Military Saves Blog

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

Take Action for America Saves Week: Saving for a Large Purchase

America Saves Week
Written by Super User · 01 March 2013

March 1, 2013
By Katie Bryan, America Saves Communications Manager

There are still two days left of America Saves Week. If you haven’t already, take some time to figure out what you want to save for and take action to make it happen. This week you have heard from the experts on why saving automatically is the best savings strategy and the importance of savings for emergencies and retirement.

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How to Save for Your Dream Purchase

Saving
Written by Super User · 01 March 2013

How to Save for Your Dream Purchase

Emilie Papageorgiou
AFC© Candidate   
FINRA Military Spouse Fellow

Most people want to buy a “big ticket” item at some point, whether it’s a new car, appliance or other luxury item. However, don’t just reach for the credit card to fulfill your material wants. Diving head-first into expensive purchases often just leads to unnecessary debt or financial insecurity. If you’ve set your mind on a major purchase, it’s time to develop a solid plan to reach your goal.

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Set a Goal: Save for a Large Purchase

Saving
Written by Super User · 01 March 2013

Set a Goal: Save for a Large Purchase

March 1, 2013
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach

Surveys have shown that those who have a plan for their money are more successful at saving and feel better about their finances, regardless of their level of income.  You wouldn’t set off on a long journey without trying to map it out, and you wouldn’t put together a complicated kit without glancing at the directions.  Your financial future should be no different – you should always have a plan for it, or at least a general destination in mind.   Then once you have a goal, whether it’s a new home, a car, a vacation or a college fund, you have to have a plan to get you there.  Today we are asking you to pledge to save for a large purchase.

Financial action for today: Make a plan to save for a specific goal

Click here to find out more about goal-setting.   You can also read our other blog entry for today.  The way to achieve those goals is by breaking them up into attainable chunks.  Set aside a monthly amount to go toward your desired goal, and consider setting up a separate account for it.  If you are deployed, take advantage of the Savings Deposit Program (SDP) which offers a 10% guaranteed interest rate on up to $10,000 in deposits.

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Take Action for America Saves Week: Save For Retirement Now

Retirement
Written by Super User · 28 February 2013

February 28, 2013

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

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.

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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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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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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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How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

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