JOINT BASE LANGLEY-EUSTIS, Va. —
As a new year begins, it brings new goals, new dreams and new plans. For some people it may be making healthier food choices, increasing their physical fitness levels, reaching personal financial goals or achieving education goals.
For many U.S. service members, saving money and paying off debt are high on the list of New Year’s resolutions. The financial counselors at the Airmen and Family Readiness Center and Army Community Service at Joint Base Langley-Eustis, Virginia can help service members reach those financial goals.
“All of our staff are equipped to present budgets and help people save money.” said Mark Blice-Baum, AFRC personal financial counselor. “Some of our staff has the accredited financial counseling designation that means we have training specifically geared toward keeping on top of what’s going on with military members and the financial issues they may struggle with.”
Darlene Morgan, ACS financial counselor, believes these tips can help service members accomplish any financial goal:
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Set a goal. Make sure the goal is specific, measurable, attainable, realistic and trackable or time-specific.
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Take a look at the previous year’s finances. Evaluate where money was spent to determine where money can be redirected into a savings account or paid toward lowering debt.
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Before paying off debt or saving money for specific large purchases, set up an emergency fund and do not use the emergency funds for anything other than an emergency.
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Start off the year with a small goal, then increase that goal progressively as smaller goals are reached.
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Make it automatic. Having automatic withdrawals or allotments set up to transfer to a savings account or a particular bill can prevent overspending.
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Choosing the right savings account for different needs can have a major impact on reaching financial goals. Do research when it comes to interest rates and related fees.
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Be a smart shopper. Do research when it comes to sale prices compared to quality and warranties available.
According to Morgan, saving money and paying off debt may take time, determination and most importantly knowing oneself.
“You have to know if you are a saver or a spender in order to set goals for yourself and where you want to be,” said Morgan. “The key to any savings plan is discipline, self-regulation and self-control.”
Financial counselors at ACS and AFRC are available daily to work one-on-one with Department of Defense employees and their families. They also host classes on creating a budget plan, checking credit scores and smart shopping for car buying.
To register for a class or schedule an appointment with a counselor, contact ACS at 878-3638 or AFRC at 764-3990.