Military Saves Week: Invest in Your Future
Make a commitment during Military Saves Week to review your current finances and develop a plan for a brighter financial future. Let Military Saves Week help you make a real investment of time and money in yourself. The annual observation – Feb. 26 to March 3 this year – encourages service members and their families, Department of Defense civilians, service providers and leaders to set a goal, make a plan and save automatically.
Set a goal
Military Saves Week is the perfect time to review your finances. Look at where they are now and where you would like them to be later this year and in 10 or 20 years. Examine your current savings habits and compare them to the future you want. Are you doing enough? Establish your goal, which may include setting up an emergency cash fund, paying off debt, making a down payment on a home or car or saving for college and retirement. The Blended Retirement System is new this year, so it’s an ideal time to focus on your overall retirement plan.
Make a plan
Once you’ve set your goal, make a plan to make it happen. First, sign the Military Saves Pledge to show your commitment. When you do, you can sign up for text message reminders to help keep you on track throughout the year. You’ll also receive helpful tips and advice to support you in achieving your goal, no matter how large or small. If you’re focusing on saving for retirement and are eligible for the Blended Retirement System, take the BRS Opt-In Course, use the BRS Comparison Calculator and arm yourself with the facts you need to make a smart decision about retirement. And if you need some help forming your plan, contact a personal financial manager or counselor on your installation or through Military OneSource.
Many people who successfully meet their savings goals do so without even thinking about it. Using tools like pay allotments and automatic drafts from one bank account to another requires no thought on your part. Use your plan to determine how much you should be saving each month and put your savings on autopilot. Whether you contribute to your Thrift Savings Plan or deposit money into your emergency fund, remove the work by making it automatic. And remember, it’s OK to start small. Small amounts add up over time.
Celebrate Military Saves Week by committing to invest in yourself. Installations and organizations across the country are teaming up with the Department of Defense to celebrate. To locate Military Saves Week events near you, contact your local Personal Financial Management Program. And remember — set a goal, make a plan and save automatically for success!