5 Ways to Kick Off Military Saves Week

As a member of the military, it can be difficult to predict what your future holds. From last-minute deployments, PCSing, and changes in benefits, service members are especially vulnerable to unpredictable financial changes. Because of this, it is extremely important that you have savings you can rely on.

Safeguarding against financial unpredictability and having the funds to finance your goals are the reasons behind Military Saves Week, an annual event hosted by Military Saves, a component of the nonprofit America Saves, and a partner in the DoD’s Financial Readiness Campaign. This event promotes financial well-being by offering tips, encouraging good spending habits, and relaying useful information to America’s service members.

In honor of Military Saves Week, we have compiled a number of suggestions for budgeting and saving money not only this week, but every day. 

1. Make a savings goal. Research shows that those with a savings goal save more than those without one. A savings goal gives you a clear indication of the money you will need to set aside and will give you something to work toward.
2.  Use military benefits to your advantage. Save more by taking advantage of benefits, such as military discounts, free tax services, moving reimbursement, and Space-A travel. 
3. Work with a financial advisor. A financial advisor can help to create a plan for you to spend less and save more. Your advisor will be able to answer your questions, keep you informed about investment opportunities and make appropriate recommendations for you and your situation.
4. Set a weekly and monthly budget. Creating a budget is the first step toward keeping track of your finances, and it will allow you to see areas that need to be cut back in order to meet your goal.
5. Set up automatic transfers. Transferring money automatically into savings is one of the easiest ways to save more. Use our savings calculator to see how fast you can grow your money.

Our mission is to help you get financially squared away so that you can focus on what really matters, like duty, family and your future. To get started, talk to an advisor today.