Military Life April 15, 2020

Military Saves Month: Save by Paying Down Debt

Clarissa S., Editor

Military Saves Month

Military Saves Month, which is part of America Saves, is a month-long initiative to encourage military families to take control of their finances. The goal is to help Service members and their families save money, reduce debt and build wealth all year round. Each week of Military Saves Month has a different theme related to financial management.

Save by Paying Down Debt

Part of Military Saves Month is all about learning how to save by paying down debt. The first step toward gaining control of your finances is to get a clear picture of how much you're earning and how much you're spending, and then create a spending plan. Once you've created your plan, you can focus on paying down the debt you owe. As a financial program manager, you can help Service members and their families tackle their debt and start saving money.  QuickSeries® offers a host of financial management products, such as Becoming Debt-Free, which Service members and their families can refer to as they try to reduce and eliminate their debt. You can also let them know the following tips.

Tips for Reducing Debt

  • Consider seeking credit counseling. Certified credit counselors can help you assess your financial situation and create a personalized plan to target specific issues.
  • Ask a credit counselor about a debt management plan (DMP). In a DMP, you deposit money each month to the credit counseling organization. The organization then uses your deposits to pay your debts. A successful DMP requires you to make regular payments over 48 months or more.
  • Contact a housing counselor approved by the Department of Housing and Urban Development (HUD). HUD provides free or low-cost housing counseling.
  • Contact your loan service if you have trouble making your student loan payments. You may qualify for payment relief.

If you're having trouble keeping up with your payments, contact the creditors you owe money to immediately. Explain why it’s difficult for you to pay them now. You may be able to work out a modified payment plan that will help you manage your payments.

Encourage Service members and their families to use Military Saves Month as an opportunity to transform their finances. With your guidance, they can develop the tools to save more money all year round.

Contact Us Today!

Contact an Account Manager to learn more about how our guides and suite of outreach products can help you better engage your community in your finance managing efforts.

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