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Keeping U in budget
Posted 3/4/2011 Updated 3/4/2011
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by Monica Mendoza
21st Space Wing Public Affairs staff writer
3/4/2011 - PETERSON AIR FORCE BASE, Colo. -- A good budget plan doesn't just happen, said Christina Fornander, accredited financial counselor at Peterson Air Force Base.
However, most people will do just about anything before sitting down to make a financial plan, she said. Maybe people feel they are barely making ends meet and don't have money to save, she said. Or, they have a huge debt and feel trapped. At the other extreme are people who might feel putting their surplus cash into a typical savings account is good enough.
The financial team at the Airman and Family Readiness Center has strategies for all Airmen, those who currently live paycheck-to-paycheck, those in debt and those who have managed to stick away some funds for a rainy day, Ms. Fornander said.
"It doesn't matter what your salary is, it matters how you use it," she said.
Now, heading into the 2011 tax season, is as good a time as any to think about personal finance, she said. Partly for this reason, Ms. Fornander and two other accredited financial counselors at the A&FRC are specially trained and ready to help with personal financial readiness.
On the heels of Military Saves Week, which was the last week in February, Ms. Fornander reflected on the type of clients she sees most: one is a person struggling with debt; the other is a person who has a surplus and does not know what to do with it.
For folks in either category, financial planning is a difficult sell, she said. An easy way to get started is to start tracking the money coming in and the expenses going out, she said.
"It takes a little effort," she added. "But, there is software available and all kinds of programs that can be used."
The A&FRC financial team provides information, education and personal financial counseling to help individuals and their families maintain financial stability and reach financial goals. Seminars, classes and individualized guidance are offered in the areas of budgeting, credit and debt management, home buying, car buying, saving, investing, consumer protection, and general money management.
The A&FRC financial team members also network with people on and off base that are experts in particular financial areas; brokers, estate planners, and, of course, credit and debt planning, Ms. Fornander said. The A&FRC counselors can direct Airmen to competent sources that will not take advantage of them.
"We are more than classes," Ms. Fornander said. "You can come in for a one-on-one if you wish. Call me, send an e-mail."
The idea, Ms. Fornander said, is to talk about a whole financial plan. She wants Airmen to think about their future goals and ask themselves, "What savings and investment vehicle could I use to get there faster," she said.
Here are five easy steps to get started toward a solid financial plan:
- Take a hard look at your current budget. What do you have coming in and what expenses are you obligated to pay? Compare with one less paycheck for the month. What is the difference between the two? If you have a surplus or a deficit, what is your plan?
- If your budget has a surplus, develop a plan to best save your surplus on known future wants or needs. If your budget has a deficit, develop a plan to reduce your spending and pay down your debt. With either plan, seek professional assistance to confirm you are on track. Free accredited financial counselors are available at the Airman and Family Readiness Center, Building 350, 556-6141; or by contacting MilitaryOneSource.com.
- Budgets, with actual income and expenses tracked, tell you what you can do. Develop goals for future wants and needs and use your goals to motivate you to stick with your plan. Additionally, goals indicate what savings or investment vehicle you should use.
- Order credit reports once every 12 months. They can be ordered from the three big credit bureaus every four months or all three at one time, but check what others are saying about your credit worthiness. Order your free reports from www.annualcreditreport.com.
- Protect yourself from identity theft. For example, do not use a debit card at a restaurant; use a credit card or cash. Debt cards represent a direct link to your checking account, whereas credit cards are based on borrowed money. If someone makes fraudulent charges to your credit card, they have not gained access to your direct cash in your checking account. Acting quickly when fraudulent charges are made, or when your wallet is stolen or lost, is critical to protecting your money and identity. Have a copy of all that is in your wallet stored in a safe place. If your wallet is stolen, you can then use your copies to call and report to the companies you do business with. If your identity is stolen, go to www.ftc.gov and file a complaint. This complaint is shared with law enforcement everywhere.
- For more information about Airman and Family Readiness financial readiness programs and classes, or to meet with an accredited financial counselor, call 556-6141.
- Finance readiness team members take questions by e-mail. They will research and respond to finance questions within three business days. Most questions are answered within 24 hours. E-mail, 21fss.fsfr.distro@peterson.af.mil.
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