Military Saves Week encourages building wealth, not debt Published Feb. 17, 2009 By Staff Sgt. Tammie Moore 52nd Fighter Wing Public Affairs Office SPANGDAHLEM AIR BASE, Germany -- Sabers of all ages are encouraged to take steps to learn how to "Build Wealth, Not Debt" during Military Saves week Sunday through March 1. One of the key goals of Military Saves Week is to encourage members to take control of their finance through saving. To place Sabers on this path, the Airman & Family Readiness Center is teaming up with Community Bank and Service Federal Credit Union to man financial information tables across the base throughout the week. "The Department of Defense would like people to make a goal to save," said Shonte Gonzales, A&FRC marketing director. Anyone can sign a Saver Pledge form at an information table or the A&FRC, there is no age limit. The Saver Pledge form is a tool to encourage individuals to make a commitment to save money. According to the Military Saves Web site, "Financial stability is about a lot more than knowledge -- it takes consistent action over time." When people fill out a Saver Pledge form, they are making a conscious decision to take action, said Leroy Olson, A&FRC personal financial readiness manager. "They are saying they want to make a change in their life. If someone is not happy with their finances, this is a step." Mr. Olson said he believes one of the keys to responsible spending is to live under one's means. "It is not a matter of how much you make but how you manage what you make. If you live by that philosophy you will weather the storm," Mr. Olson said. To help people get on track financially, Mr. Olson encourages them to establish short-, medium- and long-range financial goals. The A&FRC offers one-on-one financial counseling sessions for those who need assistance reaching and ranking their financial goals. "We can't tell you where to invest your money, but we can educate you," he said. "One-on-one appointments are so important because we have subject matter experts here who are trained to help." The A&FRC has a number of tools available to assist individuals with their finances. "During Military Saves week we are offering free BrightScores to qualifying individuals," Mrs. Gonzales said. A BrightScore is an online credit management and education tool that provides an analysis of credit scores. It also provides resources to help individuals understand and proactively manage their credit. To qualify, the applicant must answer "yes" to at least two of the following questions: 1. Have you missed or made a late payment to a creditor within the last six months? 2. Do you share a credit account with your spouse or someone else where they have missed or been late with a payment? 3. Have you recently been denied credit? 4. Do you believe you may have fallen victim to identity theft and/or fraudulent activity within the last 12 months? 5. Have you gone through or finalized a divorce and/or separation within the last 24 months? Individuals who receive a BrightScore of 620 or less will have an opportunity to receive a follow-up assessment 90 days later. The Air Force Aid Society Falcon Loan program, also managed at the A&FRC, may help those facing a financial hardship. Airmen can apply if they need assistance covering the cost of medical or dental bills; emergency travel expenses, vehicle expenses including payments, repairs and insurance; and basic living expenses such as food, utilities or gasoline. "The interest free loan is designed as an alternative for Airmen to pay day loans," said Jo Bolish, Air Force Aid officer. Pay day loans can be a career threat for Airmen and it is just as big of a problem overseas as it is in the states, she said. Loans can be granted for up to $500. It takes between 15 to20 minutes to process the loan paperwork. A loan must be repaid within 10 months or by the Airman's separation date, whichever one is shorter. "We want people to use this loan and we want them to come here when they need assistance," Mrs. Bolish said. The A&FRC is open from 8 a.m. to 4 p.m Monday through Friday. To view a calendar of Military Saves Week events, click here. To make an appointment for a BrightScore assessment or to speak with an appointment for a one-on-one financial assessment, call 452-6422. The Military Saves Week Web site, www.militarysaves.org provides links to success stories, online financial resources and an electronic Saver Pledge form. Military members can also visit Military One Source at www.militaryonesource or call them at 00-1800-342-9647 with financial questions. (Editor's note: This is part one of a two part series about managing finances.)