Post celebrating Military Saves Week, promoting short-, long-term goals

By Catrina Francis, Fort Knox News EditorFebruary 24, 2017

usa image
(Photo Credit: U.S. Army) VIEW ORIGINAL

"Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this," said Dave Ramsey, businessman and motivational speaker.

Monday marks the beginning of the weeklong Military Saves Week which is a component of America Saves. Fort Knox's theme "Get a grip" promotes savings in some form. It can be long term or short term--it's getting a grip on where a person's money is going.

Alison Dupont, a financial readiness specialist at Fort Knox's Army Community Service, said one way individuals can save is by picking a category at the beginning of the week and putting money in a pouch and keeping track of it.

"You can monitor your own success," she said. "It doesn't have to be a (large amount of money) like 'I'm going to put in $500 per month.' That sets Soldiers up for failure. Where is your money going in a week's time? You would surprise yourself. One of the best things you can do is develop a spending plan."

She added that the week is also about encouraging Soldiers and their Families to take the Military Saves pledge, which is a commitment to begin the journey toward financial freedom. The week also promotes positive changes in personal financial behavior through the notion that everyone can "start small, think big."

Dupont said the campaign began in 2007 when the Department of Defense teamed up with America Saves and designated the last week in February Military Saves Week. In the past 10 years more than 200,000 individuals have taken the Military Saves pledge.

"Start small, think big is for people to think about saving money," said Dupont. "Saving is different for everybody."

Dupont pointed out this is the time of year when most people receive their income tax returns and many of whom don't have a plan about what they are going to do with the money. She said this approach can lead to careless spending without being able to quantify how the money was spent.

One means of savings is using the Thrift Savings Plan. Dupont said she tells Soldiers they don't have to put in a large amount because they can begin saving by having as little as 1 percent deducted from their check.

"Have a plan for that 1 percent," she said. "Once you've done 1 percent that's your goal. Track it and look at it once a quarter. Next year when you get a cost of living (raise) … add another 1 percent. It's a small thing that you can do."

During Military Saves Week representatives will be on hand at various on-post locations to answer questions about money management. They will also have Military Saves pledge cards.

Dupont said representatives will also have Military Saves pledges for individuals to sign.

"We will be available to answer questions," Dupont said. "(Individuals) can always call ACS, and we can help you develop a savings plan."

Seventeen percent retire from military

-Only 51 percent of Americans say they have a savings plan with specific goals.

-Forty-five percent of military Families say that they have not set aside sufficient

emergency funds to cover at least three months' worth of expenses.

-Sixty percent of military Families express that they feel stress from their Family's current financial condition.

-Fifty percent of service members say they have too much debt.

-Thirty-nine percent of military members with credit cards only pay the minimum amount due each month.

-Thirty-eight percent of military members have a student loan; of these,

43 percent are concerned that they will not be able to pay them off.

-Only 17 percent of service members stay in the military until full retirement.

DID YOU KNOW?

-After taking the Military Saves pledge, individuals reported they fell more

hopeful about their financial life. They are saving more and they are managing their debt better.

-Military savers say that on average they have set a goal of saving $977 per month.

-Savers say that in the three years since taking the pledge in 2011, they have saved on average about $42,100.

(Information was obtained from a 2014 Military Saves survey of individuals who took the pledge)