Military Saves Blog

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

5 Ways to Reduce Your Debts

Debt
Written by Guest Blogger · 19 July 2012

July 19, 2012

By Dylan Tansy, America Saves Intern

When people sign up to become savers with America Saves, one of the first things we ask of people is to set a goal and tell us what it is. Having a concrete tangible goal is one of the best ways to maintain motivation, keep perspective, and measure progress. Roughly one in six people that have committed to start saving with America Saves have chosen “paying off consumer debts” as their top financial goal. This is not surprising as approximately 45% of families earning less than $50,000 a year rely on credit for basic needs. While this figure may be disheartening, the truth is that anyone can work toward becoming debt free. Here are five basic pieces of advice that you need to follow if you are serious about taking control of your money:

  1. Stop borrowing – The bottom line is that your debt will never go away if you are always adding to it. There may be times when you have no other choice but to rely on credit, but you should avoid a revolving balance. Compounding interest will increase how much you owe in the long run and keep you in debt longer. You need to either cut up your credit cards, or hide them from yourself.

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Contributing to the TSP: A Few Simple Steps

Retirement TSP
Written by Super User · 18 July 2012

Contributing to the TSP:  A Few Simple Steps

by Miriam Darden Settles, CFP®
Federal Retirement Thrift Investment Board


You’ve heard about the Thrift Savings Plan (TSP), but are you still sitting on the sidelines not contributing?  If so, what are you waiting for?  Don’t miss out on the opportunity to save for your retirement with what is widely regarded as one of the finest retirement savings plans in the world. The sooner you start, the sooner you’ll be able to reap the rewards of participation.

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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.

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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.

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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.

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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 »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

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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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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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