Military Saves Week
February 24, 2016
Financial responsibility is an important part of everyday life, especially for military service members as they prepare for a number of uncertainties, including potential deployments. The Military Saves program is a component of America Saves and a partner in the U.S. Department of Defense’s Financial Readiness Campaign. Military Saves aims to educate military service members about saving money, reducing debt and building wealth.
The Military Saves program encourages participants to set goals and start small by saving loose change, taking advantage of military discounts and utilizing the commissaries and exchanges. These practices build on each other and will soon add up to substantial savings.
Arkansas Attorney General Leslie Rutledge is joining these efforts by recognizing that this week is Military Saves Week.
“Setting financial goals can be a great start to getting out of debt and building an emergency fund,” said Attorney General Rutledge. “It is important for our military service members and their families to know about resources available to them to help save money and meet their financial goals.”
Attorney General Rutledge released the following program list for members of the military to help save money:
- Set up a myPay account, which allows up to six allotments to automatically transfer funds each month into a savings account.
- Participate in the Thrift Savings Plan, which is a retirement savings and investment plan for military service members that offers the same types of savings and tax benefits that many corporations offer employees under 401(k) plans.
- Take advantage of the Savings Deposit Program if a deployment is scheduled. Up to $10,000 can be deposited during each deployment and will earn 10 percent interest annually.
As part of Military Saves Week, representatives from Attorney General’s Rutledge’s staff are participating in an information fair at the Little Rock Air Force Base, as well as presenting an identity theft prevention program and judging the financial literacy challenge.
If there is an issue, Arkansas military service members, veterans and families should file consumer complaints with the Attorney General’s office on ArkansasAG.gov or by calling (800) 482-8982.
For more information and tips to avoid scams and other consumer related issues, call the Arkansas Attorney General’s office at (800) 482-8982, email firstname.lastname@example.org or visit ArkansasAG.gov or facebook.com/AGLeslieRutledge.