Week long focus encourages saving for the future

  • Published
  • By Maj. Belinda Petersen
  • Air Force Personnel Center Public Affairs
RANDOLPH AIR FORCE BASE, Texas --  Officials at Airman & Family Readiness Centers everywhere are gearing up for the 2010 Military Saves Week and Military Youth Saves Week Feb. 21 - 28.

The campaign promotes 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 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, 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. 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," Mr. Mayfield said.

"Our new slogan, 'Start Small, Think Big,' encourages saving at all levels," said Tommy T. 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," log on to http://www.militarysaves.org.

"The Air Force led the way during Military Saves Week last year when over 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 service members, 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, noncommissioned officer in charge of readiness at the A&FRC here.

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

The Military Saves Facebook page has 724 fans and is growing. A recent status update was "It's President's Day, save some presidents - some Washingtons and some Lincolns - Start Small, Think Big."

Last year, Air Force Chief of Staff Gen. Norton Schwartz and Secretary of the Air Force Michael Donley designated July 2009 to July 2010 as the Year of the Air Force Family, a year-long focus on Air Force programs highlighting the importance of and commitment to the entire Air Force family.

"We make this commitment not only because it's the right thing to do for our Airmen, but because it is the smart thing to do for our Air Force. Enhancing our service to families and fostering a greater sense of community increases our mission effectiveness - both at home and while deployed. Our missions are demanding, and our Airmen perform to their highest potential if they are unencumbered by worries about their families and personal affairs," said Secretary Donley during his remarks to the Air Force Sergeants Association last August.

Contact your local A&FRC for 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.