Military Saves Blog

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

Should You Opt Out of Child Tax Credit Monthly Payments?

Written by Lila Quintiliani · 22 June 2021

Millions of American families are due to get an advance on their child tax credit payments starting in mid-July. Thanks to the American Rescue Plan Act of 2021, the payments are up to $1,600 larger than they were last year, and the monthly payments may assist families who struggle with day-to-day expenses all year. Spacing out the payments may also help families during certain high-cost times of the year, such as PCS moves, back-to-school purchases, military transitions, or holiday shopping. 

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Your TSP: How to Make Your Money Work For You

Written by · 09 April 2021

Written by Cloud Spurlock, Federal Retirement Thrift Investment Board | April 9, 2021

Before your first paycheck from your very first job hit your bank account, you may have heard the good advice to “pay yourself first.” Of course, that didn’t mean you should go out and buy whatever what-have-you was on your wish list. Instead, it meant you needed to set aside money for someone else—someone who may as well have been a perfect stranger at the time—your future self.

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It’s Time for Your Check-Up; Your FINANCIAL Check-Up

Military Saves Month
Written by Lila Quintiliani · 26 March 2021

You probably do routine maintenance on your car – get the oil changed, filters checked, and have the tires rotated. And you probably make sure you go to the doctor and have a physical every year or so. But do you ever take the time to do a financial well-check?

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Five Things to Keep in Mind this Tax Season

Income Tax Tips
Written by Lila Quintiliani · 25 January 2021

Is it really that time of year again? I admit it: I dread tax season. I hate gathering my paperwork, tracking down my W2, making sure I have all my interest and dividend statements. Taxes will never be something I enjoy, but at least I can be prepared. Here are five things to help get you ready for this year’s tax season. 

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What You Need to Know About Payroll Tax Deferral Repayment

Income Tax Tips General Savings
Written by Lila Quintiliani · 13 January 2021

Last fall, we talked about the payroll tax deferral that affected most military members and many federal employees. The deferral equated to a four-month, 6.2% increase in pay. But the catch was that it was just a temporary boost and needed to be repaid in 2021. Well, the time to repay those taxes has arrived, and here is what you need to know before the first pay period of the year.

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Tip of the Day

  • Written by Guest Blogger | May 1, 2014

    Check out the FREE "My Military & Money" app for servicemembers from @BBB and McGraw Hill Financial. More info at https://bit.ly/2Ls1pAf

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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When You Start Small, Saving is Easy

Written by Lila Quintiliani | August 12, 2019

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.

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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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