This April is the first-ever Military Saves Month. The Military Saves campaign is part of the Department of Defense’s Financial Readiness Campaign. Expanded from Military Saves Week, this year’s Military Saves Month encourages service members, veterans, and their families to start saving to build a better financial future. DoD recognizes that financial readiness is an important part of a servicemember’s overall readiness; smart saving can help prepare you for deployment, the transition to civilian life, retirement, supporting a growing family, and building a financial legacy.
Navy Mutual is proud to support Military Saves Month. As always, we remain a resource for military families to help them achieve financial stability, set savings goals, and start saving.
Military Saves Month
Setting financial goals and saving money protects military families against unforeseen expenses and helps them build wealth. Some examples of financial goals would include: building an emergency fund, buying a house, paying for college, and planning for retirement. Military Saves Month is designed to motivate, support, and encourage military families by providing a dedicated planning theme each week.
Week One: Save Automatically
Saving automatically is the easiest and most effective way to save because it allows you to pay yourself first, ensures you spend less than you make and does not require any work on your part after it is set up. You can save automatically by having your employer, bank or credit union deposit or transfer funds directly into a savings or retirement account. You can read more at #saveautomatically.
Week Two: Save to Retire
Common regrets for retirees are failing to plan for retirement and determining the savings goals needed to support their retirement. They believe a retirement plan would have moved them to start saving earlier and pay down their debt faster. Leaving them less reliant on Social Security to support their retirement. The Thrift Savings Plan Lifecycle funds, along with the added benefit of contribution matching through the Blended Retirement System, allows you to address all those regrets. Learn more at #save4retirement
Week Three: Save for the Unexpected
Multiple surveys have shown half of Americans do not have enough savings to cover an unexpected or emergency expense of $500. Additionally, the average debt in collections is just under $400 – so it is easy to imagine the benefit of more Americans having a $500 emergency fund. (source: Americasaves.org). This week offers encouragement and tips #ThinkLikeASaver and #save4theunexpected
Week Four: Save with a Plan
It is not enough to simply set a savings goal because savers who have a plan are twice as likely to save successfully. This week, we encourage the military community to make time for a financial assessment and take their savings goal one step further by developing a financial plan. #savewithaplan
Week Five: Save by Paying Down Debt
While it is Military Saves Month, addressing your debt is another way of saving. Reducing debt saves on the amount of interest paid. Paying on time avoids late fees and improves your credit score which will earn you lower interest rates in the future. This week’s theme encourages servicemembers and their families to acknowledge the reduction of debt as a form of saving and a component of a comprehensive financial plan. Learn more at #reducedebt2save.
Follow #MSM2020 on social media for the latest information and resources from participating companies.
How Navy Mutual Can Help
Navy Mutual offers a range of annuities and life insurance solutions that are foundational to any comprehensive financial plan, can help build savings, and protect against events that could cause financial hardship. As part of our mission to educate servicemembers and their family’s on financial security, we also assist members and their families in securing the federal benefits to which they may be legally entitled, and our education and veteran services are always free of charge.
To help you meet your Military Saves Month saving and planning goals, check out our free and easy-to-use financial calculators. You can also schedule an appointment to speak with one of our representatives about your family’s individual needs. We’re here to help.