The Right Way to Save

2021-03-23T12:07:38-04:00

Military Saves Senior Program Manager

Have you ever wished you knew the “right” way to save?

Well, that was a trick question. The answer is there is no single, correct way to save. There is only the way that works for you, in your own situation.

Here at Military Saves: http://rly.pt/MilitarySaves, we are dedicated to helping the entire military community, including active-duty service members, military families, and veterans build wealth and reduce debt.

How do I get started?

Everything starts with something called the Military Saves Pledge, http://rly.pt/3renCl2, which is a promise to yourself that is the start of a simple saving plan that works. Take the Pledge and then receive short email and text reminders, resources, and tips that will keep you motivated and on track toward your saving goals.

Once you take the Pledge, you’ll become part of an entire community of savers. You can think of us as your accountability buddy.

And right now is a great time to reflect on your finances because April is Military Saves Month, a free annual event where hundreds of organizations come together to encourage the military community to do a financial wellness check in.

Over the course of a month, we’ll cover money-related topics from a relatable, down-to-earth, positive perspective. Savers end the month with tools, resources, and clarity on their current financial situation, new savings goals, and a realistic plan to achieve them.

What if I don’t have enough money to save?

We know that times are tough, and in the current economic environment not everyone feels like they are able to set aside money. But we believe savings is a habit, one you build up over a lifetime.

Even if you can only set aside a few dollars per pay period, it can grow into something meaningful -- an emergency fund, a down payment on a house, or a vacation in Hawaii. At Military Saves we have a saying: Start Small, Think Big.

We believe the most effective way to save is automatically, through an allotment or an automatic transfer of funds through your bank or credit union. Set it and forget it, and before you know it, you will have reached your savings goal. And if you get bonuses, tax refunds, or pay raises, you can add that to your savings account as well.

What is Military Saves?

Military Saves, a participant in the Department of Defense Financial Readiness Network, has been around for almost two decades.

Our research-based program, which is coordinated by the nonprofit Consumer Federation of America, uses the principles of behavioral economics to change savings behavior and motivate financial action.

We are a small team made up of veterans and military spouses. We know how hard it can be to save because we’ve struggled ourselves. My own financial difficulties led me to become an Accredited Financial Counselor (AFC®), and now I get to motivate others on their financial journey, wherever they may be on that long, and sometimes uphill, path.

Visit us at http://rly.pt/MilitarySaves for more information. Follow us on social media and here on RallyPoint.

MilitarySaves

Response by Sgt Private RallyPoint Member made Mar 23 at 2021 1:15 PM

2021-03-23T13:15:03-04:00

1LT Lila Quintiliani Great website. The military helps to instill discipline. Discipline can help with living beneath your means, saving as much money as possible and investing wisely.

Response by CW3 Kevin Storm made Mar 23 at 2021 2:55 PM

2021-03-23T14:55:44-04:00

As someone who fell to bad side of the credit monster many years ago and had to work to get out from under the words I can add to this is this. You don't always need brand new, used will get you by. I don't care how attractive that credit card looks, odds are you really don't need it. If you are new service member the only credit you should of even take, is investing in yourself, and that is your education. I didn't say college, that could be taking courses in your given MOS (if you have a trade that can convert), learning computer skills, learning to read, speak another language, learn a trade. New cars, new furniture, or what ever the fade is in electronics you don't need it. Start saving now for your retirement, 20 years will go by fast, and in that 20 the potential to become a TSP Millionaire is there. There are a lot of great programs out there to get ahead, use them.