As America Saves & Military Saves Week come to an end, we share a story that reminds us of the power of financial counseling and education.
Recently, a soon-to-retire service member came to my office after attending one of my financial education workshops. He wanted to tell me about the success he’d experienced simply by using some of the information I had shared, particularly on having credit card interest rates lowered through the Servicemembers Cival Relief Act (SCRA).
Following the workshop, he called his credit card companies to inquire about having his interest rates lowered. As a result, he was refunded over $50,000 in interest and annual fees, dating back 29 years. In turn, he was able to pay off his mortgage early. He calculated his windfall/savings was over $80,000 just by attending a six-hour workshop and making a few phone calls.
This is not the first time I’ve heard a similar story from senior service members. Many of them are unaware of the SCRA because this information tends to be shared more often with our junior service members.
~ Deanna S. Henderson, AFC®
If you followed the Savings Success Series on our blog this week, we hope you were inspired by the stories and found new ideas to use in your own savings journey. Remember, changing financial behaviors doesn’t happen overnight and there is no ‘one-size-fits-all’ solution.
Changing financial behavior is most successful when someone has support from others and when someone has an attainable realistic goal that will motivate them when times get tough. There are so many financial education resources available it is just a matter of finding the program that works for you and surrounding yourself with other people who make changing their financial behavior a priority too!
~ Letty Stevens, AFC®
The journey is ongoing. Make every week an America Saves or Military Saves Week. And don’t forget to take the pledge!
Looking for guidance on your personal path to savings success?
Find an AFCPE® certified professional: https://my.afcpe.org/certified_professional_search
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Learn more about AFCPE® certification: www.afcpe.org/certification