Weeklong focus encourages saving for the future

  • Published
  • By Maj. Belinda Petersen
  • Air Force Personnel Center Public Affairs
Officials at Airman & Family Readiness Centers around the Air Force are gearing up for the 2010 Military Saves Week and Military Youth Saves Week Feb. 21 through 28.

During this week, A&FRC officials will promote financial readiness among Airmen and their families by encouraging them to effectively manage or eliminate their debt and to begin saving for the future.

During this week, A&FRC officials at each installation will host a variety of programs designed to increase the financial literacy and financial management skills of Airmen and their families.

"These outreach efforts have proven to be quite successful as last year's campaign reported contacting 26,183 servicemembers and families during a total of 552 events held Air Force wide," said Steven Mayfield, a community readiness analyst at the Air Force Personnel Center. "Activities at each base are currently being marketed locally."

Military Saves is a Defense Department campaign, in its fourth year, designed to teach servicemembers and families to avoid common financial pitfalls such as over reliance on credit, spending beyond one's means, and inability to retire comfortably.

"The Military Youth Saves began with a successful pilot program in 2008 and youth-oriented activities are now being presented at all Air Force bases," Mr. Mayfield said. "Youth programs have been designed to reach out to all age groups and include reading programs at the child development centers, providing piggy banks made from recycled materials, teaching youth how to manage a checking account, and educating high school students on effective credit management techniques."

"Our new slogan, 'Start Small, Think Big,' encourages saving at all levels," said Tommy Thomas, the deputy undersecretary of defense for military community and family policy, in a memorandum to the secretaries of the military departments.

"As a total force command-level program, Military Saves represents an opportunity for active duty, National Guard, and Reserve leadership at all levels to encourage, motivate, and educate service members and their families to save," Mr. Thomas said.

As with last year's campaign, 2010 Military Saves will be an ongoing program and each quarter will have a specific theme. The first quarter will focus on saving and investing, the second quarter will focus on military youth, the third quarter will focus on debt reduction, and the fourth quarter will focus on retirement.

To register and take the "Saver Pledge," go to http://www.militarysaves.org.

"The Air Force led the way during Military Saves Week last year when (more than) 5,500 Airmen or family members registered as savers," Mr. Mayfield said.

Once Airmen take the pledge, they are encouraged to develop a personal savings plan, establish an emergency fund, enroll in the thrift savings plan, and, for eligible deploying servicemembers, the savings deposit program.

"SDP participants can earn 10 percent interest annually on up to $10,000 while they are deployed and for up to 90 days after their deployment," said Tech. Sgt. Susan Flores, NCO in charge of readiness at the Randolph AFB A&FRC .

Airmen can also follow Military Saves on Facebook, a support network that encourages servicemembers to take the pledge and focus on their goals.

Local A&FRC officials have details on special events during Military Saves Week.

For general questions on other personnel programs, contact the Total Force Service Center at 800-525-0102.