Military Saves Week: Build Wealth, Reduce Debt


Story Number: NNS090219-21Release Date: 2/19/2009 5:16:00 PM
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From Commander, Navy Installations Command Public Affairs

WASHINGTON (NNS) -- "Military Saves Week" will be observed throughout the fleet Feb. 22 to March 1. The goal of this year's campaign is to increase awareness about the necessity to build wealth, reduce debt and to demonstrate user-friendly methods for people to make a commitment to save.

This initiative is part of the Military Saves Campaign, a year-round social marketing campaign to persuade, motivate and encourage Department of Defense employees to save money and reduce consumer debt. The campaign reaches out to service members, spouses, youth and civilian employees.

"This year's campaign is happening at a time when many seek more certainty about their financial future and look for strategies to navigate a course through the turbulent tides of today's financial marketplace. It is a perfect time to set a steady course to increase personal financial readiness," said David DuBois, deputy manager of Fleet and Family Support Programs with CNIC and Navy's Program director for Military Saves Week.

"Navy families are best positioned to weather the economic squalls by fully utilizing the benefits, services, and professional skills available to them through their command's financial fitness team and personal financial fitness coaching staff at Fleet and Family Support Centers worldwide. This is a time to focus on reducing debt, building emergency savings, and developing strategies to increase personal net worth and family readiness," DuBois said.

To meet today's financial challenges, the Navy community continues to take an active posture regarding the financial health of its force, according to DuBois. Command financial specialists as well as Fleet & Family Support Centers are increasing collaborative relationships with DoD financial readiness partners to provide the navigational aids to help chart a successful journey to financial freedom. The Navy's program continues to receive recognition for its proactive approach in changing the financial culture of the force.

"The Navy Reserve Force is also participating in the Military Saves Week by encouraging all reservists to take the savers pledge and to see their Command Financial Specialist or Financial Educator at FFSC for additional information/resources to become more financial fit," said Chief Storekeeper (AW/FMF) Shane Champagne, the Military Saves Campaign Reserve liaison.
"It's important that we all take measures to maintain and improve our personal financial quality of life."

Child & Youth Programs are also providing workshops and resources to promote financial responsibility and independence among Navy youth at key developmental stages.

"Many of the nation's teenagers advance into adulthood without learning the necessary skills that lead to financial independence and well-being," DuBois said. "By building basic money management skills, Navy youth will learn financial responsibility and independence."

Through fun, interactive activities and exercises on topics like using a checking account, learning how to budget, managing debt, and saving for college, DuBois said that teenagers 13-18 will learn practical ways to save, spend and invest their money.

"Through numerous program resources and partnerships, Navy Youth professionals and School Liaison Officers will assist teens in learning practical ways to save, spend and invest their money, how to budget, manage debt, and save for college," DuBois said.

"The overall goal is for everyone to make a commitment to save, make a savings plan and start saving. Even better, we want everyone to learn new savings strategies and implement them. We want to help those who may be afraid to seek financial help or unaware of options available to them."

Providing financial workshops and resources is a long-term, day-to-day commitment of Commander, Navy Installations Command. Military Saves Week provides a vehicle for key workers to push the savings message for one week each year.

Contact the command financial specialist/financial educator at FFSC for a list of events during Military Saves Week or visit www.ffsp.navy.mil.

For more news from Commander, Navy Installations Command, visit www.navy.mil/local/cni/.

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