Setting aside money for emergencies and future spending is a vital part of your financial plan. Emergencies will arise and having savings can turn an emergency into an inconvenience. Wanting a new car or thinking of that dream vacation? Establishing a goal and setting the funds aside ahead of time will allow you to purchase it without debt and the added cost of interest.

1. Make savings a priority, pay yourself first!
2. Establishing an allotment from your pay to a savings account, or setting up a regular, automatic transfer of funds can make saving easier. It is easier when you don’t see the money first.
3. Open a High Yield Savings Account (HYSA) online to earn a higher interest rate and grow your money faster!
4. Enroll in the Health Care Flexible Savings Account and the Dependent Care Flexible Spending Account to set aside funds for planned medical and family care expenses. Deposits are tax free, yielding a 10 to 37 percent savings, even more if you’re subject to state taxes
5. Deploying? Take advantage of the Savings Deposit Program (SDP). You can earn a guaranteed 10% interest on up to $10,000 deposited when deployed or stationed in a qualifying area.
6. Stretch your savings by shopping at the Exchange and the Commissary. Using paper coupons and/or digital coupons on your Commissary Rewards Card will increase your savings!

Explore More with My Military Lifestyle and Finances!