'Military Saves' can save your financial life

  • Published
  • By Ashley Marshall
  • 18 Wing Public Affairs
KADENA AIR BASE, Japan --  With the global economy in critical condition and many people struggling to stay afloat, the military community is not immune. The morale of those serving and those supporting them can be severely damaged by financial woes. 

To help military families, the Airman and Family Readiness Center offers the Military Saves Program. The program began in 2007 as an effort to help servicemembers, their families and DoD civilians struggling with financial problems, ranging from lack of basic budgeting skills to being buried in credit card debt. 

The last week of February is has been designated "Military Saves Week," and the A&FRC is trying to spread the word about the program to ensure DoD employees are aware of the range of services available to them. 

The program, which spawned from the America Saves Program backed by the Financial Investment Education Foundation, has helped many people right their finances. 

Charles "Chuck" Witschens, the Military Saves Officer at the Kadena Airman and Family Readiness Center, said he has met individuals who were $100,000 in debt and were able to work their way out of it. 

Military Saves is a campaign focused on encouraging DoD personnel to get out of debt, save their money and invest wisely. It is designed to get servicemembers and their families to think about what they are spending, keep track of it, develop a budget and create a plan for achieving their personal financial goals. 

To do this, the Airman and Family Readiness Center offers classes, such as basic banking, understanding credit, investing, and first-time home buying, as well as one-on-one advice for those who need financial assistance. A schedule of events can be found at www.kadenaservices.com/afrc. Those looking for individual assistance can call 634-3366 to set up an appointment with a counselor. 

Mr. Witschens said that anyone without a sound financial plan should start with the basics -- tracking expenses, and developing a good, honest budget from which a financial plan of action can be developed. He also recommends military families start an emergency fund between $500 and $1,000, based on the servicemember's pay. 

"Once you start thinking about savings, you will have money for emergencies," said Mr. Witschens. "[The] cost of delay can be heartbreaking," he added referring to those without a plan who may cost themselves thousands of dollars over the years or end up in financial hardship without a safety net. 

In addition to the services provided by the A & FRC, DoD personnel can find more information on the program at www.militarysaves.org. The site encourages members of the military community to take the saver pledge, which reads, "I will help myself by saving money, reducing debt, and building wealth over time. I will help my country by encouraging other Americans to build wealth, not debt." 

Take the pledge... start today.