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    Military Saves Week

    Photo By Petty Officer 1st Class Harry Andrew Gordon | 190227-N-VH054-1020 SAN DIEGO (Feb. 27, 2019) Culinary Specialist 3rd Class Cherish...... read more read more

    SAN DIEGO, CA, UNITED STATES

    02.27.2019

    Story by Petty Officer 3rd Class Jeremy Laramore 

    USS Makin Island (LHD 8)

    Another notice from Navy Federal, another $29 overdraft fee, that automatic withdrawal just kicked in and you don’t have the cash to cover it. Now you have even less. How many days until payday? You still have another week until the 15th. Looks like ramen for lunch and dinner again. Another sleepless night worrying about bills, and thinking, “How am I going to make it until my next check?” Living with constant stress and fear is no way to live.
    A healthy control on your finances can offer you peace of mind. Money is the most dominant source of stress for 44% of Americans, affecting your personal relationships and your professional productivity, not to mention the negative balance in your bank account. To counteract these problems, Sailors can follow these tips from Makin Island’s command financial specialist, Chief Mass Communication Specialist Rosa Paschall.
    Turn saving money into a fun game. Your savings account is now your high score. How high can you get it? What sacrifices can you make to get a new record?
    “It doesn’t have to be a lot,” said Chief Mass Communication Specialist Rosa Paschall, one of Makin Island’s (LHD 8) command financial specialists (CFS). “Every time you open up your bank account and think, ‘oh, I don’t need this five bucks, let me move this down to savings,’ eventually that will add up. You’ll make it a habit and that’s actually the more important thing. Make saving a habit and if you need to make it a game, then make it a game.”
    If the game mentality doesn’t work for you, try a simpler approach and think about the lifestyle you want during retirement.
    “I’ve had trouble saving money in the past but I easily overcame it by implementing a plan and sticking to it,” said Intelligence Specialist 2nd Class Joshua Weeks, a Sailor in operations department. “I just put a little bit back away every time I get paid. I’m constantly thinking about my future and how I can set myself up for a better retirement. Plus, knowing that I have a strong savings gives me a sense of security. I try not to splurge if I don’t need to and that leaves more money for emergencies if they do happen.” Maybe the suffering you’re enduring by skipping the $6 coffee drinks or dinner delivery every night is too great and you eventually give up. Don’t worry. There are a lot of ways Sailors can adopt to gain financial freedom.
    Live like you are being paid the same amount you were before your promotion. If you just put on crows and got a nice little pay raise, ignore it. Live like you’re making E-3 money and send that extra money to savings. Maintain the same lifestyle and you’ll be thankful in the long run.
    Before long, you have four-digit numbers in your savings instead of the pathetic five dollars you had before. Wow, look at that money adding up! It may be tempting to withdraw those fat stacks and “treat yo’ self.” But don’t give in to temptation.
    If seeing how much you have accrued gives you itchy fingers, open up a separate account that you don’t see every day. Forget that money exists and it will grow much more rapidly.
    When adding to your growing savings account becomes a habit for you, only good things can follow. Big savings accounts turn into dreams being reached. Houses being built. Financial security not only now but into your golden years. In 40 years, when your body is too tired to work, you can sit back and relax in your own house and order the latest and greatest. Enjoy that new robot butler, shipmate!

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    NEWS INFO

    Date Taken: 02.27.2019
    Date Posted: 02.27.2019 19:26
    Story ID: 312191
    Location: SAN DIEGO, CA, US 

    Web Views: 67
    Downloads: 0
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