Monday marks the start of the annual Military Saves Week, the culmination of the year-long Department of Defense Financial Readiness campaign meant to encourage Soldiers and their Families to establish positive fiscal management habits through savings and financial planning.Military Saves is part of America Saves, a national campaign involving more than 1,000 non-profit, government, and corporate groups encouraging individuals and Families to build personal wealth.
Campaign strategies include encouraging service members and their families to take Aca,!A"The Saver Pledge,Aca,!A? a commitment to exercise good financial habits and motivate others to do the same. Savers who enroll online receive electronic newsletters and advice from an e-Wealth Coach.
The campaign also encourages DOD credit unions and military banks to aggressively promote automatic deposits to savings accounts programs and others that can help service members and their families take better control of their finances and build emergency savings.
Aca,!A"Financial security directly impacts Army readiness and reduces stress for Soldiers and their Families,Aca,!A? said Charles Lowery, acting director of Military Saves.
Aca,!A"Soldiers need to know that their families will be prepared in case of a financial emergency while they are away on deployment,Aca,!A? he said.
The ArmyAca,!a,,cs FMWRC, in conjunction with the Office of the Chief of Public Affairs, is coordinating the ArmyAca,!a,,cs response to Under Secretary of Defense Mr. Tommy T. ThomasAca,!a,,cs message by urging all departments to participate in Military Saves Week, including The Army Spouse Employment Partnership program and its partners.
Aca,!A"Our tax preparation companies are providing one-on-one counseling to Soldiers and their spouses on the importance of saving and investing and the tax consequences of doing so,Aca,!A? said Dr. Lillie S. Cannon, ASEP program Manager and accredited financial counselor.
If military personnel are enrolled in a savings program, they are eligible for the SaverAca,!a,,cs Credit which could net them up to 1500 dollars, she said.
Commanders and Senior Enlisted leadership are encouraged to place an emphasis on the Military Saves campaign directly before and during Military Saves Week. Commanders are also urged to appoint a Military Saves representative at the installation or command to engage the local Public Affairs Office and on-post credit unions and banks to make savings training and programs available to Soldiers and to focus on publicizing them during Military Saves Week.
Aca,!A"Military Saves is a command initiative in which leadership can work to create a culture that encourages savings and financial readiness. However, changing our financial culture is a formidable task and requires everyone to take personal responsibility for adopting a Aca,!EoeMilitary SaverAca,!a,,c lifestyle,Aca,!A? said Lowery.
Every commander and civilian director is encouraged to sponsor a Saver Drive during Military Saves Week, while continuing to promote financial readiness throughout the Military Saves campaign year.
For more information about Military Saves Week visit www.militarysaves.org. The point of contact for this action is Michael Wood, at (703) 681-3797, or your local Financial Readiness Program manager.