Military Saves Week promotes financial health

Reducing debt and building wealth are two of the goals of Military Saves, a year-round campaign designed to encourage savings.

According to its website, money is the top source of psychological stress for adults and fewer than 50 percent of Americans say they have a savings plan with specific goals.

Military Saves, a component of the nonprofit America Saves and a partner in the DoD’s Financial Readiness Campaign, “seeks to motivate, support and encourage military families to save money, reduce debt and build wealth,” according to its website.

Military Saves encourages:

  • Saving a portion of each paycheck
  • Developing a personal financial plan
  • Establishing good credit
  • Enrolling in programs such as the Thrift Savings Plan, Savings Deposit Program (when eligible), and Servicemembers Group Life Insurance

In 2007, Military Saves Week was implemented to provide installations and organizations with an opportunity to promote “good savings behavior.”

All military branches participate in Military Saves Week, which is held the last week of February.

This year, Military Saves Week begins Monday.

At Fort Meade, Army Community Service offers a variety of free, financial classes to all DoD cardholders at the Community Readiness Center, 830 Chisholm Ave., unless otherwise noted.

Two of the classes address the new Blended Retirement System, which blends the traditional legacy retirement pension with a defined contribution to the Thrift Savings Plan account. The new system goes into effect Jan. 1, 2018.

  • Home Buying: Monday, 9 a.m. to noon, ACS
  • Thrift Savings Plan/Blended Retirement System: Tuesday, 9 a.m. to noon, Post Theatre
  • Thrift Savings Plan/Blended Retirement System: Wednesday, 1-4 p.m., Post Theatre
  • Getting Out Of Debt: March 2, 9-11 a.m., ACS
  • Car Buying: March 3, 9-11 a.m., ACS

Registration is required for each class. Register online.

For more information, call ACS at 301-677-5590 or go to militarysaves.org.

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