Military Saves Month: Tips to Pursue Your Goals

By Mark Steffe, President/CEO of First Command Financial Services

It’s April, and that means Military Saves Month! At First Command, we believe service members and their families deserve a financial future worthy of their service. The primary service we offer military families is financial coaching. And at First Command, financial coaching means we’re going to start by helping you develop a financial plan, which is really your roadmap for five, 10, and 15 years from now. 

At First Command, we don’t just help you construct the plan, we help you implement it as well—which means we’ll focus on the three cornerstones of a financial plan: insurance, investments, and banking. Along the way, you will have a financial coach to guide you as your life and goals evolve. 

The Military Saves campaign encourages military families to save money, reduce debt, and build wealth—positive financial behaviors we advocate for every day. Throughout the entire month of April, anyone who is or has been affiliated with the military can take the Military Saves pledge. This can be an important step toward or a recommitment to your family’s financial readiness.

Here are some tips as you consider your savings needs:

• Look ahead to any big expenses you may have coming up. Set aside a monthly amount to prepare for that expense rather than going into debt.
• Get your children in the habit of saving a certain amount every month. Encourage them to systematically set aside money for large purchases they really want, such as a gaming system or even a car.
• The next time you receive a pay raise, commit to saving at least 20% of it. A more ambitious goal is to save 50% toward the future.
• Consider a debt consolidation loan to better manage your credit card debt. You may end up with a lower monthly payment, and the extra funds can be used toward your savings plan.
• If you are spending less on entertainment or dining out due to the pandemic, consider putting some of that money into a savings account.
• Plan for your retirement. The earlier you start, the better.

Since the objective of Military Saves is to promote overall financial health—not just savings—we also recommend taking this time to organize your finances. If you have a paper system, shred old statements and reorganize folders. (Remember to save all necessary statements for tax season.) If possible, switch from paper to electronic statements to reduce both clutter and the potential for fraud.

• Create a budget. List all expenses so you have a firm understanding of how your money is spent. Once you have a budget, you can realistically plan to pay down debt or save for the future.
• Consider paperless billing and autopay options. Following your monthly budget may be easier, and it will simplify bill paying.
• If you don’t have a bill paying and savings system, create one! Don’t waste your hard-earned money on late fees and interest charges.

This month, take the time to get your family’s finances squared away by meeting with a First Command Advisor. We offer complimentary financial plans for active-duty service members and their families, and there is no minimum net worth required. First Command has offices located near most major military installations, and our advisors are available to meet safely in person or remotely. Connect with a local advisor today at firstcommand.com.