Military Saves Week: Day 6, Save As A Family!

by johnnyc2id on Mar 2, 2019

military finance, Military Saves Week

February 25th to March 2nd is Military Saves Week, designed to help promote personal saving and reducing debt.  Each day of the week will have a special focus and today’s focus is saving as a family!

Day 1’s Blog, Save With a Plan!

Day 2’s Blog, Save Automatically!

Day 3’s Blog, Save For the Unexpected!

Day 4’s Blog, Save for Retirement!

Day 5’s Blog, Save the Extra!

To make the most of your saving plan, you will want to get everyone in your family on board the savings train.  A few tips on how to do this successfully:

  • Communicate what you are saving for. Communication is a key component to the successful execution of a plan.  Make sure everyone in the family knows what you are saving for, so they know they aren’t sacrificing something now, but instead investing for something in the future.
  • Provide regular updates on how you are progressing towards your goals.  This is a great way to make sure everyone stays on the same page and can see the progress (or lack thereof) that you are making.
  • Be honest about your money.  Make sure everyone has a realistic understanding of your family’s expenses and can understand the tradeoffs that need to be made when making certain purchases. 
  • Include the whole family in the decision-making process when it comes to financial decisions.  This can increase the understanding of your complete financial plan and by being more involved lead to greater buy-in to the family financial plan.
  • Don’t just have family financial goals, let individuals have their own goals too.  Being participants, rather than just bystanders can also provide much needed realism to their financial goals and promote healthy spending and saving habits.

Well, this wraps up Military Saves Week 2019, but don’t let the savings or your education on savings stop.  Take the Military Saves Pledge, commit to yourself and your family to take charge of your financial life and start yourself along the path of living the life you want and deserve!

I hope you enjoyed the series of blogs during Military Saves Week.  Don't just make it a one week event though.  Be sure to keep checking the Military Saves Week webpage regularly for updates and access to outstanding resources to help you out along your journey.  Best of luck and happy saving!