Want to get rich' Military Saves program promotes financial readiness
January 29, 2010
- Reduce debt; save money
- Take the "Saver Pledge"
SCHINNEN, Netherlands - Mention financial security, and most people's eyes glaze over. Talk about becoming wealthy, and suddenly people listen. That's what draws attention to the Military Saves Campaign, a DoD-wide financial readiness program that kicks off Military Saves Week, Feb. 21 to 28.
"The idea behind Military Saves is to encourage military personnel and family members to reduce debt and save money. By doing that, we secure our own personal financial readiness and positively impact the nation's personal and household savings rates," explained Sheila Lee, USAG Schinnen's Financial Readiness Manager.
Special events are planned throughout the Tri-Border area to commemorate Military Saves Week, including:
Aca,!Ac Financial Readiness Booth, 11 a.m. to 2 p.m., Feb. 23, at the Schinnen PX, and Feb. 25, at the Schinnen Commissary; representatives from ACS and local banks offer money saving tips and pass out freebies.
Aca,!Ac Finances for Kids, 4 to 5 p.m., Feb. 24, at Schinnen's CYSS School Age Center (located on JFC Brunssum); this class for elementary kids teaches early saving habits.
Aca,!Ac Reality Check, 4 to 5:30 p.m., Feb. 26, Schinnen's CYSS Youth Center, (located on JFC Brunssum); this class for junior and high school students addresses the cost of living "in the real world."
As part of the national "America Saves" campaign, Military Saves' strategy includes "The Saver Pledge," which is a commitment to exercise good financial habits and encourage other Americans to do the same. Savers who enroll online receive electronic newsletters and "e-Wealth Coach" advice.
Military Saves encourages savers to develop a personal financial plan, establish good credit, save a portion of each paycheck, enroll in the Servicemembers' Group Life Insurance, the Thrift Savings Plan and, when eligible, the Savings Deposit Program. All four services and the U.S. Coast Guard participate in the campaign.
"Since the Military Saves kick off in 2007, more than 55,000 individuals have enrolled, and hundreds of thousands of positive financial actions via savings or investment accounts have occurred," Lee said.