Budget time for Military Saves Week starting March 4

Are you financially on track?

It’s a question we should all be asking ourselves, and during this uncertain economy, it is imperative that we answer as honestly as we can.

The sad reality is that most of us have not taken the necessary steps to ensure our long-term financial well-being. In some cases, it’s even difficult to be sure of our short-term financial stability.

However, there are precautions we can take to ensure we are going in the right direction with our money. Do you think it might be time to make some changes in order to be better prepared for the future?

One of the greatest threats to overall mission readiness is consistently making bad decisions with our personal finances. The Navy has recognized this as a career-threatening issue and has been vigilant in instituting measures to enhance personal financial education and management skills.

The implementation of the “Military Saves Campaign” is one of those measures.

Each year, the Department of Defense designates the last week of February as Military Saves Week — although this year, because of security exercises, Naval Base Ventura County (NBVC) is recognizing the week March 4-8.

An event called the “NBVC Poker Run” will take place as a collaborative effort between financial institutions on base, command financial specialists and key administrative departments — including the Fleet & Family Support Center (FFSC) and Navy-Marine Corps Relief Society (NMCRS). Participating personnel will maneuver from department to department, pulling their credit reports, completing a spending plan and carrying out other personal financial projects. Each project earns them a playing card so they can build a competitive “poker hand.” Prizes will go to those who build the strongest hand.

Military Saves Week is the kickoff of the yearlong Military Saves Campaign, which is designed to help Sailors and their families build wealth and reduce debt while planning for retirement. Ultimately, the goal is to build personal savings, which will provide for immediate and long-term financial needs.

The theme for the 2013 campaign is “Set a Goal, Make a Plan, Save Automatically.” Strategies include paying off high-interest debt, saving for emergencies and saving monthly through direct deposit or an automatic transfer from checking to savings.

Commands will hold kickoff events Monday, March 4.

If you have any questions about this event, please contact a financial counselor at the Port Hueneme FFSC, 982-5325, or at the Point Mugu FFSC, 989-8844.

— Kirstin Davy is a financial educator with the Fleet & Family Support Center at Naval Base Ventura County.