Save money. Get out of debt. Teach our kids how to make sound financial choices. Those are just a few of the things the Department of Defense wants servicemembers and their families to think about right now during “Military Saves Week 2013.”
As part of the DoD Financial Readiness Campaign, "Military Saves Week" is an opportunity for military families to focus on creating effective financial habits in order to save money and reduce debt. The theme of this year’s campaign, which runs this week from February 25 to March 2, is “Set a goal. Make a plan. Save automatically.”
They make it sound so simple, don’t they? But as we all know, it’s not as easy as it sounds, especially as we brace ourselves for the possibility of sequestration. So what can military families do? Here are 3 ways to practice financial fitness:
1. Work together as a team.
“Financial instability brings tension within a relationship and a marriage, and that may have some factors that play into marital tension that leads to separation that may lead to divorce,” said Marine Corps Sgt. Maj. Bryan Battaglia, Senior Enlisted Advisor to the Chairman, Joint Chiefs of Staff during a bloggers roundtable about "Military Saves Week." “So financial fitness plays a big role in more than just being healthy in the wallet.”
Sgt. Maj. Battaglia’s wife Lisa also stressed the importance of financial fitness within a military household by working together.
“The two of us communicated as a team and made a true conscious effort to stick to a plan. We made sacrifices and became responsible money managers.”
2. Don’t worry about the Joneses.
“Live within your means,” advised Mrs. Battaglia. “You don’t need what the neighbors have if you can’t afford it.”
Mrs. Battaglia shared the fact that she still packs her husband’s lunches and he still cuts his own hair. These habits saved them much-needed money when they first started out as a young military couple, and even though they can afford these things now, they see no reason to change.
“We have built a financial discipline into our lifestyle that permits us to save that expense and use it on something better and more special.”
3. Use resources.
According to Barbara Thompson, director of the Office of Family Policy, Children and Youth, at the Office of the Deputy Assistant Secretary of Defense for Military Community and Family Policy, there are many financial tools available to servicemembers and their families.
Military family centers offer certified financial managers that provide education in budgeting and counseling. Defense credit unions and military banks on installations are also required to provide educational tools for families. Through Military One Source, families can receive 12 sessions of financial counseling either in person or by phone. Even children can learn to be financially smart by visiting sites like Money as You Grow.
Interested in participating in "Military Saves Week"? Get started by clicking here to take the Military Saves Pledge.
What kinds of financial habits do you and your family have in order to save money and reduce debt?