Military Life April 1, 2020

Military Saves Week is now Military Saves Month – Save Automatically

Zena L., Editor

Financial program managers such as you can help ensure your Service members and their families learn how to commit to save money, reduce debt and build up their wealth over a determined amount of time. How? You can spread the word about Military Saves Month.

Military Saves Month

Military Saves Month is broken down into 5 weeks. Here’s what’s covered this week:

 Save Automatically

Those in the military community may often find it difficult to put aside money for savings. They can learn about a simple way to save their money. Do they know about automatic savings?

Imagine how unburdening it would be for your Service members to not have to constantly think about putting aside money, and instead be able to save automatically through allotment or automatic transfer of funds! All they have to do is set it up and the money will automatically be there for paying off debt, emergencies or retirement.

They might worry that they don’t have enough money for savings, but everyone has to start somewhere. Encourage them to start their automatic savings at just $10 a week and see how their deposits will add up over time.

Engage with your Service members, their families and civilian employees about taking the Military Saves Pledge, which involves keeping good track of finances and learning to balance a budget. Let them know that taking this pledge entitles them to receiving a helpful monthly e-newsletter as well as text messages about savings. Make sure they know about the financial planning events, fairs, seminars, classes and one-on-one financial counseling happening all month long.

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