Military Saves Blog
Tips, advice, and the latest news from the savings world.
FINRA Military Spouse Fellow
If there is one thing that is guaranteed, it is that emergencies will happen! Mr. Murphy enjoys knocking on my door frequently and at the worst times, too. First the car needed new tires, then the transmission went out on the truck, and then before I could blink the dog ate my scarf causing a weekend trip to the vet. I did not see any of that coming! The thing is, we know unexpected things will happen. If you have a car, you know it will need maintenance. If you have a child, you know accidents will happen. If you own a home, you know repairs will need to be made. Yet we never seem ready for emergencies when they occur. Being unprepared only adds to the stress and urgency of what is taking place. However, if you are prepared for an emergency, you do not have to worry about where the money is going to come from to pay the bills. You can focus instead on taking care of the situation.
So how do you start an emergency fund?
How to Save for a Large Purchase: Remember the SMART Rule
October 31, 2012
By Kelley Long, CPA
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There are many resources available that discuss how to save for big goals like retirement, a new car, a home, etc. But what about saving for something more immediate like a computer or piece of furniture? The same principles apply, only the end game is much closer.
Having something specific in mind is the first step to achieving any goal. Remember the SMART rule, which says that to increase the chance you'll achieve a goal it must be:
For example, let's say you've finally found the perfect dining room set to replace the hand-me-down one you've tolerated through your children's growing-up years. You've imagined how lovely the holidays will be with this new furniture in place, but you don't have the cash to buy it today. Rather than using a credit card, try this process to get those table and chairs in time for Thanksgiving dinner:
5 Tips for Saving Before the Holidays
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator
The holidays are getting closer, we just spent a fortune at the garage, and we are about to have some work done on our roof. Money is tight, so I am trying to save everywhere I can. Here are my personal top tips for saving:
October 25, 2012
Andia Dinesen, AFC ®
Why do you save money? Does the image of stacks of money in a bank vault excite you? For most, this probably isn’t true.
Saving is delayed spending. Unless you are Ebenezer Scrooge (and you can see how well that worked out for him), you are planning to spend the money you are stashing.
Here are some tips for making that delayed spending, disguised as saving, more appealing.
How Emergency Savings Saved Me
October 24, 2012
by Julie Roth, AFC® Candidate
FINRA Military Spouse Fellow
Six years ago, when we were still a kid-free, two-income household, my husband and I decided to get our financial life in order. We started with a small emergency fund of $1000. I was amazed at the freedom I felt once we had the $1000 in the bank, knowing that whatever came up, we could afford it and could get rid of those credit cards for good this time! This wasn’t our first time getting out of debt, but something always came up; a car repair or a move – that new house needed some new furniture to go in it, right? This time we were done and the emergency savings was the start of a solid, long-term financial change in our life. Living off one income, we used the other to pay off our debt and then fully funded our emergency fund to 3-6 months of our living expenses. I thought we were set. Now it was time to start saving for retirement and the new car I knew we would need in a few years.