Military Saves Blog
Tips, advice, and the latest news from the savings world.
Make a Plan: Three Pieces of Advice...From the "Street Level"
By Rob Izzo, Business Operations Analyst, CIP
Navy Federal Credit Union
From my experience, saving money is not a topic spoken about at dinner parties or social gatherings. In fact, the subject for some people is boring, awkward and, at times, intrusive.
Saving money is covered in many newspaper articles, financial magazines and television commentaries. We are exposed to it every day of our lives. So, with that in mind, I decided to take a "street level" approach to this article. I interviewed people I knew who would feel comfortable speaking freely about saving money and who were at different life stages. A real life examination, you could say.
I asked three different people at three different stages of life to provide me three pieces of advice for saving money. What do they do to save money, if even a little bit at a time? What is their approach? Their answers and perspective might surprise you. Here's what I discovered:
Do You Have a Safety Net? Almost Half of Americans Don’t
February 5, 2013
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach
The 2013 Assets and Opportunity Scorecard, a comprehensive look at Americans’ financial security, was released last week by the nonprofit Corporation for Federal Enterprise Development (CFED) and the results were pretty alarming. Nearly half (44%) do not have an emergency fund. Over 30% have no savings account at all. And more than half (56.4%) of consumers have poor (subprime) credit, which means they won't qualify for advantageous interest rates, may pay more for insurance premiums, and could have a difficult time finding a job or renting an apartment.
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.
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.
New Year’s Saving Resolution #3: Save for Retirement
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.