Military Saves Week 2018

1 Feb 2018

During the month of February, the Fleet & Family Support Center encourages our service members to join in on Military Saves. 

Every year, the goal of Military Saves Week, Feb. 26-March 3, is for everyone to continue or to re-commit to a healthy financial track.   

First, www.militarysaves.org encourages everyone to ‘Take the Pledge’. The pledge states, ‘I will help myself by saving money, reducing debt, and building wealth over time. I will help my family and my country by encouraging other Americans to Build Wealth. Not Debt.’ Learn more at MilitarySaves.org.

Monday, February 26: Save with a plan
Savers with a plan can be over twice as likely to save successfully for things like retirement. Encourage service members to start their savings habit during Military Saves Week by setting a savings goal and making a plan to achieve that goal. It all starts with taking the Military Saves Pledge, and during Military Saves Week those who take the pledge will be entered in our annual #ImSavingFor Contest for a chance to win up to $750. Our 2017 Military Saver Survey found that 58 percent of Military Savers report they are saving regularly since taking the pledge.

Tuesday, February 27: Save the easy way...automatically
It can be hard to put aside money for savings, but there is an easy way to encourage service members to save money without ever missing it by making their savings automatic in 2018. Have them set up an allotment from their pay via myPay, preferably to an account that is separate from their regular checking. Or service members can use their banking institution's bill pay system to automatically transfer money from their checking account to a separate savings account.

Wednesday, February 28: Save for rainy days
A rainy day fund or emergency fund consists of an amount of money in a savings account separate from a checking account. For military service members, permanent change of station (PCS) moves, temporary duty (TDY), and deployments are a constant in military life. While a military paycheck is predictable twice a month, these life changes bring significant income volatility and increases or decreases in expenses, which can make a service member's budget a moving target. Service members should have funds set aside specifically or these events.

Thursday, March 1: Save to retire
Retirement was reported as the top savings goal for Military Savers, according to our 2017 Military Saver Survey. Beginning January 1, 2018, service members who are eligible for the new Blended Retirement System will be able to begin opting into the new system. But before they do so they need to make sure they are fully educated on all of their retirement options. Military Saves, in collaboration with the Department of Defense's Office of Financial Readiness has put together a Five-Step Blended Retirement System Checklist to Success. 

Friday, March 2: Save the extra
We're more likely to save a windfall than a small amount consistently over a long period of time. Hack that psychology by encouraging service members and their families to save things like bonuses, raises, and tax refunds. This tax season, they can get ahead of their financial goals by saving at least $50, and reward themselves with SaveYourRefund by entering to win one of over 100 prizes up to $10,000.

Saturday, March 3: Save as a family
Good savings habits start at home. Whether a family is budgeting, saving, making retirement decisions, or assessing workplace benefits, service members should share the choices they make with their children, no matter their age. It's never too early to learn the habit of saving!

Learn more about the Military Saves Events that will take place at Naval Station Everett:

Million Dollar Blended Retirement System (BRS)
February 27, Bldg. 2000, Room 107, 3-4:30 pm

Money Wise for the Little Guys - Class for Preschoolers
February 27, Child Development Center, 10-11 am

College Savings Booth
February 28, Child Development Center, 3-4:30 pm

Tax Issues and Solutions
March 1, Bldg. 2000, Room 107, 3-4:30 pm

Car Buying 
March 2, Bldg. 2000, Room 107, 3-4:30 pm