Military Saves Blog

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

Chairman of the Joint Chiefs Signs Memorandum Proclaiming Military Saves Week

Military Saves Week
Written by Super User · 05 November 2012

Chairman of the Joint Chiefs Signs Memorandum Proclaiming Military Saves Week

November 5, 2012
By Lila Quintiliani, AFC®
Military Saves Assistant Coordinator

We are very excited to announce that on October 26th, Chairman of the Joint Chiefs of Staff General Martin Dempsey and Senior Enlisted Advisor Sergeant Major Bryan Battaglia signed a Memorandum designating February 25 – March 2 2013 as Military Saves Week.

The Memorandum asks each Service to commit to “focusing on a goal of financial growth amongst our military families” and describes Military Saves as a total force, command-level program.

This year the Memorandum has a special focus on military spouses, recognizing the importance of the role that spouses often play in the financial health and stability of the military family.   The letter further highlights how important it is for youth to learn good habits that will strengthen their future financial fitness.

The Chairman calls for the Chiefs of the Military Services and Senior Enlisted Advisors to sponsor financial awareness activities and events where practical, and encourages personnel to take the Military Saves Pledge and support the 2013 campaign theme, which is “Set a Goal, Make a Plan, Save Automatically.”

For the full text of the Memorandum, click here.

How to Expect the Unexpected - Have an Emergency Savings Account

Emergency Savings
Written by Super User · 01 November 2012

Kara Schulte
AFC® Candidate
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?

Read more ...

How to Save for a Large Purchase: Remember the SMART Rule

Savings Tips
Written by Super User · 31 October 2012

How to Save for a Large Purchase: Remember the SMART Rule

October 31, 2012
By Kelley Long, CPA
Follow her on Twitter

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:

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5 Tips for Saving Before the Holidays

Savings Tips Holiday
Written by Super User · 29 October 2012

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:

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Delayed Spending: Savings in Disguise

Saving Spending
Written by Guest Blogger · 25 October 2012

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.

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Tip of the Day

  • Written by Guest Blogger | February 26, 2014

    #Save automatically using an allotment with #myPay to automatically transfer funds monthly into a #savings account http://ow.ly/sGWxb

Saver Stories View all »

Living the Dream: This Military Couple Retired Early

Written by Jackie Toops | March 18, 2021

“Continuous dedication to financial peace pays off,” shares military couple, Denise and Jim. They would know, because at ages 52 and 53, they are already retired. The couple enjoyed life as an Army family for 32 and a half years and started planning for retirement decades ago. Denise shares, “We are not working a paid job, but are volunteering and meeting some personal fitness goals and enjoying some time together after many years spent geographically apart. It can be done!”

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Involving Kids in Family Finances

Written by | April 19, 2019

 

One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.

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Building a Six-Figure Savings While Enjoying Life

Written by Jackie Toops | November 13, 2020

Does the idea of saving up hundreds of thousands of dollars seem impossible? How about doing it while still living an enjoyable lifestyle?

For military spouse Martina and her husband, an E-5 in the Navy, accumulating a six-figure savings has become a reality. One might think that in order to save this much, it would take a great deal of sacrificing and forgoing a certain quality of life, but Martina and her husband would disagree. “Over the past few years (about five), we've managed to save almost $120,000 while mostly living on one income. We've learned so much about easy ways to save money and live a good life,” shares Martina.

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