Military Saves Week is Over, but Your Savings Goals Continue!
Last week Military Saves and partnering organizations, installations and financial institutions participated in Military Saves Week 2014. Military Saves Week provided the military community with incentivized savings products, workshops and events to encourage servicemembers to become military savers. Military Saves manned a table at the Pentagon Financial Readiness Fair, conducted with several of our partner organizations to encourage servicemembers and DoD civilians to take the Military Saves pledge.
Through social media, we also informed military savers about incentivized financial products, financial workshops and community events that were being held specifically for servicemembers, their spouses their children. Hopefully you were able to take advantage of some of the events and savings products offered. If so, what is your savings plan for the rest of the year? How do you plan to stick with your Military Saves Week pledge goal? Military Saves wants you to work toward the goal that you identified when you took the Military Saves pledge during Military Saves Week, and to take the “Build Wealth, Not Debt” message to heart year-round.
How to Stick to Your Military Saves Week Goal
- Buddy up. Accountability is a great way to stick to goals. If you took the Military Saves pledge with a friend that you work with, have lunch with one another once a week to talk about the status of your savings goal, and discuss successful habits you are using to save toward your goal.
- Use the SMART rule before spending. If you find yourself about to purchase something that is $25 or more that is not in your monthly spending plan, reevaluate your decision to make that purchase by applying the SMART rule. This rule is based on the theory that all decisions should be specific, measurable, attainable and realistic. By using this strategy, you are less likely to make impulse purchases. Remember, even $25 is better spent toward the car, home or retirement that you are saving for!
- Get competitive. A fun way to stick to your pledge is to create a challenge between a friend or family member who is a servicemember in a branch that is different from yours. Challenge one another to see who uses strategies that help stick to their savings goal for the remainder of the year. To view how each service branch is pledging, go to the Military Saves site and scroll down to view the buttons that represent each military service branch. The numbers next to the buttons represent how many in that branch has taken the Military Saves pledge. National Guard branches and reservists are now also included.
- Do your research. To keep focused on your goal, continually do research about best practices on obtaining your goal. If it is a home, keep up with news on interest rates, and read consumer sites about homeownership. If you are saving for retirement, stay abreast of Thrift Savings Plan news.
Remember, Military Saves Week was just the beginning! Saving for a goal means year-round planning. If you have not yet taken the military savers pledge, there’s no time like the present to Set a Goal, Make a Plan, and Save Automatically!