Military Saves Blog
Tips, advice, and the latest news from the savings world.
MyMilitaryLife: Providing Financial Resources Specific to Your Military Needs in the Palm of Your HandsMobile App
MyMilitaryLife: Providing Financial Resources Specific to your Military Needs in the Palm of Your Hands
February 22, 2013
By Joyce Raezer
Executive Director at the National Military Family Association
The National Military Family Association (www.militaryfamily.org) has been at the forefront of promoting financial literacy and education for military families. From our work on Capitol Hill to combat predatory lending practices to partnering with the Department of Defense Financial Readiness Campaign, we understand the importance of connecting military families with the proper resources. Our Association is a Military Saves founding partner and we are proud of this year’s theme: ‘Set a Goal. Make a Plan. Save Automatically.’ Today’s financial environment, not to mention the looming budget cuts, presents many challenges and uncertainties to military families. We believe that financial readiness is a critical component of family readiness and is intertwined with every phase of military life.
How to Get Financially Fit: Preparing for the What-Ifs
Andia Dinesen, AFC ®
Military Saves Coordinator
‘What if’ can be a strong combination of words. These two simple words can give many people a sense of panic when they start to think about factors they cannot control. Lay-offs happen, downsizing of the military will happen, pay freezes happen, reductions of pay may happen. Unfortunately, many of these types of ‘what ifs’ cannot be controlled by the individuals who are most affected by them. What can be controlled is how well-prepared one is for these ‘what ifs’.
How to Invest in Your Future While on Deployment
February 19, 2013
By Justin Melquist
In order to live a comfortable retirement, it is essential to set a retirement savings goal and to start saving early. Deployment is a perfect time to start saving due to the excellent benefits we receive as military members. Deploying to a tax-free zone or combat zone makes our already excellent investing options even more appealing. The Savings Deposit Program and the new Thrift Savings Plan ROTH option are both excellent ways to save while deployed.
Savings You Can Count On
By Candace Wheeler
Vice President of Strategic Communications & Marketing
The Coalition to Save Our Military Shopping Benefits
As military communities across our country and overseas are gearing up for Military Saves Week (25 February – 2 March), The Coalition to Save Our Military Shopping Benefits would like to encourage all military families to take the Military Saves Pledge by visiting www.militarysaves.org. We also want to take this opportunity to remind service members and their families that one of the best ways you can save money is by shopping regularly at your local commissary and exchange.
Saving for Retirement: How to Avoid Financial Procrastination
You must remember that time is money. –James Fenimore Cooper
By Gretchen Gorline
FINRA Military Spouse Fellow
While James Fenimore Cooper may have been referring to opportunity cost or even to lost wages, the same can be said of retirement investments. Historically, investments grow over time by the power of compounding. A key to building wealth is not just the amount of money invested but also how long it is invested.
This concept is especially pertinent in relation to retirement savings. There are calculators, illustrations, scenarios and articles that belabor this simple point: start saving early.