Service Members Learn About Saving and Investing

Service Members Learn About Saving and Investing

February 28, 2007
Mass Communication Specialist 2nd Class (AW) Maebel Tinoko
Navy NewsStand

SILVERDALE, Wash. (NNS) -- Naval Base (NB) Kitsap Bangor Fleet and Family Support Center (FFSC) hosted a savings and investment class for service members Feb. 26 as part of Military Saves Week.

Arnold Norem, a personal financial specialist, gave a two-hour presentation with guidelines on developing a budget, setting financial goals, and various investment options.

“We want to see more people saving [rather] than spending money on things they don’t really need,” said Norem. “Family members affect where money goes and it is important to keep track of expenses by writing it down on paper.”

“All the small stuff adds up like soda, spending money on fast food or cigarettes,” said Heather Rush, an Armed Forces Bank manager. “Starting small is the easiest step to saving, whether it is as little as $10 a month. It still makes a big difference in the long run.”

Participants received pamphlets with resourceful information on saving and other alternatives to control spending money. They were also giving a sheet to write down all monthly expenses to review where their money goes each month.

“I’ve always wanted to learn what I could do with my savings and these classes give out great information on how money can grow,” said Electronics Technician 2nd Class (SS) Juan Mendez from Naval Support Submarine Center. “I think it’s important for Sailors to get out there and grasp information that is focused on helping us with our financial goals.”

While some of the participants were at the course to learn how to better manage their finances, others were there to collect information and pass along the advice to other Sailors. Electronics Technician 1st Class (SS) Eric Olson of USS Nebraska (SSBN 739) said the things taught are very important and service members should take part in classes like this.

“As a command financial specialist, I attend most of these classes to gain knowledge to pass on to my shipmates,” said Olson. “Most service members don’t know what classes are available and this free information provides excellent tips for everyone.”

The Department of Defense established “Military Saves Week” from Feb. 25 through Mar. 4 as a way to encourage service members to build wealth and not debt. It is part of a national campaign called “America Saves,” sponsored by the Consumer Federation of America.

During Military Saves Week the service member and/or family member makes a commitment to save and build their personal wealth by enrolling as a military saver and setting a savings goal for the year.

For related news, visit Naval Base Kitsap Navy NewsStand page at http://www.navy.mil/local/kitsap/.

For related news about Military Saves Campaign, visit the Commander, Navy Installations Command Navy NewsStand page at http://www.news.navy.mil/local/cni//.