According to Brandy Hudson, Army Community Service Financial Readiness specialist, the goal is to reach at least 10 percent of the personnel at each unit.
“For this pledge drive we try to reach as many people on post, military and civilian, to sign up and take a pledge to start a savings plan, reduce debt and build wealth,” Hudson said.
Military Saves Week is part of the Military Saves Campaign, which is a component of the broader America Saves Campaign. This year’s theme is
“Set a goal. Make a plan. Save automatically.”
During the campaign, service members are given tips and strategies to improve their financial situations. Each service member is encouraged to take the “saver’s pledge,” which is a commitment to make smarter financial choices and set a savings goal.
“Saving money is important for financial security,” Hudson said. “Having a savings serves as a sort of insurance policy for those unexpected events or emergencies that would otherwise become large financial burdens. Money can also be saved to plan for retirement later in life or any other major life event that would be in the near future: wedding, vacation, college. Plus, by learning to save money, people start making their money work for them instead of them working for their money. Implementing the discipline to make sacrifices and work towards financial goals is empowering.”
Military Saves Week is open to all military and civilians working on Fort Leonard Wood. Anyone can visit ACS to fill out a pledge card or visit www.militarysaves.org.
Hudson said making goals can be key to getting financially on track.
“Establish some short-term and long-term goals, and then create a spend plan to accommodate achieving those goals,” Hudson said. She said for those not sure how to start that, they can come to Financial Readiness at ACS.
The national campaign at militarysaves.org offers the following ideas for participants to think about each day of the campaign.
Monday – Save with a plan
Savers with a plan can be over twice as likely to save successfully for things like retirement. Start a savings habit during Military Saves Week by setting a savings goal and making a plan to achieve that goal.
Tuesday — Save the easy way…automatically
It can be hard to put aside money for savings, but there is an easy way to save money without ever missing it by making savings automatic. Set up an allotment from their pay via myPay, preferably to an account that is separate from a regular checking account.
Wednesday — Save for rainy days
A rainy-day fund or emergency fund consists of an amount of money in a savings account separate from a checking account. For military service members,PCS moves, temporary duty, and deployments are a constant. While a military paycheck is predictable, these life changes bring significant income volatility and increases or decreases in expenses, which can make a service member’s budget a moving target. Service members should have funds set aside specifically for these events.
March 1 —Save to retire
Retirement was reported as the top savings goal for Military Savers, according to our 2017 Military Saver Survey. Beginning Jan. 1, service members who are eligible for the new Blended Retirement System were able to begin opting into the new system.
March 2 — Save the extra
We’re more likely to save a windfall than a small amount consistently over a long period of time. Hack that psychology by saving things like bonuses, raises and tax refunds.
March 3 — Save as a family
Good savings habits start at home. Whether a family is budgeting, saving, making retirement decisions, or assessing workplace benefits, people should share the choices they make with their children, no matter their age. It’s never too early to learn the habit of saving.
As part of Military Saves Week, ACS is scheduled to sponsor a Credit Report Workshop for DoD families from 10 a.m. to 2 p.m. Monday through March 2 at Truman Education Center. Participants will learn to understand credit, and ways to avoid debt and save money.