Military Saves Blog

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

Everyone Can Take the Military Saves Pledge - Even if You Have Pledged Before!

Military Saves Pledge
Written by Super User · 01 February 2013

 

Everyone Can Take the Military Saves Pledge – Even if You Have Pledged Before!

February 1, 2013
By Andia Dinesen, AFC ®
Military Saves Coordinator

Yes, it is true.  This year Military Saves has added the ability to re-pledge.  You can now recommit to saving by take the Military Saves Pledge again; and with Military Saves Week around the corner there's no better time.

Taking the Military Saves Pledge has always been a part of the Military Saves Campaign.  Each year during Military Saves Week, the Department of Defense encourages servicemembers, their families, DoD employees and their families to take the pledge as a first step in their commitment to Build Wealth, Not Debt.  In the past, individuals could only pledge to save once.

Starting with Military Saves Week 2013, individuals can pledge or re-pledge.  Taking the Military Saves Pledge during Military Saves Week, February 25 – March 2, is a chance for individuals to assess their own saving status and take financial action. Studies reveal that having a savings plan with specific goals can have beneficial financial effects, regardless of income level.

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How Barriers Can Actually Help You Save More

Saving Spending
Written by Super User · 31 January 2013

By Philip Taylor
PT Money: Personal Finance, http://ptmoney.com, Twitter @ptmoney

You would expect advice on barriers to saving to center around things that are preventing us from saving money and how to remove those barriers from our lives. But I want to flip this concept on its head, and suggest that there may be barriers that you can use that will actually encourage you to save more money in the long run.

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New Year's Saving Resolution #3: Save for Retirement

TSP 401K Retirement Savings
Written by Super User · 30 January 2013

New Year’s Saving Resolution #3: Save for Retirement

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

January 30, 2013
By Katie Bryan, America Saves Communications Manager

Retirement savings is a top priority for many Savers. There are striking differences between the savings progress of those with and without a retirement savings plan. You fall into one of two groups: those that have made a saving plan for retirement and those that have not. 61% of Americans with a retirement plan said they were saving enough for retirement. For those who said they did not have a plan for retirement savings plan only 27% reported saving enough for retirement.

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Save Part of Your Tax Refund and Have a Chance to Win Up to $25,000

Bonds Tax Refund
Written by Super User · 29 January 2013

January 29, 2013
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach

Studies have shown that, regardless of income, those with a plan are more successful savers.  And we’ve written in this blog previously about how savers should definitely have a plan for their tax refund.  Well, now the nonprofit Doorway to Dreams Fund has come up with an innovative and fun way to get taxpayers to save part of their refund.   They are sponsoring the SaveYourRefund sweepstakes which gives taxpayers a chance to win while saving for their own financial future. Beginning February 1st, 2013 and running through April 15th, 2013, all tax filers over age 18 that are due a federal tax refund and save at least $50 of that refund using IRS Form 8888 can enter the sweepstakes.  The Sweepstakes will award four weekly prizes of $250 (a total of $1,000 in prizes each week) and all entrants will be eligible for a chance at winning the $25,000 Grand Prize.

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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.

Tip of the Day

  • Written by Katie Bryan | April 10, 2014

    You can have an emergency fund! Here are 5 simple ways to start & maintain an emergency fund http://ow.ly/rIhlG 

Saver Stories View all »

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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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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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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