Military Saves Blog

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

Out of Sight Out of Mind: How to Save Automatically

Automatic Savings MyPay
Written by Guest Blogger · 12 February 2013

Out of Sight Out of Mind: How to Save Automatically

February 12, 2013
By Cathy Moss, AFC®

The benefits of saving can be worthy of excitement but the process to get there may not be as thrilling. This is why saving systematically is probably best done automatically. Out sight out of mind may be one of the best approaches to saving consistently. How can we accomplish this? One way is to set up an automatic transfer bi-weekly or monthly from your checking account to a savings account at your bank. But this probably allows easy access to dip into savings. So, in our family we have a savings account with a credit union that is not easily accessible. The money is allotted directly to the credit union savings account… out of sight out of mind. Allotments are easy to start via myPay or through your employer’s HR department.

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To Roth or Not?

Retirement Roth TSP
Written by Guest Blogger · 07 February 2013

By Leanna C. Rahll, CFP®

www.planningforafuture.com


In 1789, Benjamin Franklin wrote to a friend “in this world nothing can be said to be certain, except death and taxes”.  Some things haven’t changed.   But the government has created tax-advantaged retirement accounts to help you grow your wealth.

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Make a Plan: Three Pieces of Advice....from the "Street Level"

Saving
Written by Super User · 06 February 2013

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:

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Do You Have a Safety Net? Almost Half of Americans Don't

Debt Emergency Fund
Written by Super User · 05 February 2013

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.

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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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Tip of the Day

  • Written by Guest Blogger | June 17, 2014

    Teach your #kids about finance - start with the #Money as you Grow program >> http://moneyasyougrow.org

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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Making Saving Automatic Leads to Personal Success

Written by Lila Quintiliani | May 27, 2020

Ryan’s savings journey started when he was an active duty airman. Frequent deployments and temporary duty assignments gave him the opportunity to save. By the time he transitioned out of active duty, he had built up a healthy rainy-day fund and had started to aggressively save for retirement.

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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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