BBB offers smart saving tips during Military Saves Week
VICTORIA, Texas–Better Business Bureau serving Central, Coastal, Southwest Texas and the Permian Basin is joining local, state and government organizations for Military Saves Week. This weeklong initiative is an opportunity to focus on the financial readiness of members of our military and their families by helping them reduce debt and save for the future.
BBB Education Foundation’s Military Line, is committed to serving our military by offering free BBB services and advocacy to a population that is known to be targeted by scams and unethical business practices. This program also encourages service members to use BBB consumer education materials, business reviews and dispute resolution services. In 2016, your local BBB served nearly 4,000 military personnel and families through financial education workshops and presentations.
In support of Military Saves Week, your BBB and Military America Saves offers these five saving strategies:
Keep track of spending. Get a receipt for all purchases, and review receipts at the end of each month to see where you spend most of your money. You may even see where some of your spending could be reallocated to an emergency savings account. Also, try to limit credit card purchases to amounts you can pay off in full at the end of each month, which will help with interest charges. Save for emergencies. Setting up an emergency fund allows you to pay for unexpected financial challenges, such as repairing your car or a medical emergency. It’s best to keep an emergency fund in a bank or credit union savings account because it’s less likely that you will use your savings account for everyday expenses. Also, having an emergency fund prevents you from using payday loans and borrowing too much money at high interest rates. Pay off high cost debt. The first step to paying off debt is to stop borrowing and stop spending more than you earn. Make a budget, and figure out the most you can afford to pay off your debt each month. If you have credit card debt, start by paying off the card with the highest interest rate. With loans, BBB advises you pay off the smallest loan first and work your way up to the largest. Transfer funds automatically into a savings account. Saving automatically is the easiest and most successful way to save money for emergencies, big future purchases, school tuition or retirement. Service members can save automatically by using an allotment with myPay or by taking advantage of the Savings Deposit Program. Participate in the Thrift Savings Plan. The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and service members, including the Ready Reserve. This plan offers the same types of savings and tax benefits that are included under many 401(k) plans.
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