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Marine Corps Logistics Base Albany

Readiness Enabler for Operational Forces  •
Base officials observe Military Saves Week

By Carey Snipes | | February 27, 2013

Military Saves Week, which began Monday and will end Saturday, is a week set aside to emphasize saving for financial future, according to www.militarysaves.org.
This year’s theme is “Set a Goal, Make a Plan, Save Automatically.”
Marine and Family Programs is doing its part by providing a Personal Financial Management Program to help Marines, Sailors, civilian employees and their families to find ways to save for the future, while also paying down debt.
While this week is important as a starting point for everyone to think about saving, it should not be the end, according to the website.
According to Salina McBride, Marine Corps Logistics Command Family Readiness Officer, “failing to plan for your financial life is planning to fail.”
McBride took that advice seriously and put together three lunch-and-learn events that were open to all base personnel.
During each session, attendees learned about basic financial planning, how to set goals for the future and about credit reports and scores.
Military Saves is a part of America Saves, a larger nation-wide campaign for all Americans. Military Saves encourages all service members, their families and civilian employees to take the Military Saves pledge at website www.militarysaves.org/take-the-pledge.
Savers who take the pledge can opt to receive a monthly e-newsletter from Military Saves, as well as a quarterly e-newsletter from America Saves. Military Saves also works
with the military family programs, defense credit unions, military banks and other non-profit organizations to promote savings and debt reduction.

Military Saves/America Saves campaign statistics include:
* Fewer than 50 percent of Americans say they have a savings plan with specific goals.
* Fifty-four percent of military families say that they have not set aside sufficient emergency funds to cover at least three months’ worth of expenses.
* Sixty-eight percent of military families express they feel stress from their family’s current financial condition.
* More than 25 percent of service members owe more than $10,000 in credit card debt.
* More than 50 percent of military members have a plan for predictable life events, such as children’s college education and their own retirement.
* About 17 percent of service members stay in the military until full retirement.

Military Saves is part of the Consumer Federation of America and has been a partner with the Department of Defense Financial Readiness Campaign since 2003.
Military Saves is a social marketing campaign to persuade, motivate and encourage military families to save money every month and to convince leaders and organizations to be aggressive in promoting automatic savings.
To start a plan for a better financial future, call the personal financial manager at (229) 639-5277 or email Carey Snipes at james.snipes@usmc.mil.