Military Saves Week: The Importance of an Emergency Fund for Military Personnel

Join our #CreditChat on Periscope, YouTube Live, Twitter, and Snapchat every Wednesday at 3 p.m ET. This week,  Experian  supported Military Saves Week with a special #CreditChat about why it’s especially important for military servicemembers to establish an emergency fund.

This panel included: Brian Posten: Business Development Officer at Air Force Federal Credit Union; Alecia Blair: Military Saves Director and Christina Roman: Social Media Specialist at Experian.

We also featured financial tips all week on Snapchat.

Moments from our Tweet chat.

Questions We Discussed:

• Q1: What is an emergency fund?
• Q2: Does an emergency fund look any different for a servicemember than it does for a civilian?
• Q3: What kind of emergencies might a servicemember encounter where an emergency fund could really make a difference?
• Q4: What are best practices for building an emergency fund while serving in the military?
• Q5: How much should a servicemember aim to save in an emergency fund?
• Q6: Where should they keep their emergency funds?
• Q7: Are there any unique benefits for servicemembers that might help them boost their emergency funds?
• Q8: What are some barriers that keep servicemembers from saving their money?
• Q9: What are best practices for building an emergency fund while paying off debt?
• Q10: What are some common mistakes people make when trying to build an emergency fund?
• Q11: Any advice on best practices for building an emergency fund?

Resources:

– Military Saves Week Digital Toolkit

– Take the Military Saves Week Pledge

– Learn about the Military Saves Certificate Brian mentioned in the video chat. 

If you’ve never heard about #CreditChat, here is a brief overview:

Relevant chats on YouTube:

• Ways to Control Emotional Spending
• How to Juggle Debt & Retirement
• How to Pay Down Credit Card Debt Faster
• How to Eat Healthy (Without Breaking the Bank)
• How to Throw a Fun Dinner Party on a Budget