Military Saves Week and Military Saves '09
What is it?
The Defense Department has designated Feb. 22 to Mar. 1, 2009 as Military Saves Weekto encourage Soldiers to establish savings goals for emergencies and additional financial considerations. The Department of Defense has expanded Military Saves over the entire year with quarterly themes:
o Save and Invest (Jan, Feb, Mar)
o Military Youth Month For Savers (Apr, May, Jun)
o Debt Reduction (Jul, Aug, Sep)
o Retirement (Oct, Nov, Dec)
On Jan.16, 2009 Dr. Chu, Under Secretary of Defense, wrote to all departments urging their participation in the Military Saves Program, which is part of the DOD Financial Readiness Campaign.
How important is this to the Army?
The key words are "mission readiness."
Military Saves promotes the habit of saving regularly, which can eliminate the need for high-cost, short-term loans and ensure long-term financial security, particularly through such programs as the Thrift Savings Plan (TSP) and the Savings Deposit Program (SDP).
Military Saves 2009 is an opportunity to encourage, motivate and educate Service members and military families to increase personal savings, decrease debt and develop financial fitness habits that lead to improved personal financial stability and ultimately, to mission readiness.
What is the Army doing?
Commands and installations are encouraging service members and their families to establish savings goals for the things they want and set aside money for emergencies and other needs. During Military Saves Week and during ongoing events during Military Saves '09 Soldiers will be encouraged to do something positive about their finances. Soldiers can sign up for free financial advice at the Military Saves Web site .
Goals of the program include:
o Increase Soldier participation in the Thrift Savings Program
o Increase junior enlisted participation in deployment savings program from 15 percent to 25 percent.
o Promote behavior change allowing Soldiers to build wealth through savings and investments