BEALE AIR FORCE BASE, Calif. –
"A penny saved is a penny earned," may have been coined by America's forefather Benjamin Franklin, however today some people may not take the time to save the pennies they have worked hard for.
Beale Airmen have the opportunity to avoid financial pitfalls and develop a successful financial plan for the future with the help of the Airmen and Family Readiness Center and also through the America Saves promotion, which is part of the "Military Saves" week campaign planned for Sunday through March 4.
"America Saves is a nation-wide promotion to get communities to embrace savings," said Greg Simon, A&FRC community readiness consultant. "The whole idea is for our community to save and be financially stable and resilient. Unfortunately, right now we have a negative savings rate, and this is the first time since the depression."
According to studies from the federal government, in 2006 American consumers spent all of their earnings, which drove the personal savings rate to minus 0.5 percent. In response to the low savings rates, the Consumer Federation of America, a nonprofit organization established America Saves, which is a marketing campaign, used to influence Americans to reduce debt and save.
"The America Saves Web site, www.americasaves.org, has many resources. There are over 20 different links on the site to help folks save money and invest," said Mr. Simon. "Additionally, there are various calculators and tips. This is a unique initiative to put tools for saving at the military's fingertips."
Mr. Simon states that not everyone may be in a position to save right now because holiday spending may be hitting home as the credit card bills are coming in, fortunately there are free Internet resources to help manage debt.
"One of the best resources available is absolutely free- www.powerpay.org," Mr. Simon said. "What's great about this Web site is that it will show you exactly how much you owe in principal and interest, the time required to pay all debt off, and what would happen if someone had some extra cash to pay off debt."
According to Leslye Arsht, deputy undersecretary of defense for military community and family policy, the program's goal is for servicemembers to become better managers of their personal finances, and in doing so avoid money-related problems and worries that can distract them from performing important national security missions.
"We want financial planning and financial strategies to be part of everyday life," Ms. Arsht said. "You start now and keep doing it, and it becomes a habit."
For more information on savings, call the A&FRC at 530-634-2863, or log on to the America Saves Web site at www.americasaves.org to get more information.