Naval Base Guam kicks off Military Saves Month
SANTA RITA, Guam (Feb. 6, 2018) – The Fleet and Family Support Center (FFSC) in partnership with U.S. Naval Base Guam (NBG) leadership kicked off Military Saves Month with a proclamation signing by Capt. Hans Sholley, NBG commanding officer, Feb. 6 at the Navy Exchange food court.
Sholley spoke briefly to the crowd during their lunch break and challenged leaders in every branch and at every level to take the pledge by visiting www.militarysaves.org. In doing so individuals will agree to help their family and country by encouraging other Americans to build wealth, not debt, he said.
Financial instability can affect a service member personally and professionally, in turn impacting mission readiness. The Military Saves Month campaign debuted in 2007, established by the Office of the Secretary of Defense to help address these concerns. It is run by the nonprofit Consumer Federation of America which looks to educate military families on how to successfully manage their finances.
Pilar Pangelinan, an accredited financial counselor and the campaign leader for Naval Base Guam, suggests everyone put a minimum of 10 percent of one’s monthly income aside into a savings account and make it top priority.
“It needs to become a habit like paying rent,” Pangelinan said. “They may not be encountering financial difficulties today but should an emergency arise in the future they will have funds available. No one is immune from finding themselves in an unexpected situation. For example, a car part here on island can cost nearly double the price to obtain because of the expenses incurred to have it transported.”
In Pangelinan’s own experience, a vehicle part she needed took nearly seven months to arrive in Guam from the mainland. Imagine how much it costs to rent, even an economy car, for that amount of time while you wait for the necessary repairs, she said.
An 11 person staff will deliver specific workshops throughout the month looking to assist those looking for the best way to begin a home or vehicle buying process. Classes will also be offered for those interested in learning about investments, retirement, fraud protection, or even starting a family amongst other subjects.
A calendar of events running through March 2 can be obtained at the Fleet and Family Support Center between the hours of 7:30 a.m.-4:30 p.m., Monday through Friday. The schedule can also be viewed on the FFSC Guam Facebook page, www.facebook.com/FFSCGuam. For more information or to schedule a one on one appointment, call 333-2056. Services are free for all military and their dependents. Information tables will also be located at Bank of Guam and Navy Federal Credit Union throughout the month.
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