CORNER - Military
Saves Week opportunity to plan financial goals, educate kids Col. Andrew Cole GARRISON COMMANDER
A penny saved is a penny earned.
We have all heard this old adage before.
The saying is most often credited
to Benjamin Franklin, although versions of the phrase can be dated back more
than 100 years before Franklin.
The phrase is often
“coined” as meaning money you save is more valuable than money you spend right
away. Maybe you want a new car, a new home or would like to take a vacation. By
setting realistic financial goals and saving for the things you want, your
goals can be met.
When we talk about savings,
there is no better time to educate yourself than now, during Military Saves
Week, which began Feb. 24 and runs through March 1.
Military Saves Week is
about setting financial goals and sticking to them.
The annual campaign seeks to
motivate, support and encourage military families to save money, reduce debt
and build wealth, according to its website at www.militarysaves.org.
The campaign is coordinated
by America Saves and the Consumer Federation of America, in partnership with
the Department of Defense. It is an opportunity for organizations to promote effective
and responsible savings behavior, and to provide an avenue for individuals to assess
their own saving status.
The campaign is research-based
and uses the principles of behavior economics and social marketing to change
financial behavior. It encourages all service members, their families and civilian
employees to take the Military Saves pledge.
Savers who take the pledge can
opt to receive a monthly e-newsletter from Military Saves, as well as a
quarterly e-newsletter from America Saves. Military Saves also works with FINRA
Investor Education Foundation, defense credit unions, military banks and other
non-profit organizations to promote savings and debt reduction.
Military Saves Week also is
a great time to educate children about saving for their future. Whether it’s
saving for college, a car or even a favorite toy, promoting savings is a great value
parents can instill in their children at a young age. Many of the on-post
schools have signed proclamations to “take the pledge” to save during Military Saves
Week. We hope you “take the pledge,” too.
At Fort Riley, those
wishing to “take the pledge” or learn more about financial readiness can call
1-888-929-2265 or the Financial Readiness program, Army Community Service at 785-239-9435.
For more information about the
national campaign or to take the Military Saves pledge, visit www.militarysaves.org.
When we think about all of the
daily stresses in our lives – whether it is a deployment, permanent change of
station, worrying about your children, your health or the economy – the one thing
we can take control of – personal debt – does not have to be one of those
U.S. Senator Mary Landrieu once
said: “A penny saved is not a penny earned if, at the end of the day, you still
owe a quarter.”
With proper planning, knowing
you are financially secure by saving your “pennies” might just mean you owe
nothing at the end of the day.
If you would like to comment on this article or
suggest a topic for Community Corner, email email@example.com
or visit my Facebook page at www.facebook.com/fortrileygc.