Financial readiness focus of 'Military Saves Week' Published Feb. 23, 2009 By Tech. Sgt. Jason Schaap MCCONNELL AIR FORCE BASE, Kan. -- Team McConnell members have multiple weapons available this week to fight off the attacks of a shaky economy. Classes are scheduled here everyday as part of Military Saves Week, a Defense Department-wide campaign to help educate military families on how to create wealth and eliminate debt. The McConnell Airman & Family Readiness Center and Bank of America are sponsoring the classes from 11:30 a.m. to 12:30 p.m. with multiple training sessions available on Thursday, Military Saves Day, at the base theater. Maryann Barry, a community readiness consultant at the Readiness Center, said all members of the McConnell Family are invited to stop by the center, bring a lunch and listen to some valuable information. More people, especially couples, have been seeking financial guidance at the Readiness Center as the economy has worsened, Mrs. Barry said. Many are "living payday to payday," she added. "I see more people wanting to be on a budget." The leadership at McConnell has also recognized a need to put more emphasis on financial readiness. The time Mrs. Barry is given to train the base's first-term Airmen was doubled a few months ago. "I now have them for the whole morning," she said. Military Saves is "a growing network of organizations and individuals committed to helping and supporting military members and their loved ones build personal savings arsenals to provide for their immediate and long term financial needs," according to the program's Web site. It was developed and tested from 2003 to 2006 and launched throughout the Department of Defense in February, 2007. It is part of two larger campaigns -- the Financial Readiness Campaign, and the national America Saves campaign. While it is an ongoing campaign, the entire military community comes together to focus on financial readiness during Military Saves Week, the last Sunday in February to the first Sunday in March. This Week's Classes Tuesday - Spending Plans & Savings Wednesday - Buying a car Thursday - Buying a home & foreclosures Friday - Basic Investing All the above classes are from 11:30 p.m. to 12:30 p.m. at the Airman and Family Readiness Center. Call 316-759-6020 for a schedule of multiple classes on Thursday and/or more information about Military Saves Week at McConnell AFB. Savings Tips · Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you've purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account. · Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings. · Eat out one fewer time each month. If it costs you $25 to eat out, but only $5 to eat in, then the $20 you save each month allows you to almost completely fund a $500 emergency savings account · Shop for food with a list and stick to it. People who do food shopping with a list, and buy little else, spend much less money than those who decide what to buy when they get to the food market. The annual savings could easily be hundreds of dollars. · Raise the deductibles on auto and homeowners' insurance: Being willing to pay $500-1,000 on a claim, rather than only $100-250, can reduce annual premiums by as much as several hundred dollars. · Assess your need for life insurance coverage. If your children are now on their own, or if your spouse works, you may not need as much life insurance protection. The annual premiums on a term life policy would typically fully fund an emergency savings account · When driving, avoid fast start-ups and stops. Over time, you will save hundreds of dollars on lower gas and maintenance costs. · Don't pay for space you don't need. Americans have relatively large houses and apartments. Think about more efficiently using space so you can purchase or rent less square footage. · Live relatively near your workplace. While this isn't always possible, driving 5,000 miles less a year can lower transportation costs by more than $1,000. · Clean clothes inexpensively. Wash and iron clothes yourself. If you use a cleaner, compare prices at different establishments. A 50 cent difference in cleaning a shirt, for example, can add up to $100 a year. · Be aware of your cell phone costs and how to reduce them. Cell phone use has dramatically increased communications expenditures in many households. Understand peak calling periods, area coverage, roaming, and termination charges. Make sure your calling plan matches the pattern of calls you typically make · Research free or inexpensive entertainment in your community. Use local newspapers and websites to learn about free or low-cost parks, museums, film showings, sports events, and other places which you and your family would enjoy. · Give up premium cable channels. It's a lot cheaper to rent one film a week than watch one on premium cable channels that may cost more than $500 a year. · Borrow books rather than purchasing them. Borrowing books and reading magazines at your local library, rather than purchasing reading material, can save you hundreds of dollars a year. · Attend high school rather than college or pro sports events. High school sports events rarely cost more than $5 and are often free, with hot dogs and sodas typically costing $1-2. College and pro football and basketball games rarely cost less than $20, and their concessions are usually several times more expensive.