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Military Saves Week: Penny tips for Airmen

  • Published
  • By Senior Airman Joshua K. Chapman
  • 92nd Air Refueling Wing Public Affairs
FAIRCHILD AIR FORCE BASE, Wash. --  Tough economic times call for a reassessment of how all people manage their income, and during Military Saves Week Feb. 22 through March 1, that's exactly what many Fairchild Airmen are doing.

During Fairchild's Military Saves Week, guest speakers throughout the country have made their way here to help educate and motivate Airmen to save more money, reduce debt and build wealth through time-proven financial strategies.

"The Military Saves Week is a military-wide effort to promote financial readiness," said Ruth Sunde, Airman & Family Readiness Center community readiness technician. "We've tried to make it convenient for a targeted audience," such as single and married Airmen, and Airmen looking to buy a car or home.

Depending on the seminar, educators are briefing Airmen on saving, investing and retirement planning, and advising them on the mounting cost of addictions, car-buying strategies, home-buying pitfalls, and money-and-marriage issues. Sharon Bumgardner, a Department of Defense-contracted military life consultant personal financial advisor, began the week discussing the benefits of financial management.

"I hate the word budget, but I like the phrase 'spending plan'," Bumgardner said. "So often people aren't living on what they have, rather they're living on much more than they can afford. This type of behavior has to change to reach financial security."

The bottom line is that with today's economic outlook, if you have money in the bank, your mortgage is paid, and you're preparing to stride into a successful retirement egg that you've diligently paid into throughout your life, then you're taking the right steps, according to Bumgardner. But too often people aren't sure what changes they need to make, leaving them constantly behind on bills and struggling to make payments.

Financial security is yet to be a reality for many Americans right now. The statistics speak loudly: The average consumer is struggling beneath mounds of debt and spiraling even further into the abyss of financial woe. As of today, 96 percent of consumers retiring at 65 will rely on the government as their primary source of income, Ms. Bumgardner explained.

Military psychologists and counselors are reporting that more and more servicemembers are seeking help for financial instability, said Ms. Bumgardner, during a seminar Feb. 23 titled Five Steps to Financial Success. "They've found a strong link between mental and spiritual wellness and financial stability. The [Department of Defense] recognizes that and has sent financial educators around to bases to assist you in reaching that kind of security."

The steps to financial success are relatively simple. They start with saving what you have and trimming off expenditures that you cannot afford. Save money for retirement; tuck emergency money away for when you need it; and, what likely ales the lot of us, manage your spending. "These are all ways that lead to a rich and prosperous future," Ms. Bumgardner said.

A personal financial advisor will be visiting Fairchild through the month of March. If you're interested in learning more about financial management, contact the Airman & Family Readiness Center at 247-2246.