Military Saves Blog
Tips, advice, and the latest news from the savings world.
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.
January 29, 2013
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
Communication & Outreach
Studies have shown that, regardless of income, those with a plan are more successful savers. And we’ve written in this blog previously about how savers should definitely have a plan for their tax refund. Well, now the nonprofit Doorway to Dreams Fund has come up with an innovative and fun way to get taxpayers to save part of their refund. They are sponsoring the SaveYourRefund sweepstakes which gives taxpayers a chance to win while saving for their own financial future. Beginning February 1st, 2013 and running through April 15th, 2013, all tax filers over age 18 that are due a federal tax refund and save at least $50 of that refund using IRS Form 8888 can enter the sweepstakes. The Sweepstakes will award four weekly prizes of $250 (a total of $1,000 in prizes each week) and all entrants will be eligible for a chance at winning the $25,000 Grand Prize.
It can be difficult to find the money to put aside for savings, but there is an easy way to save money without ever missing it: make your savings automatic.
Saving automatically—through an allotment or automatic transfer of funds—to a short-term or long-term savings account is the best way to save. Why? Because you don’t have to think about it. Set it and forget it because it’s automatic! So, whether it comes to saving for your emergency fund, paying off a debt or investing in your retirement, set your savings on autopilot today!
How to save automatically
- Set up an allotment from your pay via myPay. Have an amount go to an account that is separate from your regular checking account.
- Use your banking institution’s bill pay system to automatically transfer money from your checking account to a separate savings account.
Why automatic savings works
- Saving automatically makes it easier to save because you don’t have to think about how much to save or take any additional steps.
- It’s tempting to spend money when it’s readily available. If you don’t see the money, you are less likely to miss it.
I don’t have enough money to save
Everyone has the ability to save. At Military Saves, we say “Start Small, Think Big.” You can start with only $10 a week or month, but you have to start somewhere. When you get extra income, add that money to your account as well. Try saving:
- A portion of your tax return
- Deployment or other special pay
- Birthday or holiday money
- Money from items you've sold (garage sales and consignment)
Over time, your deposits will add up. Even small amounts of savings can help you in the future.
Do you save automatically? Let us know on our Facebook page.
January 24, 2013
FINRA Military Spouse Fellow
Whether you are establishing credit for the first time or preparing to make a major purchase, building and maintaining a good credit score is important and within your reach. The better your credit score, the better the interest rate you will qualify for when buying a car, applying for insurance, or hooking up your utilities.