Why Student Veterans Should Take the Military Saves Pledge

Service members and family members share some of the things they are saving for during Military Saves Month in 2017. (U.S. Air Force/Victoria Boyton)

Survey results compiled from the military community year after year reveal that savings are a problem. A 2019 MFAN Military Family Support Programming Survey showed that half (49.2%) of veteran families have less than $500 in emergency savings. The biggest hurdle for saving is unexpected expenses, as 57% of families reported in the 2019 Military Saves Saver Survey. But when making a savings goal, military-connected families tend to save more.

Here's where the Military Saves program comes in. The program is part of the Consumer Federation of America — and sometimes referred to as the America Saves Program — takes the time to encourage the military community to save. They do this through the Military Saves pledge and programming during Military Saves Month, held in April. In the same survey from Military Saves, 80% of those who take the Military Saves Pledge find it easier to save.

The external push to automatically save and take the pledge may be enough to encourage families to save in April. Since the program's launch, over 330,000 people have taken the pledge. You can join them and take the pledge here.

How to Get Started

Saving isn't easy, especially if you have debt, experienced a pay cut when you left the military or are looking at starting a new job. Military Saves Month isn't just about savings. It's about preparing for the future financially. And there are several ways you can do that -- with resources available to help.

Reduce Debt

Military Saves has tips for saving to reduce debt and remove it from your life for good. About a quarter of military families have more than $10,000 in credit card debt compared to 16% of their civilian counterparts. Get a jump on paying off that debt this month.

Create a Budget

When you have to account for every dollar of your income, you tend to be more selective about where it goes. Learn how to create a budget for your family. Also, learn when and how to change your budget when things -- like a PCS or transition from the military -- show up in your life.

Plan for Retirement

Most service members don't spend 20 years in the military, and those that do often continue in a second job. Putting off retirement savings and planning means it sneaks up on you quickly. Learn how to start saving for retirement now, even if you think it's too far away.

Military Saves has many resources available to help service-connected families and veterans improve their financial standing and plan for the future. This April, take some time to evaluate your financial situation and make the changes necessary to improve your financial future.