Take the pledge: start small, think big

  • Published
  • By Capt. Alysia Harvey
  • 48th Fighter Wing Public Affairs
ROYAL AIR FORCE LAKENHEATH, England --  www.militarysaves.org/Have you ever found yourself in the situation of having too much month left at the end of your money? If you have and want to prevent it from happening again month after month, the solution is simple: take the pledge to start saving today. Start small, but think big.

That is the driving force behind the Military Saves program, which was launched throughout the Department of Defense in February 2007, and is observed by the entire military community the last Sunday in February to the first Sunday in March each year.

Military Saves is part of two larger campaigns - the DoD Financial Readiness Campaign and the national America Saves campaign - and aims to persuade, motivate, and encourage military families to save money every month.

"In today's tough economic times, it's becoming increasingly more important for people to have an emergency savings account and to start investing for the future, said Teresa Torelli, the personal financial readiness program manager at RAF Lakenheath's Airman & Family Readiness Center. "Many military families are finding it difficult to stretch the dollars in their budget, so savings seems next to impossible. With this in mind, the Military Saves slogan for 2010 is 'start small, think big'."

Ms. Torelli went on to explain how finding daily "leaks" in your budget can add up to a substantial amount of savings.

"For example, spending $5 less a day equals $150 a month or $1,825 at the end of the year, and that is without interest," she said. "On the other side of the coin, just spending $5 extra a day adds up to the same amount. Along the same lines, saving just $10 a month will give you $520 at the end of the year. The Military Saves campaign is intended to motivate you to find those extra dollars and cents and commit to saving them."

To assist service members and their families in this endeavor, part of this year's campaign includes a "pledge card" individuals can fill out and submit, reminding them of their commitment to save money, reduce debt and build wealth over time.

According to Ms. Torelli, the Military Saves pledge cards are easy to fill out. Those who are interested in pledging can print the cards from the Military Saves web site, http://www.militarysaves.org/, and submit them to the A&FRC. Once a person takes the pledge, he will receive e-mails throughout the year full of financial information to help keep them motivated.

"Good financial planning starts by establishing personal financial goals and then building a sound program to meet those goals," said Ms. Torelli. "A well-rounded plan includes not only becoming debt free and building an emergency savings account for today, but should also include utilizing retirement opportunities, such as the Thrift Savings Plan so you have a secure tomorrow."

Master Sgt. Thomas Oakes, 48th Maintenance Operations Squadron, and Jessica Wachter, wife of Staff Sgt. Tristen Wachter, 48th Logistics Readiness Squadron, and made a commitment to save Feb. 24 when they submitted their pledge forms at the base exchange here.

"I feel it's always important to have some money set aside for those unexpected emergencies," said Sergeant Oakes. "I learned about managing my money the hard way, so I am glad the military has programs like this one now to educate Airmen and raise awareness about financial fitness."

He went on to say he encourages the Airmen he supervises to make the decision to start saving early in their careers and to commit to putting money into a savings account every month.

"While it may be painful at first, if you set up an allotment, the money comes out of your paycheck automatically and you get to a point where you don't miss it as much," said Sergeant Oakes. "And then, before you know it, you have a nice nest egg!"

Ms. Wachter decided to take the pledge for the educational benefits it offers.

"I decided to fill out the pledge card because by doing so I will now get information about financial matters e-mailed directly to me, and I think that is a good thing," she said.

No matter what the reason is, under the Military Saves program, all personnel are encouraged to join Sergeant Oakes, Ms. Wachter and thousands of others in the military communities around the world, in taking the first step toward financial freedom by making a commitment to save money.

So, to ensure you have more money at the end of the month, and take the pledge today - remember, start small, but think big!

For more information, contact the A&FRC at 226-3847 or visit http://www.militarysaves.org/.