Military Saves Campaign kicks off

  • Published
  • By Christin Michaud
  • AFMAO Public Affairs
DOVER AIR FORCE BASE, Del. --  The Military Saves Campaign begins today and runs through Feb. 27. The campaign focuses on financial education and encouraging military families to save. In addition to peace of mind, a secure financial future and getting out of debt, finances can also impact security clearances.

The first step in getting finances in order is to create a spending plan to see what money is coming in and what's going out. There are several electronic budget worksheets and smartphone applications available. The days of tracking finances by hand in a checkbook register have become obsolete for many people.

Budgets are a good idea, explained, Jennifer Aubrey, a community readiness consultant at the Airman and Family Readiness Center here. She stressed the importance of keeping it real. People often forget to track things or don't budget for incidentals accordingly.

"Debit cards are too easy," said Aubrey. "Consider going back to cash. Set an amount you can afford to spend on eating out ... pull out that cash and put it in an envelope. Once it's gone, you don't eat out until next payday."

Depending on what was budgeted for eating out, it could mean a meal at a nice restaurant once a pay period or several smaller trips to fast food or more economical dining choices.

To start the year off right, request a free credit report from annualcreditreport.com.  The report allows consumers to pull a report from the three credit agencies, Experian, Equifax and Trans Union every 12 months. To monitor credit for free all year, plan to pull from one agency every four months. Military members and their spouses may also get their credit report and score once during their career by scheduling an appointment with Aubrey at the Airman and Family Readiness Center.

There are two schools of thought on paying off debt. Some people suggest paying off the debt with the highest interest rate while others recommend paying off the debt with the lowest balance to see results. The right answer is what works to continue to make progress.

If for some reason a payment can't be made on time, direct contact with creditors can help alleviate any penalties. Advisors also recommend calling creditors and asked to be considered for lower interest rates.

After eliminating debt, planning for the future and establishing savings is crucial.
Aubrey suggests making saving and investing a habit. "If you don't see it, you won't miss it," she said. Automatic allotments or transfers to a financial institution where you are less like to have access can make saving easier for people who don't have the willpower.

Aubrey also recommends checking tax exemptions to ensure the right amount is being deducted with the goal of breaking even every year.

"So often people like the big refund, but in reality, all you have done is given Uncle Sam an interest free loan," she said.

Tax money can be used to pay debt, save or invest.

Regardless of what one's financial goals are, there are several resources available from the most basic budgeting worksheets to apps available at your fingertips. And, for Military Saves Campaign this week, there are 10 financial classes scheduled on base. A list of the topics can be found through the Enterprise Information Management System and the Dover AFB Facebook page.

For additional assistance, call the A&FRC at (302) 677-6930.

(Master Sgt. Veronica Aceveda, 512th Airlift Wing Public Affairs contributed to this story.)