Military Saves Blog
Tips, advice, and the latest news from the savings world.
Savings You Can Count On
By Candace Wheeler
Vice President of Strategic Communications & Marketing
The Coalition to Save Our Military Shopping Benefits
As military communities across our country and overseas are gearing up for Military Saves Week (25 February – 2 March), The Coalition to Save Our Military Shopping Benefits would like to encourage all military families to take the Military Saves Pledge by visiting www.militarysaves.org. We also want to take this opportunity to remind service members and their families that one of the best ways you can save money is by shopping regularly at your local commissary and exchange.
Saving for Retirement: How to Avoid Financial Procrastination
You must remember that time is money. –James Fenimore Cooper
By Gretchen Gorline
FINRA Military Spouse Fellow
While James Fenimore Cooper may have been referring to opportunity cost or even to lost wages, the same can be said of retirement investments. Historically, investments grow over time by the power of compounding. A key to building wealth is not just the amount of money invested but also how long it is invested.
This concept is especially pertinent in relation to retirement savings. There are calculators, illustrations, scenarios and articles that belabor this simple point: start saving early.
Out of Sight Out of Mind: How to Save Automatically
February 12, 2013
By Cathy Moss, AFC®
The benefits of saving can be worthy of excitement but the process to get there may not be as thrilling. This is why saving systematically is probably best done automatically. Out sight out of mind may be one of the best approaches to saving consistently. How can we accomplish this? One way is to set up an automatic transfer bi-weekly or monthly from your checking account to a savings account at your bank. But this probably allows easy access to dip into savings. So, in our family we have a savings account with a credit union that is not easily accessible. The money is allotted directly to the credit union savings account… out of sight out of mind. Allotments are easy to start via myPay or through your employer’s HR department.
By Leanna C. Rahll, CFP®
In 1789, Benjamin Franklin wrote to a friend “in this world nothing can be said to be certain, except death and taxes”. Some things haven’t changed. But the government has created tax-advantaged retirement accounts to help you grow your wealth.
Make a Plan: Three Pieces of Advice...From the "Street Level"
By Rob Izzo, Business Operations Analyst, CIP
Navy Federal Credit Union
From my experience, saving money is not a topic spoken about at dinner parties or social gatherings. In fact, the subject for some people is boring, awkward and, at times, intrusive.
Saving money is covered in many newspaper articles, financial magazines and television commentaries. We are exposed to it every day of our lives. So, with that in mind, I decided to take a "street level" approach to this article. I interviewed people I knew who would feel comfortable speaking freely about saving money and who were at different life stages. A real life examination, you could say.
I asked three different people at three different stages of life to provide me three pieces of advice for saving money. What do they do to save money, if even a little bit at a time? What is their approach? Their answers and perspective might surprise you. Here's what I discovered: