AUGUST 28, 2019 – Achieving your personal financial goals is not easy, but the Navy is helping Sailors and their families with the updated release of MyNavy Financial Literacy app, Aug. 26. The app is part of Sailor 2025, the Navy’s program to empower Sailors by providing them the necessary tools to easily manage all aspects of their careers and life.
The app allows Sailors and their families to access financial literacy education anywhere, anytime via their mobile devices. The latest update includes new links to YouTube videos, retirement calculators and adds Continuation Pay Rates under the Blended Retirement System for calendar year 2020.
“Studies show that a majority of Americans live paycheck to paycheck and unfortunately that applies to some Sailors,” said John Hunt, lead program analyst for 21st Century Sailor Office (OPNAV N17). “The MyNavy Financial Literacy app provides a solid foundation of knowledge to help Sailors navigate their way to a more secure financial future.”
The app covers a wide-range of topics to include most of life’s major milestone events. For Sailors who find themselves needing financial education, the app highlights proven techniques to reduce and pay off debt such as the Power Payment Plan.
The app does not replace the advice of a financial counselor, but does provide important financial information and resources, such as guidance on creating a spending plan so Sailors live within their means and create a plan for their financial success.
“We want Sailors and their families to understand their financial future is within their control and laying the foundation of fiscal responsibility starts with a monthly budget that involves the concept of paying yourself first,” said Hunt. “Paying yourself first simply means each month you put money aside into a savings account or long-term fund like the Thrift Savings Plan (TSP). With TSP, the government will match the first five percent of basic pay so it’s important that Sailors attempt to max out their TSP.”
The Sea Warrior Program (PMW 240) team updated the app. The Sea Warrior Program manages a complex portfolio of information technology systems that provide full life cycle management to support MyNavy HR business operations initiatives, including developing mobile applications.
“It’s rewarding to develop mobile apps like MyNavy Financial Literacy because we are able to empower Sailors and their families,” said David Driegert, assistant program manager for the Sea Warrior Program. “The app provides excellent information for anyone needing guidance on major milestone events in their lives like getting married, having a child, or buying a house.”
Get more information on the Navy’s Sea Warrior Program (PMW 240) at https://www.facebook.com/NAVYSeaWarrior/
For more news from PEO for Enterprise Information Systems Command, visit www.navy.mil/local/peoeis/.
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From By Cmdr. Erik Wells, Sea Warrior Program (PMW 240) Public Affairs
