Military Saves

Gone are the days when service members could afford to live paycheck-to-paycheck and put all of their retirement eggs into one 20-year pension plan basket. Now more than ever, service members must make a serious commitment to save, save, save.

Military Saves is an ongoing campaign for the military community to focus on financial readiness and to encourage military families to start saving money every month. This is especially important while living overseas, where we are afforded an extra opportunity to save because we receive a cost of living allowance. Experts advise saving at least 10 percent of your income. Regardless of whether saving for a home, children’s college, retirement, or emergencies, it is important to take consistent action over time and to pay yourself first– on time and every month. After identifying financial goals, explore savings vehicles that serve your specific financial needs. Possibilities include savings accounts, money market accounts, certificates of deposit, individual retirement accounts, mutual funds, and 401(k)s.

In addition to the regularly scheduled Personal Finance Management Program workshops, the Personal Services Center will promote the Military Saves Campaign with additional workshops on the Thrift Savings Plan and Basic Savings in February, and a Saver Pledge Drive on all camps. Look for an extra opportunity to save and win prizes by participating in the Biggest Saver Coupon Contest and join the Personal Services Center for other exciting activities during the official Military Saves Week, February 21–28.

For more information about saving, investing and plotting your path to financial freedom, contact a Personal Financial Manager at any Personal Services Center.

This ghostwritten article was first published in The Source, a weekly publication printed by Marine Corps Community Services Okinawa, on January 29, 2010.