Military Saves Blog

Blog

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

Know Your Score: Save Money

Credit Score Credit Report
Written by Super User · 17 July 2012

By Lila Quintiliani, AFC©
Assistant Coordinator, Military Saves

Just about everyone I talk to is interested in saving money.  Yet very few people are familiar with their own credit report or know their credit score.  Why is this such a paradox?  It’s because your credit history can determine how much you pay for your house, car, insurance, utility deposit…the list goes on and on.  And aside from that, it can also affect your security clearance, your job prospects and even where you live.  Everywhere you go, institutions and individuals will be looking at your credit history and judging you on it, so your best bet is to know what’s in your own report.

Read more ...

Paying Down Debt

Debt
Written by Guest Blogger · 16 July 2012

July 16, 2012

Tiffany Ching, Union Bank, N.A., Senior Vice President and Regional Manager

Eliminating debt is one of the fastest ways to free up money for savings, investments and other long-term financial goals. Credit card bills, student loans and other debt are not only a burden on a budget, but the balances almost always accumulate interest, adding to your debt.

For some, paying down debt may seem overwhelming, but by putting a plan in place, you may be able to pay off your debt sooner, with less interest, while possibly improving your credit score.

Following are some tips to help you pay down debt with the goal of saving more for the future:

Get a Handle on How Much You Owe

Start by listing the outstanding balance, interest rate, minimum payment and due date for each of your debt accounts. This information can easily be found on your most recent monthly statement.  Keep a calendar to remind you of due dates, set up automatic payments where you have that option, and continue to make timely monthly payments on each account.

Read more ...

Dig Yourself Out of Debt Action Plan

Debt
Written by Guest Blogger · 10 July 2012

By Michelle Volpe-Kohler, Associate Director, FINRA Corporate Communications.

Learn more at SaveAndInvest.org and Follow FINRA on Twitter

It’s easy to fall into debt—especially if you are supporting a growing family. But just because you’re in debt now doesn’t mean you have to stay in debt. You are taking the first step to dig yourself out of debt by reading this Action Plan. Whether you’re in serious trouble or just want to pay down some bills, take the steps in this Action Plan to get going.

Read more ...

Emergency Preparedness - Are you Ready Financially for an Emergency?

Written by Super User · 10 July 2012

10 July 2012
By Lila Quintiliani, AFC ®
Military Saves Assistant Coordinator

You’ve got a flashlight, batteries, a weather radio and gallons of water.  So you’re all prepared for an emergency, right?  Maybe not.  See, you also need to be financially prepared for emergencies, or you can take a hard hit right in the wallet when disasters, natural or otherwise, strike.

Here are some things to consider when it comes to emergency financial preparedness:

  • How’s your insurance coverage?  If you are a homeowner, do you have adequate coverage for your possessions?  Do you live in a flood-prone area, even if the area is not formally designated as such on a flood map?  If so, you may need to buy a separate flood policy, because most regular homeowner’s policies do not cover damage from flooding (or earthquakes).  If you live in an apartment or government housing, do you have renter’s insurance?   While some government housing may come with limited renter’s coverage, it varies from installation to installation, and rarely covers the cost of even a fraction of your household goods.  The best bet is to find a separate renter’s policy which can cost under $20 per month.

Read more ...

New Theme: Paying Off High-Cost Debt

Debt
Written by Katie Bryan · 09 July 2012

July 9, 2012

By This email address is being protected from spambots. You need JavaScript enabled to view it., America Saves communications manager

Over the next five weeks, the America Saves blog will feature articles and guest blogs on the topic of paying off high-interest debt. America Saves, along with our 52 local campaigns will be featuring information on how to reduce your debts and where to get help.

Borrowing more money than you can afford is costly in many ways. Americans spend well over $75 billion a year just on credit card interest and fees. That means that families who revolve credit card balances pay an average of $1,500 a year in interest and fees.

Too much debt isn’t just expensive. People with lots of debt often say they lack peace of mind. They worry constantly about paying off debts and making ends meet. The stress of these worries affects their family life, work performance, and other areas of their lives.

If you would like to join the conversation about paying off high-interest debt, download our latest resource packet. The resource packet contains:

  • A sample article
  • Social media content
  • Tools and resources

Download the Resource Packet

Read more ...

Tip of the Day

  • Written by Guest Blogger | April 29, 2014

    It's important to know your #credit score and what's on your credit report. Find out why it matters: http://ow.ly/whNQl 

Saver Stories View all »

Airman Succeeds Through Dedication to Building Wealth Not Debt

Written by Super User | October 13, 2011

I came into the Air Force at 23 years old in 1993 with about 12 outstanding bills (hospital bills, car loan, car insurance, school loans, credit cards, etc.). You name it, I had the bill. Thanks to the Family Support Center, Dave Ramsey's Financial Peace University, and many other sources, I now have no outstanding bills.

Read more...

One Sailor's Course to Financial Freedom

Written by Super User | November 26, 2010

We all know its not easy to get out of debt once you in over your head. But it can be done with the sound advice and support that the Military Saves program offers. I am a testament to that. I was a recently divorced, single mother. Like many people I had credit card debt, a car loan, bad credit, and a low income job that never seemed to be enough to put food on the table.

Then I decided I'd had enough of living paycheck to paycheck and worrying about money all the time.

Read more...

A Plan for Success

Written by Super User | April 26, 2012

I’m Staff Sergeant Robert Zuniga and I have been an active duty Air Force medic for eight years. I plan on staying in long enough so that I can retire at 20 years. I have always been interested in personal finance and would like to share how it IS possible for me and my stay-at-home wife and two kids to not only save and invest a ton of money but also have a lot of responsible fun as well on 'low' enlisted pay. You CAN do it too!

First off, we write down our goals and separate wants from needs.

Read more...