With a brand new year just around the corner, we brought this post out of the archives to remind you and your military family that making the resolution to save money is easier to achieve than you think! Check out Brooke’s tips for making this New Year’s resolution one that will stick all year!
Here we are, almost to 2015, after a holiday season that probably involved a lot of spending, rather than saving. You may not have made a New Year’s Resolution to save, but it’s not too late to come up with a promise to yourself and your financial readiness. America Saves has a great program that has helped many service members and their families become better savers.
Make a pledge to save at America Saves (a campaign of the nonprofit Consumer Federation of America), and they will send you text messages to remind you to work toward your savings goal. You can choose the purpose of your savings goal (ex: vacation, retirement, home purchase), how much you want to save per month, and for how many months.
Military Saves, a component of the America Saves campaign and partner of the Department of Defense’s Financial Readiness Campaign, also has a pledge program that will help you meet your goals for 2015 saving. When you pledge, you will get their newsletter with great strategies for saving. You may learn about some special programs that are only available to military. For example, the Savings Deposit Plan which can only be used during deployments and is guaranteed a 10% return rate annually. You can’t beat that for a savings program!
They also give great tips for how to save on a tight budget. Military Saves Week is February 23-28, 2015, and installations everywhere will be hosting events to promote financial readiness for service members and their families.
January is also the time of year when your W-2 arrives in the mail, or becomes available online, and you start thinking about that tax return or bill. If you will get a tax return from 2014, think about whether or not that should be used to pay down debt or factor into your savings plan. America Saves has more tips on how to save money at tax time.
With all of these resources at your fingertips, you have no excuse not to make a plan to save that is worth sticking to!