Marines often have to spend their tax refund on debts or bills, but wouldn’t it be financially fit to put the extra cash in a savings account or future investments for once?
Military Saves Week 2010, from Feb. 21-28, will be highlighted during a Military Saves Financial Seminar at the Marine Corps Air Station Miramar’s Bob Hope Theater, March 3, from 1 to 4 p.m. The three-hour seminar will feature motivational speakers Kelvin Boston and Peter Bielagus, and will be open to all Department of Defense personnel and dependants aboard the air station.
The Military Saves campaign was created to persuade, motivate and encourage military families to save money. It is also geared to convince leaders to organize and be aggressive in promoting automatic savings, according to the Military Saves Web site.
For service members to become financially responsible, they must understand what is getting them in financial trouble.
“Some Marines do not reach their savings and investment goals because they are not aware of how their money is being spent,” said Craig Hughes, a accredited financial counselor with Marine Corps Community Services aboard the air station. “They often just see what’s in their checking account and wonder why they run short at the end of the pay period.”
Service members should seek professional help from a financial counselor to learn where their money is going and how to control it. A financial counselor can help one achieve the goal of the Military Saves Program which is to build wealth, not debt.
“Many times Marines don’t plan on what their regular monthly expenses are,” added Hughes. “We can help them develop a financial plan using a proven money management and tracking system that will enable them to gain ultimate control over their money and achieve financial success.”
When a service member incurs more debt than they can afford, they should do plastic surgery by cutting up credit cards, contacting their creditor to arrange a payment plan, and apply all available surplus to paying-off the debt, explained Hughes.
With a plan and better understanding of monthly expenditures, service members can begin allocating their money to savings and eventually to long-term investment options. The ideal savings goal should be 3 months of living expenses. After that is accomplished, they should invest 10 percent of net income, take-home pay, towards long-term goals like home purchase, retirement, and education, added Hughes.
If service members follow these simple steps to “financial freedom,” they will see that they will have more money in their checking, savings, and future investments.
For additional help on any financial matters, Marines can visit the Military Saves Web site at www.militarysaves.org or make an appointment with Hughes by calling 858-577-9802.
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