Saving for a Rainy Day

Saving for a “rainy day” or emergency fund can help protect you from having to use high-cost credit when you hit a rough patch. Getting started is the first and most important step, and fortunately, there are resources available to military members — at no charge – to help you start down the road to financial freedom. So, why not begin now? Here are three programs listed by the Consumer Finance Protection Bureau:

  1. Begin with the Personal Financial Management Program

Start on your installation by talking with the PFMP office located in military and family support centers. These offices are present on all Department of Defense military installations. Find location and contact information for yours by going online to their website and choosing “Personal Financial Management Services under program/service. National Guard and Reserve personnel not located near a military installation can access information and personalized financial counseling assistance through “Military OneSource” by calling 1-800-342-9647 or visiting it online at

  1. Earn 10% interest with the Savings Deposit Program

Military personnel have the opportunity to earn 10% interest on up to $10,000 in savings annually while deployed to or in support of a combat zone. Uniformed members of the Armed Forces can contribute to the Savings Deposit Program, which is administered by the Defense Finance and Accounting Service, after 30 consecutive days of deployment outside the U.S., for as long as you are receiving hostile fire pay. Any military finance office in your area of deployment can help you establish an account and set up the deposit method most convenient for you.

  1. Retire/Invest with the Federal Thrift Savings Program

The Thrift Savings Plan ( is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. By contributing as little as $20 per payday, your savings could really stack up.



This content was developed using advice from the Consumer Finance Protection Bureau. For further information, visit the U.S. government agency’s website at


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