Military Saves Blog
Tips, advice, and the latest news from the savings world.
It can be difficult to find the money to put aside for savings, but there is an easy way to save money without ever missing it: make your savings automatic.
Saving automatically—through an allotment or automatic transfer of funds—to a short-term or long-term savings account is the best way to save. Why? Because you don’t have to think about it. Set it and forget it because it’s automatic! So, whether it comes to saving for your emergency fund, paying off a debt or investing in your retirement, set your savings on autopilot today!
How to save automatically
- Set up an allotment from your pay via myPay. Have an amount go to an account that is separate from your regular checking account.
- Use your banking institution’s bill pay system to automatically transfer money from your checking account to a separate savings account.
Why automatic savings works
- Saving automatically makes it easier to save because you don’t have to think about how much to save or take any additional steps.
- It’s tempting to spend money when it’s readily available. If you don’t see the money, you are less likely to miss it.
I don’t have enough money to save
Everyone has the ability to save. At Military Saves, we say “Start Small, Think Big.” You can start with only $10 a week or month, but you have to start somewhere. When you get extra income, add that money to your account as well. Try saving:
- A portion of your tax return
- Deployment or other special pay
- Birthday or holiday money
- Money from items you've sold (garage sales and consignment)
Over time, your deposits will add up. Even small amounts of savings can help you in the future.
Do you save automatically? Let us know on our Facebook page.
January 24, 2013
FINRA Military Spouse Fellow
Whether you are establishing credit for the first time or preparing to make a major purchase, building and maintaining a good credit score is important and within your reach. The better your credit score, the better the interest rate you will qualify for when buying a car, applying for insurance, or hooking up your utilities.
January 23, 2013
by Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach
In the behavioral economics book Predictably Irrational, Duke University professor Dan Ariely speaks of the power of “FREE!” Through experiments and studies, he discovered that the notion of FREE! is so persuasive that people may be tempted to buy things they normally wouldn’t, just because they are getting something FREE!
We’ve all experienced this to one degree or another: many times when you sign up for cable service, the cable company will offer you a higher tier package with additional premium channels for FREE for a limited time. If you accept, you run the risk that you might forget to cancel the additional services and end up getting charged more. And if you were initially only interested in a lower tier of programming, you may not even use the channels you got for FREE.
New Year’s Saving Resolution #2: Save Automatically
January 8, 2013
by Katie Bryan
America Saves Communications Manager
We consistently hear from savers that saving automatically is the easiest way to save. Some savers save all of their change, while others open additional savings accounts at separate financial institutions. Automating your savings will allow you to save regularly without having to think about it. Set it and forget it. Here are four ways you can save automatically in 2013.
January 17, 2013
by Justin Melquist
As you prepare to deploy, there are several things you can do to save money while you are away. Although you are busy with pre-deployment training and mentally preparing yourself and your family for the long absence, taking a small amount of time to get a financial plan together can pay off in a big way.