Military Saves – What is It, What Does It Do and Why Should I Care?

money

Ever wondered what unique resources are available to your military family to help you save money and add value to your long term financial wealth and security? Some may think they already have it in the form of a Post 9/11 GI Bill, military retirement benefits or simply by having access to price reductions at the commissary and exchange, or the base bowling alley. However, there are other resources out there meant to help military families with their very unique life circumstances to save money.

Military Saves is a campaign sponsored by the Department of Defense and the Consumer Federation of America. Its strives to increase the financial readiness of our military by increasing service member participation in financial programs and fostering partnerships of financial institutions, agencies, and organizations that provide outreach and services to servicemembers.

You may have seen some of this work during Military Saves Week, meant to focus a spotlight on saving, but this effort is year round. National Military Family Association serves on the advisory board for Military Saves and meets quarterly with other representatives to discuss how to best reach military families, and address issues critical to military families. At the last meeting, we discussed the success of Military Saves Week in getting families to take the pledge to save for short and long term goals.

We also discussed the Financial Industry Regulatory Authority (FINRA) Foundation’s annual trip to reach out to military families around the world. The FINRA representative shared insights from military families abroad on their concerns about their financial well-being, along with concerns and reports of the great work being done by the Personal Financial Managers (PFMs) located at installations abroad. These PFMs are also available at stateside installations to assist servicemembers and their families to manage their debt effectively and make savings plans.

Military Saves offers an opportunity to pledge to save for yourself and your family all-year round, whether it is to reduce debt, save for a vacation, or build wealth. Military Saves doesn’t tell you where to go to save, but many of the financial collaborators within Military Saves offer amazing products specifically for military families. Visit your local military bank or credit union and see what they have to offer. You can’t lose by saving wisely.

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