Military Saves Week!

Could it be that the financial habits you practiced when you were younger translate to how comfortable you are with saving as you become older? According to Bankrate.com (2013), 75% of Americans live paycheck-to-paycheck with little to no emergency savings. Due to the importance of personal savings, Military Saves Week will be celebrated throughout the Military community from February 24 – March 1. Read about this 2014 campaign at http://www.militarysaves.org/images/msw/DODmemo.pdf.

The Department of Defense, in cooperation with the Consumer Federation of America, will seek to educate the Military community about positive financial health and money management Military Saves Week. According to a 2011 Financial Industry Regulatory Authority survey, approximately 58% of individuals who had not been saving also reported it was either somewhat or very difficult to cover their monthly expenses and pay bills. Due to these alarming statistics, Army Community Service encourages you to make savings a priority in your life.

Common financial issues which come through the doors of ACS are poor credit card usage, inability to save, and excessive spending. However, you can progress in the path of financial stability by registering for the Military Saves Week challenge

to gain support and monetary information for your 2014 journey. Furthermore, as you start your new financial journey, below are a few resolution tips directly related to common issues within the Military community:

1. Have money directly deposited from your paycheck or even your checking account into a dedicated savings vehicle (AmericaSaves.org, 2014).
2. Keep track of your spending. At least once a month, use credit card, checking, receipts, and other records to review what you've purchased (AmericaSaves.org, 2014).
3. Use debit and credit cards prudently. To minimize interest charges, try to limit credit card purchases to those you can pay off in full at the end of the month (AmericaSaves.org, 2014).
4. Before you think about medium-or long-term savings, you should build up an emergency fund that is easily accessible in a high-interest bank savings account or building society account. Doing so will help you to take care of any unexpected large purchases (http://www.citizensbank.com/2012).
5. One way to establish a savings discipline is to “save” an amount equal to whatever is spent on nonessential indulgences. Put a matching amount in a cookie jar for expenditures for designer coffee, wine, cigarettes, etc. If you can’t afford to save the matching amount, you can’t afford the $4 super almond low-fat latte (Bankrate, 2011).

If you have additional financial questions, consider making an appointment with your installation’s Financial Readiness Program (FRP) as a great way to begin your route to financial success. The FRP provides one-on-one consultations regarding financial health, investment education, and more. The JBM-HH Financial Readiness Program is located in ACS-Bldg 201 on Custer Rd, Fort Myer, VA 22211 and can be contacted at 703-696-0163 or 3510.

Also, the Army Emergency Relief (AER) Program provides financial assistance to the Military community. Yearly, AER holds a fundraising campaign which creates awareness of the AER programs and its benefits plus provides opportunities for Soldiers to financially help fellow Soldiers! Support financial stability in our Military community by giving to the Army Emergency Relief Campaign! Eighty-eight cents of every dollar contributed to the program will help a Solider. The 2014 AER Campaign will kick off on March 3 and run through May 15. If you would like to make a donation, see your Unit Representative. For more information, contact the JBM-HH AER Specialist at 703-696-8435 or 3510.

What saving and spending tips do you have? Share your thoughts with ACS!