JOINT BASE SAN ANTONIO-RANDOLPH –
In a memorandum announcing Military Saves Week, Acting Under Secretary of Defense Jo Ann Rooney called the annual observance "an opportunity for the entire military community to come together with federal, state and local resources, including military banks and credit unions, to focus on the financial readiness of military members and families."
At Joint Base San Antonio-Randolph, the Airman and Family Readiness Center is heeding Rooney's words, partnering with the base's two financial institutions to help active-duty members and their families "reduce debt and save their hard-earned money."
Wendy Warner, 902nd Force Support Squadron community readiness consultant at the A&FRC, said Randolph-Brooks Federal Credit Union and Broadway Bank are offering activities and prizes during Military Saves Week, which officially begins Sunday and ends Feb. 26. A partnership of the Department of Defense and the nonprofit Consumer Federation of America, MSW is part of the DoD Financial Readiness and national America Saves campaigns
"This year's theme is 'Set a Goal, Make a Plan, Save Automatically,'" Warner said. "We want to make people aware of what their goal should be - to save automatically."
Randolph-Brooks FCU will observe Military Saves Week with a drawing each day from Tuesday to Friday. Credit union customers will submit their names for the chance of winning a $25 credit to their savings account; the winning entry will be drawn each evening. Saturday, participants in the daily drawings will be in the running for a grand prize, a $100 credit to their account. The credit union will provide literature showcasing different savings options during the week.
In addition, the credit union will offer refreshments Tuesday through Saturday, 10 a.m.-2 p.m.
Throughout the week, Broadway Bank will provide a certificate worth $50 for people who want to open a savings account, as well as a $100 Visa gift card for those who open a checking account and opt for direct deposit of their paychecks.
Two special events are planned at Broadway Bank - a workshop focusing on the military's Thrift Savings Plan, featuring one of the bank's investment specialists, 11-11:45 a.m. Wednesday and a barbecue, 11 a.m.-1:30 p.m. Feb. 24.
Warner said she will hand out copies of the Military Saves Campaign's Saver Pledge during the barbecue. Active-duty members and their dependents, retirees, DoD civilians and contractors will have an opportunity to sign a document pledging to help themselves "by saving money, reducing debt and building wealth over time," as well as their family and country "by encouraging other Americans to build wealth, not debt."
Warner said she will register those who sign the pledge on the campaign's website, www.militarysaves.org. People may also go to the website and register themselves.
Members of the base community can work with their banking institutions and the financial specialists at the A&FRC to "have a good foundation," Warner said. That foundation begins with a spending plan, or budget.
"If people don't have a spending plan, give us a call," she said. "We can sit down, set up a budget and see how much they can set aside. The money they set aside should be an automatic transfer."
Warner said people who haven't been saving money can start small, but "10 percent of their income is the ultimate goal.
"An emergency fund should be able to cover six to nine months' worth of expenses," she said. "Especially in the midst of a drawdown, just being prepared can reduce financial stress."
Military Saves Week is only the beginning of the year-long Military Saves Campaign. Warner said the year-long campaign has quarterly themes - "Save and Invest" for January-March, "Military Youth Saves" for April-June, "Debt Reduction" for July-September and "Save for Retirement" for October-December.
Special events are planned throughout the year along with the A&FRC's everyday functions of one-on-one financial counseling, classes and resources such as the Air Force Aid Society.
For more information, call the Airman and Family Readiness Center at 652-5321.