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Military members encouraged to beef up savings
MADISON, Wis. (2/25/09)--Current economic events are making it harder to save, even for high-wage earners, self-employed professionals, and business owners just one paycheck away from disaster. For those who struggled to save before, it may be even harder now, says Credit Union National Association's Center for Personal Finance. "In the military, personal financial stability has a direct impact on mission viability. If military personnel are distracted by financial problems caused by too much debt and inadequate personal savings, they'll be less likely to be focused on the mission," says Sarah Shirley, director, Military Saves, Consumer Federation of America, Washington, D.C. "For that reason, Military Saves is a cornerstone in the Department of Defense Financial Readiness Campaign. Personal and family financial readiness is a crucial component of military readiness," she adds. Join thousands of other military members during Military Saves Week this week through Sunday--and step up your savings. Military Saves is part of the nationwide America Saves campaign that focuses on the way Americans save money. Military Saves encourages servicemembers to evaluate their savings progress and take action to save and spend responsibly. No matter your financial situation or how much you earn, you can save. Even the smallest amounts tucked away regularly will accumulate into a nice savings cushion. To get started:
* Scrutinize spending. Find out and record how you spend money. Write down what you spend--even on little things--to see where your money is going. * Take advantage of direct deposit. Direct deposit is convenient, timely, and environmentally smart--a wise choice for all, but especially for deployed members who might not be stationed near their credit union. * Use a tax refund. If you’re receiving a refund, use it to start a rainy day fund, pay extra toward a credit card bill, or pay off other debt.
To join Military Saves, visit militarysaves.org. For help developing a spending plan, use the “Budget Blueprint Calculator” in Home & Family Finance Resource Center.
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