Military Saves Blog
Tips, advice, and the latest news from the savings world.
America Saves, an initiative of the Consumer Federation of America, and Sallie Mae recently released a tip sheet to provide recent graduates with information and tips on how to pay their student loans.
The information is particularly timely: the six-month transition period that most new college graduates are given before they are required to begin paying down their student loans comes to an end in November and Class of 2012 graduates with student loans will shortly begin to make their first payments.
“This November, many new college graduates will need to factor student loans into their spending and saving plans,” said Nancy Register, director, America Saves. “This may be the first time many students have had to create a budget and savings plan to ensure they can meet both their financial responsibilities and save for their future.”
“By following a few simple guidelines, graduates can take control of their finances and make student loan repayment manageable,” said Martha Holler, senior vice president, Sallie Mae. “Proactively planning and working with your loan servicer now will make for a successful transition to repayment.”
December 18, 2012
As the end of 2012 quickly approaches, make sure to give your finances a checkup and discover if you need to make saving your New Year’s resolution. You may discover that you have debt you need to pay down or that you are ready to take the next step in savings. Helping yourself and your family save successfully for the future should be near the top of your resolution list – and it’s one resolution you can’t afford to break! Remember, you don’t have to make a lot of money to save successfully. Start Small. Think Big.
By Andia Dinesen, AFC ®
Military Saves Coordinator
When asked about saving, kids have a lot to say. They may be repeating what they have heard from their parents, at school, or even something they’ve seen on TV. But, they are beginning to form their own opinions at a young age. It is interesting to see what they think of money and saving. It is clear we all have different feelings about money and those feelings can begin to develop pretty early in life. In our last installment of What a Nine-Year Old Knows about Savings we found that both girls interviewed were saving from money they earned doing chores. This new interview was a little different.
December 13, 2012
by Miriam Darden Settles, CFP®
Federal Retirement Thrift Investment Board
With its rollout of the Roth option this year, the Thrift Savings Plan (TSP) created educational materials (both printed and online) to help you understand how Roth works and determine if it’s the right choice for you.
New online calculator
We have a new calculator on our website: The Contribution Comparison Calculator. It allows you to compare the effects—on your paycheck today and your TSP balance in the future—of making Roth contributions vs. traditional contributions. If you’re thinking about Roth, we encourage you to try it out. Visit the Planning & Tools tab on our website, www.tsp.gov.
The nature of traditional installment loans can be complicated and misleading. Luckily, The American Financial Services Association Education Foundation (AFSAEF) has created a financial literacy initiative called Personal Loans 101. Personal Loans 101 educates potential borrowers, policymakers, and other interested parties on the framework of installment loans.
In today’s world, almost everyone needs access to credit. Whether it is to make a small purchase, pay for an unexpected emergency, repair the car or obtain a mortgage on your first home, everyone must have access to affordable credit.
But how do you choose the best loan to fit your individual circumstances? If you are like most Americans, you want a loan that is relatively easy to obtain and understand. You do not want to go through a lengthy, complicated and confusing process to determine what loan or credit product best meets your needs. You want an easy way to compare them. The latest brochure from AFSAEF: Understanding APR defines Annual Percentage Rate (APR) and explains how to calculate the true value of loans. The brochure includes: