Military Saves Week encourages sound financial planning

  • Published
  • By Ryan Stark
  • Nucleus writer
KIRTLAND AIR FORCE BASE, N.M. --  From Feb. 23 to 28, the annual Military Saves Week will come to Kirtland.

The Department of Defense program is meant to communicate to military personnel the advantages of saving and budgeting personal finances.

Members of the Air Force, Army, Marine Corps, Navy, Coast Guard, National Guard and Reserves are encouraged to sign a pledge to save money. Pledgers can receive a monthly email newsletter, get an opportunity to get a free credit score and be entered into a drawing to win Visa gift cards from two Sandia Area and Kirtland federal credit unions.

Ethel Tilley, the community readiness consultant for personal finance at Kirtland's Airman and Family Readiness Center, said previous Military Saves Weeks have paid dividends -- literally and figuratively -- for Airmen.

"A couple of past clients were interested in purchasing a car," she said. "This program changed their perception of paying for the car themselves rather than financing it. They could save more by paying on their own rather than paying interest (on a loan) to a financial institution."

Tilley said she met a family that devised a plan to pay off its mortgage after Military Saves Week.

According to the event's website, www.militarysavesweek.org, less than 50 percent of Americans say that they have a specific savings plan with goals. Among divorcees, 56 percent say financial stress was the primary reason the marriage broke down. Military personnel are especially vulnerable because they are often not prepared to weather interruptions in their income, Tilley said.

"We have to educate them on the value of saving," she said. "Saving for emergencies and unforeseen events is necessary."

She recommends Airmen build up savings to cover 3 to 6 months of their usual expenses.

"We get them to start small," Tilley said. "We get them to first make a plan."

On Feb. 23, 377th Air Base Wing Commander Col. Tom Miller and 58th Special Operations Wing Commander Col. Dagvin Anderson will kick off the week by signing their own pledges to save.

There will be two workshops at the Airman and Family Readiness Center on Feb. 27: "Controlling Your Spending," which starts at 10:30 a.m., and "Investment for Future Retirements," which starts at noon.

Tilley and others at her office are available to advise Airmen on personal finance. Tilley's office is at the Airmen and Family Readiness Center offices in the Consolidated Services Building. Call 853-1718 for more information.