https://militaryfamilieslearningnetwork.org/wp-content/uploads/2020/03/Save-with-a-Plan-Podcast_mixdown.mp3
Resources from the Podcast
Financial Goal-Setting Worksheet
Financial calculators such as these from Bankrate
Thrift Savings Plan (TSP) calculators
America Saves (Make a Plan: How to Save Money)
Three archived MFLNPF webinars:
Savings Strategies for Non-Savers
Saving Strategies for Military Families
Basic Money Management
Shownotes
What Should People Save Money For?
Emergencies, short-term goals, medium-term goals, and long-term goals
Follow-Up: Give some examples of each type of goal (e.g., 3-6 months expenses, vacation, car, retirement)
How Can People Start Saving Money?
Mentally tell yourself that you are going to do it and set savings goals with a price and time deadline
Having a specific goal is a lot more motivating than saving for savings sake
Follow-Up: Walk me through the goal-setting process from start to finish (e.g., online calculator, worksheet)
When Should People Start Saving Money?
Start as soon as possible. If you are not saving money currently, the best time to start is today
Increase savings when income increases or expenses-like loan payments- decrease
Follow-Up: What are things people can do TODAY? (e.g., sign up for TSP, change jar, savings challenge)
America Saves Encourages People to Save With a Plan…What Does “Saving with a Plan” Look Like?
Research the total cost of your savings goals (e.g., a vacation trip or buying a “new-to-you” car)
“Do the Math”: divide the cost of the savings goal by the number of months to save to get periodic savings
Use a worksheet or online calculator to determine the annual, monthly, or per-paycheck savings amount
Prepare a list of goals with the cost of each goal, its time deadline, and amount of time to save periodically
Follow-Up: Give me an example of planned savings (e.g., $10,000 goal, 3 yrs., $3,333/yr., $128.20 bi-weekly)
What are Some Tools and Resources to Save with a Plan?
Financial Goal-Setting Worksheet
Financial calculators such as these from Bankrate
Thrift Savings Plan (TSP) calculators
Follow-Up: What does research say about planned savings? (e.g., planners save more at all income levels)
What are the Benefits of Saving with a Plan?
A plan makes you more future-minded; it forces you to think about what you want and when.
A plan helps you see your progress; if you save $2,500 toward a $5,000 goal, you are halfway there.
Follow-Up: How often should people review their saving plans?
Re-evaluate your savings plan at periodic intervals like every 6-12 months; you need time to see progress.
Also re-evaluate your savings plan when life circumstances change (e.g., a big raise or marriage).
What are Some Final Tips for Saving with a Plan?
Automate your savings when you have a regular paycheck (e.g., service members)
Save when you can if your income is volatile (e.g., military spouses)
Plan to save all or part of windfalls (e.g., tax refunds)
Start small; complete the 30-Day $100 Savings Challenge: https://www.slideshare.net/BarbaraONeill/30-day-100-savings-challenge-0416
Follow-Up: Where can military family-serving professionals get more information about planned savings?
America Saves (Make a Plan: How to Save Money): https://americasaves.org/for-savers/make-a-plan-how-to-save-money
Three archived MFLNPF webinars: Savings Strategies for Non-Savers, Successful Savings Techniques, and Saving Money: Research Insights
