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Learning about Saving Strategies presented by Federal Credit Union Wednesday, February 27, 2013 Arsenal Club, Bldg 60 Rock Island Arsenal, IL

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, 2013 Arsenal Club, Bldg 60 Rock Island Arsenal, IL. Sequence of this Presentation. Introductions Disclaimer Purpose and Background of the annual Military Saves Campaign - PowerPoint PPT Presentation

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Page 1: Learning about Saving Strategies presented by  Federal Credit Union

Learning about Saving Strategies

presented by Federal Credit Union

Wednesday, February 27, 2013Arsenal Club, Bldg 60

Rock Island Arsenal, IL

Page 2: Learning about Saving Strategies presented by  Federal Credit Union

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

Page 3: Learning about Saving Strategies presented by  Federal Credit Union
Page 4: Learning about Saving Strategies presented by  Federal Credit Union

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

Page 5: Learning about Saving Strategies presented by  Federal Credit Union

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.

Page 6: Learning about Saving Strategies presented by  Federal Credit Union

Military Saves Campaign25 February – 2 March 2013

www.militarysaves.org Purpose &

Background

Page 7: Learning about Saving Strategies presented by  Federal Credit Union

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

Page 8: Learning about Saving Strategies presented by  Federal Credit Union

Saving:“loanership” interest 1099-INT

Investing:“ownership” dividends 1099-DIV

capital gains 1099-B (or losses)

Saving & Investing

Page 9: Learning about Saving Strategies presented by  Federal Credit Union

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

Page 10: Learning about Saving Strategies presented by  Federal Credit Union

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

Page 11: Learning about Saving Strategies presented by  Federal Credit Union

Additional Resourceswww.riamwr.com/

acs/financial-readinesswww.militarysaves.org

Resources for Savers

Financial Readiness

Page 12: Learning about Saving Strategies presented by  Federal Credit Union

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

Page 13: Learning about Saving Strategies presented by  Federal Credit Union

Save all or part

of your tax refund!

IRS Form 8888

Page 14: Learning about Saving Strategies presented by  Federal Credit Union

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

Page 15: Learning about Saving Strategies presented by  Federal Credit Union

Taking the Saver Pledge

Page 16: Learning about Saving Strategies presented by  Federal Credit Union

Build Your Savings Arsenal

thank you for attending!

RIA Federal Credit Union for sponsored today’s event