DOD ENCOURAGES SAVING FOR EMERGENCIES

FROM:  U.S. DEFENSE DEPARTMENT
Official Stresses Value of Saving for Emergencies
By Terri Moon Cronk
American Forces Press Service

WASHINGTON, Oct. 16, 2013 - Tucking away money in savings accounts for emergencies is as critical to service members' financial readiness as establishing retirement accounts, the director of the Defense Department's office of family policy and children and youth said here yesterday.

DOD officials encourages troops and their families to have emergency savings funds for unforeseen contingencies, such as when a car needs mechanical work, a washing machine breaks down, or when out-of-pocket money is needed during a household move, Barbara Thompson said in an interview with American Forces Press Service and the Pentagon Channel.

"You want to make sure you have at least $500 in emergency funds so you don't have to look for financial assistance or a long-term loan to cover your daily expenses," Thompson advised service members and their families.

Troops and families also are encouraged to have six months' worth of salary earnings put away in case something disastrous happens, such as if a spouse loses his or her job, Thompson said.

"If anything catastrophic happens, you want to have enough savings to pay your mortgage and your big bills, because those are your life investments, and you don't want to see any of them in jeopardy," she advised.

"The more costs you have, the more savings should be in your plan," Thompson added. The plan, she added, should account for ongoing expenses such as monthly car payments and for occasional extra costs, such as putting a deposit down on an apartment during a move.

Just as important to a savings plan, Thompson said, is living within one's means. And, an important question that should spring to mind when making purchases, she said, is: Do I need it, or do I just want it?

"If the answer is you only want it, [you should consider] putting that money into a savings account," Thompson said.

By examining spending habits, living within a budget and saving for emergencies and unforeseen circumstances, service members gain another benefit: becoming financially resilient and prepared when they get out of the military and enter the civilian workplace, where they can be bombarded with spending lures such as attractive credit card offers, Thompson said.

"We're hoping to stem the tide at DOD by getting in front of a financial crisis before it happens," she said of the department's effort to provide financial training to service members as early in their military careers as basic training.

Budgeting and saving requires discipline and the ability to stick to established plans, Thompson said.

"It's important for couples to be on the same page [based] on what they want for their future," she added, "and how to eliminate some of the luxuries they may not need to live a happy lifestyle."

MEDIC MAKES SURE PRISONERS RECEIVE GOOD MEDICAL CARE

FROM:  U.S. DEFENSE DEPARTMENT 
Face of Defense: Medic Ensures Prisoners Get Good Treatment
By David Vergun
Army News Service

WASHINGTON, Sept. 26, 2013 - After treating sick and injured soldiers in Haiti, Somalia, Colombia and twice in Iraq, an Army medic has applied his skills to the nation's only military maximum-security facility.
Master Sgt. Gregorio Villanuevaochoa, operations noncommissioned officer at the U.S. Disciplinary Barracks, Fort Leavenworth, Kan., received the Army's Corrections Professional of the Year award, presented by Maj. Gen. David Quantock, commander of Army Corrections Command, for ensuring that prisoners receive quality health care.
Villanuevaochoa saved the Army about $300,000 in contract health care costs through greater efficiencies without cutting staff. He supervises about 60 soldiers, civilians and health care providers.

He also checks up on hundreds of prisoners -- some serving life sentences and some on death row -- to ensure they are all getting proper care and treatment. In addition, he looks out for the health and well-being of the soldiers on his staff.

While he has seen his share of horrific war wounds, Villanuevaochoa said, the most common types he sees at the prison are shoulder, knee and ankle injuries suffered during recreation, when prisoners are allowed to play basketball, football, lift weights and so on.

The medics interact daily with all the prisoners, he explained, seeing them every morning for checkups and on an as-needed basis. The prisoners also have access to all of the doctors who work at nearby Munson Army Health Center: clinical psychologists, optometrists, psychiatrists, podiatrists, social workers, surgeons, dentists, physical therapists and other specialists.

Although the prisoners are being confined because they've done wrong, Villanuevaochoa said, they're also receiving high-quality medical treatment and individual or group behavioral counseling, improving their lives and reducing their chances of recidivism once released. And while work details are a traditional part of corrections, he added, they also have the opportunity to learn a trade or skills in metal or woodworking, tailoring, graphic arts and other specialties.

Villanuevaochoa said he's proud of the Army's new medics, who receive about twice the training he received years ago during an eight-week course. "Today, our combat medics are better trained and qualified," he said. They are truly force multipliers to all units deployed."

He added that all of his soldiers take great pride in being professionals and ensuring good order and discipline are maintained at all times in the facility.

MILITARY CHILDREN AND FINANCIAL RESPONSIBILITY

FROM: U.S. DEPARTMENT OF DEFENSE
Official: Learning to Save is Key to Financial Responsibility
By Claudette Roulo
American Forces Press Service

WASHINGTON, April 1, 2013 - April is both the Month of the Military Child and Financial Literacy Month, so it's a good time to shine a spotlight on teaching children financial responsibility, said Barbara Thompson, the Pentagon's director of the office of family policy/children and youth in a joint interview with American Forces Press Service and the Pentagon Channel.

"These are life skills that you don't want to learn when you're in trouble as an adult," Thompson said. "We think financial readiness is one of those life skills that, the sooner you start, the more prepared you are as you enter adulthood."

Children as young as 3 years old can start learning about the value of money, the importance of saving for something special and how to differentiate between wants and needs, she said.

"When you start to get those perceptions at an early age, it's easier as they grow up to make those decisions, to make wise financial decisions," Thompson added.

She said statistics on retirement preparation are startling, noting, "People have not been saving at all."

According to the results of a 2012 survey by the Consumer Federation of America, just 49 percent of working Americans have sufficient retirement savings to provide for a "desirable standard of living." Just over a third of low- and moderate-income households had savings or money market accounts.

"Right now, it's a tough time," Thompson said. "We're facing some financial uncertainty, and so it's hard to save. But you have to start small and make it a regular habit."

Some child development centers, youth programs and schools are using activities to teach children about financial readiness, she said.

"For example, in our dramatic play areas in our child development centers, sometimes they set up a grocery store, and children learn about money and that you have to have money to buy products," Thompson said. "What's important is that they start to see that money just doesn't shoot out of the ATM machine, that you have to earn it, put it in the bank and then use it to pay for what you think is of value."

Thompson said learning to save is the foundation of financial responsibility.

"You save for a rainy day. You have an emergency fund [and] you save for something that you want. You don't go into great debt just because you want it right now; you start to save for it, and you do your research before you buy something. I think those are really important concepts," she said.

"We want to make sure that [children] have good skills for their futures," Thompson said, "whether it is recognizing their sacrifice or providing them the tools to be strong adults."

Thompson said a variety of resources are available for educators, parents and children to learn about financial responsibility. Resources include:

-- Military OneSource, which offers free face-to-face or telephonic financial counseling, savings and investment information and educational resources for young people;

-- Personal financial managers at installation family centers are certified financial counselors that can help families develop their budget, set their financial goals and can provide classes for military children at youth centers, child development centers or schools;

-- SaveandInvest.org can help adults learn financial management skills that they can teach to their children;

-- Jump$tart provides good resources for educators and bankers;;

-- Financial institutions that operate on military installations are required to offer financial management resources;

-- Money as You Grow provides information for children ages 3 and up to help them smart financial decisions; and

-- Military Youth on the Move includes financial tools for younger children, tweens and teens.