Learning about Saving Strategies presented by Federal Credit Union
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Transcript of Learning about Saving Strategies presented by Federal Credit Union
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Learning about Saving Strategies
presented by Federal Credit Union
Wednesday, February 27, 2013Arsenal Club, Bldg 60
Rock Island Arsenal, IL
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Sequence of this Presentation
Introductions Disclaimer Purpose and Background of the annual Military Saves Campaign
Build Your Savings Arsenal: Savings Techniques
Additional Resources Taking the Pledge
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IntroductionsToday’s Sponsor
RIA Federal Credit Union
Presenter
Nichole BurtonPhone: (563) 355-3800 Web: www.riafcu.com
Army Community Service VolunteersUSAG - Rock Island Arsenal
Presenter
Jon Cook, AFCPhone: (309) 782-0815 / -0829E-mail:[email protected] Web: www.riamwr.com/ acs/financial-readiness
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Disclaimer• This presentation is for the information and
education of the participants.
• The information presented is neither an endorsement nor a guarantee.
• Before making any financial commitment, consult with your Family Members and appropriate professional advisers.
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Military Saves Campaign25 February – 2 March 2013
www.militarysaves.org Purpose &
Background
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Why plan for retirement now? Retirement is way off in the future!
“It’s not the money you make; it’s the money you get to keep!” Ric Edelmann
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Saving:“loanership” interest 1099-INT
Investing:“ownership” dividends 1099-DIV
capital gains 1099-B (or losses)
Saving & Investing
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Life’s Events
Christmas, Birthdays, Anniversaries,
Weddings, back-to-school, Car Services, Trips, taxes, “stuff”
Emergencies, insurance deductibles,
big vacations, car down payments, Medical co-pays
RetirementLong Term Care
- 5 to 7 years
+ 5 to 7 years
Savings Accounts
CU & Bank short term CD’s & Money Funds
Money Market from Mutual Funds
Long term CD’s,short term
Bonds and Bond funds
Bonds and Bond fundsStocks and Stock funds
College, major home maintenance
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Build Your Savings Arsenal: TIPSNichole Jon Other Sources
MAP - Money Allocation Plan - have a plan- write it down- then I follow it
Pay yourself first: use allotments and automatic transfers
Start NOW – on whatever technique you decided
Start small so you will consistently do it
Save BEFORE you get your paycheck-payroll deduction- either into a savings account or 401k if offered.
KNOW where you’re spending your money Set up an account for each goal (e.g. CU multiple savings accounts)
Deposit your paycheck into your savings account and only transfer what you need into your checking account
Pay off debt BEFORE getting more- don't get a loan to pay off another loan.
Spend less than you make Subtract your credit purchases right away in your check register so you can see the money impact
Instant reward: when you save on a purchase or brown-bag a lunch, put the savings into savings
Don’t pay more than you have to After you pay off a bill or loan, keep paying the amount to yourself
• Kiplinger’s Personal Finance Magazine• Dahlstrom’s “Out of Hock and Out of Debt”
Cut back on bills and expenses
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Additional Resourceswww.riamwr.com/
acs/financial-readinesswww.militarysaves.org
Resources for Savers
Financial Readiness
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http://americasaves.org/for-savers/201
What is your Net Worth?
Net Worth Statement
+ Assets + Monetary Assets + Fixed Assets- Debts
= Your Net WorthDownload an MS Excel Spreadsheet from the ACS RIA web pagewww.riamwr.com/acs/financial-readiness
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Save all or part
of your tax refund!
IRS Form 8888
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FINRA Savings Calculatorhttp://apps.finra.org/Calcs/1/Savings
Financial Industry Regulatory Authority (FINRA)FINRA Financial Education
Low Credit Score?Need to improve your credit report?Get a free credit report and score from Equifax or TransUnion through your local Financial Counselor courtesy of FINRA CreditScore program
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Taking the Saver Pledge
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Build Your Savings Arsenal
thank you for attending!
RIA Federal Credit Union for sponsored today’s event