Military Saves Week: Are your finances ready?

With events such as a broken down car, a leaky roof or a government shutdown almost unexpectedly occurring, a good financial plan is crucial to keeping a person’s bank account above zero.

A good budget, a debt payoff plan and an emergency fund on hand can make unexpected events seem like almost nothing and give someone complete control of their money.

“It’s not a matter of if, but when an emergency will come up,” said Anna Bennett, Airman and Family Readiness community readiness consultant and accredited financial counselor.

The recommended amount of emergency funds to have is three to six months of living expenses. With the fluctuating economy in the past years, that fund could even be on the six to eight month spectrum.

Part of contributing to an emergency fund is creating a budget. A budget will give someone an idea of where their money is going so they can better understand what changes they need to make.

“Your budget is your financial foundation,” said Bennett. “It includes your normal everyday expenses, but also includes your 10 percent to 15 percent that goes into savings and retirement.”

Langley Air Force Base has resources for Airmen to use in a financial crisis such as the Air Force Aid Society. AFAS is the official charity of the Air Force, they assist Airmen with big ticket items such as car repairs, rent, utilities and a death in the family with no interest loans.

Another resource for members with questions about starting a budget or helping set up for a great financial future is the personal financial counselor at the Airman and Family Readiness Center.

The Army Community Service at Fort Eustis also has PFC’s available to assist any JBLE members, in answering basic financial questions and address a broad range of issues.

“It is better to be proactive than reactive when it comes to your personal finances,” said Darlene Morgan, ACS PFC. “This also helps service members and their families have a peace of mind during difficult times and allow the service members to carry out their duties and responsibilities without worrying about how they are going to pay the bills. A ready family equals a ready soldier.”

Starting February 26, 2018, Military Saves Week will focus on encouraging individuals to save and will promote good financial behavior. MSW will last until March 3, 2018.  During this time the AFRC and ACS will host a variety of classes ranging from investing, to creating a budget, and paying off debt.

Now is the time for service members to start diagnosing their financial burdens and take necessary steps to ensure success for their family’s future during the curveballs that will be thrown their way.

To make an appointment with a personal financial counselor on Langley, call the Airman and Family Readiness Center at 764-3990 or the Army Community Service on Fort Eustis at 878-3638. For more information on creating a budget and saving for the future visit www.militarysaves.org.