial Planner

There’s a lot in life that can scare us.  I vividly remember our frantic neighborhood search years ago after my toddler son wandered away from the babysitter. And I can still recall my dry mouth and desperate heart as my wife and I sat in the hospital waiting room while our daughter was undergoing surgery. You’ve no doubt had your own scary encounters as well. You know, the ones that bring an empty feeling, even pain, to the pit of your stomach.

There’s another less serious issue out there that also strikes fear into the hearts of many: investing.  Though it shouldn’t be a fear generator, I regularly see and hear from folks who are filled with trepidation at the thought of it. So, in a financial planners attempt to be a healer, here’s one great way to ease those fears: do it systematically.  Here’s how systematic saving and investing can help:

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Save Automatically

Written by Super User · 27 February 2013

Save Automatically

February 27, 2013
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach


Saving is just like any other “good” behavior – in order for it to become ingrained, it must become part of your routine.  So how do you get the savings “habit”?  The simplest way to do it is to make saving automatic.  Each month or pay period, you pay yourself first by transferring money to a bank account that is separate from your other accounts so you won’t be tempted to spend it.   You automate the transfer by setting it up as an allotment in myPay or as bill pay transaction at your bank.  Today we are asking you to pledge to save automatically.

Financial action for today: set up an automatic transfer to your savings account each pay period or month.

Putting your saving on autopilot takes all the guesswork out of it.  Out of sight is truly out of mind.  If you put aside just $20 each pay period, at the end of the year you will have fully funded an emergency savings account.  Or you can kickstart your savings by using part of your tax refund to open an account, and then contribute more to it each month.

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Take Action For America Saves Week: Utilize Direct Deposits

Automatic Savings America Saves Week
Written by Super User · 26 February 2013

February 27, 2013
By Brian Page is a personal finance and economics educator with Reading Schools

America Saves Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Take the pledge today to commit to your savings goal.  Set a goal and make a plan to save. Join over 310,000 people who have pledged to save and take the America Saves Pledge today.

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Use These 3 Principles to Reach Financial Prosperity

Military Saves Week Saving
Written by Guest Blogger · 26 February 2013

February 26, 2013
By Benjamin Feldman, Ready For Zero

Join, America Saves, Military Saves, Jeff Rose of Good Financial Cents, and Ready for Zero for a Tweetchat full of tips for paying down debt in honor of Military Saves Week 2013. Prizes will be given out including a $100 gift card. Today at 3pm EST- follow #MilitarySaves

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Tip of the Day

  • Written by Guest Blogger | April 25, 2014

    Develop a long-term plan for financial readiness by creating financial goals and striving for milestones. Positive outcomes usually start with a goal and a vision. http://ow.ly/sCvQQ

Saver Stories View all »

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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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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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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