Military Saves Blog

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

How Barriers Can Actually Help You Save More

Saving Spending
Written by Super User · 31 January 2013

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.

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New Year's Saving Resolution #3: Save for Retirement

TSP 401K Retirement Savings
Written by Super User · 30 January 2013

New Year’s Saving Resolution #3: Save for Retirement

The following post comes from the America Saves Blog. Follow them on Twitter and Facebook.

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.

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Save Part of Your Tax Refund and Have a Chance to Win Up to $25,000

Bonds Tax Refund
Written by Super User · 29 January 2013

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.

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Make Saving Automatic

Automatic Savings
Written by Super User · 24 January 2013

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.

Why You Should Pay Your Bills on Time

Debt Credit Score
Written by Super User · 24 January 2013

January 24, 2013
Carolyn Ell
AFC® Candidate
FINRA Military Spouse Fellow
www.financialpreparedness.org

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.

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Tip of the Day

  • Written by Katie Bryan | December 16, 2013

    Check out the guide from @CFPB that helps you to know which questions to ask when shopping for a financial advisor http://ow.ly/rrjYO 

Saver Stories View all »

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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How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

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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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