Facebook Week in Review: 03/08/11

8 03 2011

March 18

Reminder: Today is the deadline for servicemembers to file their stop-loss claim if eligible.

The use of cell phones to transfer personal financial data to banks is increasing. If your phone is lost or stolen your personal data may fall into the wrong hands. Protect your identity and finances by password protecting the phone with complex passwords (include symbols/numbers/uppercase letters). Erase the memory by using the “hard reset” function when you recycle or trade in your phone.

March 17

Top of the morning to everyone. Let’s talk green. Has switching to using cash only, rather than credit, helped curb spending?

March 16

It’s already the middle of the week so let’s talk coffee! Have you found it cheaper to make coffee at home or by purchasing it from a shop? Are there certain perks or rewards with purchasing it a coffee shop? For those making their brew at home, how much money are you saving by doing so?

March 15

Even though we are three months into 2011, you can still make a retroactive contribution into your IRA for the 2010 tax year. Participants have until April 18th (this year’s new tax filing) to contribute. If you filed your 2010 taxes prior to making your IRA contribution, you will have to file an amended tax form.

Paid off debt? Yippee! Want to increase your savings and/or retirement accounts? Continue to make the old “debt payments” to your savings and/or retirement accounts after the debt has been repaid.

March 14

Savings is the accumulation of excess funds by intentionally spending less than you earn. So, the less you spend, the more you’ll have to save! Let’s all remember this as we’re out and about. And with only 25% of Americans believing that happiness can be bought with money, we’re off to a good start at saving more while spending less!

Happy Monday everyone! Military Saves wants to thank everyone for being a part of our Saver’s Community here on Facebook! You are all doing a fantastic job sharing experiences and saving tips, as well as saving for your future!!

March 13

The weekend is coming to a close……what ways do you save money on recreation activities? Do you rent movies at home rather than go to the theater? Do you play board games? Have you visited your local base/post MWR?

March 11

The current value of the Thrift Savings Plan is over $270 billion, reflecting investment returns and an increase in participant contributions – a sure sign that people are continuing to save for retirement – TSP Feb 2011.

Dan, great question! There is an annual addition limit of $49,000 when servicemembers contribute tax exempt income to their TSP. In summary, you can contribute $16,500 (the IRS standard Elective Deferral Limit) of tax deferred money and above that would include tax exempt monies for a combined total of $49,000.

March 10

Have you updated your beneficiaries lately? Beneficiaries listed under SGLI, TSP, 401k and other retirement accounts do not pass through a Will. When life events happen (birth of a child, divorce or death) you will want to keep your beneficiaries up-to-date in order to allow the transfer of assets to the current people in your life.

There is no wrong way to budget and there isn’t a cookie-cutter budget that everyone should follow. No one budget will be the same as another. In fact, your budget may change each month! The budget controls how and where your money is going. It’s purpose is to ensure money is left over at the end of the month – helping people to avoid living paycheck to paycheck.

March 9

TSP Roth Feature in 2012 – With the Roth feature, you will be able to save after-tax dollars in your TSP account, where they will grow tax-free. When you withdraw your Roth balance, you will pay no further taxes on your contributions and, provided you satisfy the Internal Revenue Code requirements, no taxes at all on your earnings.

March 8

Did you know about placing an Active Duty Alert on your Credit Report? Federal credit reporting law provides special protection for active duty servicemembers, including reservists serving anywhere other than their usual station. This helps prevent identity theft against servicemembers who are stationed far away from their home address by others trying to assume your identity to commit financial fraud.

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