Military Saves MonthMilitary Saves Month, which is part of America Saves, is a month-long initiative to encourage military families to take control of their finances. The goal is to help Service members and their families save money, reduce debt and build wealth all year round. Each week of Military Saves Month has a different theme related to financial management.
Save With a PlanThis week of Military Saves Month is all about learning how to save by developing a plan. Everyone needs a spending plan, regardless of their financial goals. It’s important to recognize your current financial state so you can map your financial future. As a financial program manager, you should convey to Service members and their families the importance of creating a spending plan. You can also offer support and guidance as they develop their own plans. QuickSeries® offers a host of financial management products, such as 10-Step Spending Plan, which Service members and their families can use as a helpful resource. Help them achieve their financial goals by sharing the following information.
Why is a spending plan necessary?Achieving financial success depends on creating a spending plan that works for you. It’s the key to:
- Having a good relationship with money.
- Feeling satisfied with your spending habits.
- Having savings you can depend on for emergencies.
- Knowing how to make your money work for you.
How do I start?To create a spending plan, you need a good understanding of the current state of your finances. Follow these steps to get an idea of how you want your spending plan to work for you:
- Firstly, gather your bills and pay stubs.
- Then, think about how you spend money, besides paying your bills (e.g., buying a daily coffee, going out for dinner once a week).
- After that, write down your expenses and your income.
- Lastly, subtract your expenses from your income.
Creating a spending plan takes a great deal of commitment, and Service members and their families must be prepared for this. Offer them the tools and resources they need to make spending plans that work best for them. The process does not have to be overwhelming and they don't have to do it alone.