Military Saves
PFM Leadership Forum 2012
Set a Goal. Make a Plan. Save Automatically.
Agenda • What’s New In PFM • Military Saves Campaign Overview • How to Implement the Campaign • FFSC Programs & Resources
Why is PFM needed? • About 43% of American Families spend more than they earn each year. • Average households carry some $16000 in credit card debt. • Personal bankruptcies have doubled in the past decade. Our military families have the same issues!!! Personal Financial Readiness is at stake.
What’s New in PFM? • • • •
MyFICO TSP Roth FFSC Financial Classes Top Seven Things Servicemembers Do to RUIN Their Credit (And What They Can do to Prevent It) by Peter Beilagus
MyFICO • Provided by FINRA Investor Education Foundation and includes: • FICO® credit scores *can only be accessed with a PFMer staff code • Educational information and tools • Free of charge to active duty service members and their spouses • For those who are at risk financially: those with credit scores below 620 or financial problems that could lead to security clearance revocation
TSP Updates • Annual contribution limit has increased to $17,000 for 2012 • Roth TSP • • • •
FEB 23rd TSP ROTH Update EWTGLANT 0900-1030 Coming in spring 2012 Must be active duty to contribute Cannot transfer money from tax-deferred TSP into Roth TSP (must open new account) • https://www.tsp.gov/PDF/formspubs/oc06-5.pdf
FFSC Classes for Families • Smart Start Finances for Newlyweds • March 1 1000-1130 • March 20 1800-1930 • Raising Financially Fit Kids • April 30 1300-1500
Top 7 Things Servicemembers Do to RUIN Their Credit (And What They Can Do To Prevent It) • E-book from Peter Beilagus available online • Email mary.spear.ctr@navy.mil for an electronic copy • Forward to all-hands for reading at the command
Military Saves Overview • Military Saves is a DoD-wide financial readiness campaign to encourage military service and family members, to reduce debt and save money, thereby ensuring personal financial readiness and positively impacting the nation’s personal/household savings rates.
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Social Marketing Campaign • Military Saves encourages: – Developing a personal financial plan – Establishing good credit – Saving a portion of each paycheck – Enrolling in SGLI, TSP, and (when eligible) SDP
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Annual Saver Drive • “Military Saves Week” – Last week of February each year February 19-26, 2012 – In conjunction with America Saves Week • Model based on Combined Federal Campaign fund drive – Project Officers in every unit – 100% contact – Make a donation to yourself! • Goal: motivate people to act! – Enroll as a Saver and save money!! 11
Ongoing Campaign • Year round open enrollment, re-enroll every year • Participating organizations welcome and encouraged to organize local promotions to stimulate increased/new/automatic saving and debt reduction throughout year • Ongoing campaign with quarterly themes: • • • •
Save & Invest Military Youth Debt Reduction Retirement
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The Saver Pledge • A commitment to exercise good financial habits and encourage other Americans to do the same • Savers who enroll online receive electronic newsletters and e-Wealth Coach advice
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Military Saves Campaign Materials • Growing infrastructure to support campaigning communities • www.MilitarySaves.org – Customizable graphics – Checklists – PSAs
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FFSC Resources • • • •
Build Wealth, Not Debt 2012 CD PFM classes Individual counseling CFS Program
FFSC Programs • Military Saves Special Events: – PFM Leadership Forum – January 31st – TSP “ROTH” Update - February 23rd – Shred-it Truck – February 23rd – MWR Liberty Center - February 24th – MWR Youth Center – February 24th
Hampton Roads PFM Programs • • • • • • • • • • •
Art of Money Management Avoiding Predatory Lending Banking & Financial Services Car Buying Strategies Command Financial Specialist Training Command Financial Specialist Refresher Command Financial Specialist Forum Consumer Awareness Credit Management Developing Your Spending Plan Division Officers Financial Leadership Seminar
Hampton Roads PFM Programs • • • • • • • • • • •
Don’t Bet On Your Life On It Financial Responsibility in the Military Home Buying Workshop How to Survive the Holidays Financially Identity Theft Protection Insurance Million Dollar Sailor Savings and Investments Smart Start Finances for Newlyweds The Basics of Retirement Planning TSP – Your Key to Financial Independence
Financial Tools • • • • • •
Financial Planning Worksheet Full Steam CFS Website CFS Money Matters newsletter Resource Guide Books Kiplinger’s Family Records Organizer CD • MoneyTrack • TSP DVD • Individual counseling with an Accredited Financial Counselors at FFSCs
• The campaign guidelines and resources are provided by DoD’s nonprofit partner, Consumer Federation of America
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• Military Saves was made possible in part through the generous support of the FINRA Investor Education Foundation. Please visit
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Questions? Thank you for coming.