Military Saves Blog

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

Save Automatically

Written by Super User · 27 February 2013

Save Automatically

February 27, 2013
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach


Saving is just like any other “good” behavior – in order for it to become ingrained, it must become part of your routine.  So how do you get the savings “habit”?  The simplest way to do it is to make saving automatic.  Each month or pay period, you pay yourself first by transferring money to a bank account that is separate from your other accounts so you won’t be tempted to spend it.   You automate the transfer by setting it up as an allotment in myPay or as bill pay transaction at your bank.  Today we are asking you to pledge to save automatically.

Financial action for today: set up an automatic transfer to your savings account each pay period or month.

Putting your saving on autopilot takes all the guesswork out of it.  Out of sight is truly out of mind.  If you put aside just $20 each pay period, at the end of the year you will have fully funded an emergency savings account.  Or you can kickstart your savings by using part of your tax refund to open an account, and then contribute more to it each month.

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Take Action For America Saves Week: Utilize Direct Deposits

Automatic Savings America Saves Week
Written by Super User · 26 February 2013

February 27, 2013
By Brian Page is a personal finance and economics educator with Reading Schools

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.  Set a goal and make a plan to save. Join over 310,000 people who have pledged to save and take the America Saves Pledge today.

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Use These 3 Principles to Reach Financial Prosperity

Military Saves Week Saving
Written by Guest Blogger · 26 February 2013

February 26, 2013
By Benjamin Feldman, Ready For Zero

Join, America Saves, Military Saves, Jeff Rose of Good Financial Cents, and Ready for Zero for a Tweetchat full of tips for paying down debt in honor of Military Saves Week 2013. Prizes will be given out including a $100 gift card. Today at 3pm EST- follow #MilitarySaves

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Set a Goal: Pay Off High-Interest Debt

Debt
Written by Super User · 26 February 2013

Set a Goal : Pay Off High-Interest Debt

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


A 2010 FINRA Foundation study found that over 30% of military families have $10,000 or more in debt.  As we have talked about in previous blogs, debt can have serious implications: it is a stressor in families and marriages, it can affect how much one pays for a car loan, insurance, utilities, and a host of other items, and, perhaps most importantly, it can cause the loss of one’s military career.  But there is one other major impact – high-interest debt is time lost on saving for a better financial future.  That’s why, on this second day of Military Saves Week 2013, we are asking Savers to pledge to pay off high-interest debt.  

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Set a Goal: Save for Emergencies

Emergency Fund Tax Refund
Written by Super User · 25 February 2013

Set a Goal:  Save for Emergencies

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

The strange thing about emergencies is that even though you may not know the specifics in advance, you can bet with a high degree of certainty that at some point something unexpected will happen.   And this something will require an outlay of money.  The microwave will die.  The brakes will need replacing.  The kids will need dental work.   And these things usually happen sooner rather than later.   That is why, on this first day of Military Saves Week, we are asking that those who take the Military Saves Pledge consider pledging to save for emergencies

Your financial action for today: open a separate savings account, if you don’t already have one, as an emergency fund.  If you have an emergency fund and do not have at least $500-1000 in it, pledge to save more each month until you reach that goal.

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Tip of the Day

  • Written by Katie Bryan | November 22, 2013

    Find places to cut your #spending so that you can pay down #debt faster: http://ow.ly/fzT2h  

Saver Stories View all »

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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From Shopaholic to Saver

Written by Jackie Toops | January 13, 2021

Many of us spend too much money on things we don’t need, but we don’t always know why. It’s easy to get a quick fix from retail therapy, but before we know it, our hard-earned money is gone. Oftentimes, when we engage in a “shopaholic” lifestyle or sporadic shopping sprees, we still experience feelings of emptiness, but to make it worse, we now have debt, too.

Khanmany was a shopaholic who turned everything around. She is active duty Navy and shares, “I was spending too much on things I didn't need. I was going shopping for no reason and was trying to fill a void. I was running up every credit card I owned to include Victoria's Secret, Military Star, Navy Federal, TJ Maxx, JCPenney, Macy's, USAA, and was only paying the minimum payments.”

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