Military Saves Blog

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

Make Saving Automatic

Automatic Savings
Written by Super User · 24 January 2013

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.

Why You Should Pay Your Bills on Time

Debt Credit Score
Written by Super User · 24 January 2013

January 24, 2013
Carolyn Ell
AFC® Candidate
FINRA Military Spouse Fellow
www.financialpreparedness.org

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.

Read more ...

Why FREE! Isn't Always a Good Deal

Spending
Written by Super User · 23 January 2013

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.

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New Year's Saving Resolution #2: Save Automatically

Automatic Savings
Written by Super User · 22 January 2013

New Year’s Saving Resolution #2: Save Automatically

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

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.

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Saving While on Deployment

Deployment Savings
Written by Guest Blogger · 16 January 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.

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Tip of the Day

  • Written by Guest Blogger | March 13, 2014

    Start an emergency fund by saving $10/week or $40/month to save $500 by the end of the year 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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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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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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