Air Force

February 21, 2014

Spending below income results in fiscal freedom

Tags:
Senior Airman GRACE LEE
56th Fighter Wing Public Affairs

Military-Saves-Week-photo-illustration-by-SrA-Grace-Lee
Many Americans may have been told the importance of saving money whether by parents, mentors or friends but how many actually have an ample amount in savings to last them through an emergency situation? According to survey results released by Bankrate more than 75 percent of Americans don’t have enough money saved to cover their bills for six months in the event of change in income.

To ensure service members don’t fall into these statistics, every year a campaign called Military Saves Week takes place to persuade, motivate and encourage military families to save money every month and to promote good saving habits.

“Saving money is important,” said Sandra Gray, 56th Force Support Squadron Airman & Family Readiness Center community readiness consultant. “Living paycheck to paycheck is no way to live. Learning to spend less than we earn gives us freedom. This freedom is not always easy, it requires discipline and motivation.”

The first step to start saving is to create long-term and short-term savings goals.

“Like a lot of things in life, if you don’t set a goal, it simply doesn’t happen,” Gray said. “Ask youself, ‘What is my goal six months from now?’ Is it to pay off a credit card, save up for the next iPhone? Make ‘something’ a goal, write it down and figure out how you’re going to get there, and do it.”

A good beginning point is to save at least $1,000 to place in an emergency account, Gray said.

Thereafter, make it a goal to save a minimum of three months’ worth of net pay. It’s essential.

“It’s important to have at least three months of pay saved up just in case you lose your job or have an emergency,” said Ronald Lewis, 56th FSS A&FRC community readiness consultant.

Depending on one’s savings goal, cutting down in certain areas of spending may be necessary.

“While enjoying life is important, I encourage folks to review their spending habits in their checking and credit card statements, and determine if their spending matches their own goals, since every dollar counts,” said Cory Carmichael, 56th FSS community readiness consultant.

Similarly, Gray advises looking for small items that are frequently purchased in one’s bank statements.

“Take a look at your last three or four bank statements,” Gray said. “What small items do you purchase over and over again? For some people it is the ‘quick stop’ items such as soda and chips when getting gas. For others, it may be the occasional eating out that is really more than occasional. Check statements, they will help guide you on where to cut back.”

Lewis recommends saving money by making small changes.

“Buy bottled water by the case for work instead of individual bottles each day,” he said. “Buy items when they are out of season for example, purchasing winter clothing after the holidays. You can also save by making coffee at home instead of buying a cup of coffee on the way to work. Each small step counts.”

A good way to save is by setting up an allotment through MyPay.

“I encourage allotments because it is ‘out of sight and out of mind,’” Gray said.

“Start out small in the beginning, try $50 a month then increase the allotment amount with every pay raise.”

For those with questions or concerns about finance-related issues the financial counselors at the A&FRC are here to help.

“At the A&FRC we will sit down with anyone at any time to discuss budgeting, saving, goals, thrift savings plans and more,” Gray said. “We also enjoy going out to units to encourage saving and educating Airmen on TSP and other financial subjects. Just call and ask, and we’ll come out to your unit.”

In conjunction with Military Saves Week, there is a free financial expo 9 a.m. to 1 p.m. March 1 at the Wigwam Resort in Litchfield Park. To register, go to the Fighter Country Partnership website at www.fightercountry.org. There will be free food and prizes.




All of this week's top headlines to your email every Friday.


 
 

 
Airman 1st Class James Hensley

Luke cuts ribbon on F-35 Academic Training Center

Airman 1st Class James Hensley Gen. Robin Rand, Air Education and Training Command commander, cuts the ceremonial ribbon Oct. 9 marking the completion of the academic training center building at Luke Air Force Base. The buildin...
 
 
Forino_J

U.S., Singapore partnership standout

Lt. Col. John Forino Aug. 9 marked the 49th anniversary of Singapore’s independence. The 425th Fighter Squadron is an operational squadron comprised of elite U.S. Air Force and Republic of Singapore air force personnel design...
 
 
shirts-graphicbw

‘Guts’ required to enforce standards

A few years ago, a fellow senior NCO requested I talk to her subordinate about her appearance, specifically pertaining to her hair. Naturally, I asked about what the issue was and why she couldn’t have a discussion with her o...
 

 
141008-F-HT977-008

Airmen get new ‘Community Commons’

Renovations on Bldg. 700, which houses the Health and Wellness Center, will take place April 2015 through spring 2016 at Luke Air Force Base. Subway and the barbershop will remain open during construction. Other amenities, such...
 
 

News Briefs October 17, 2014

Keep good mental health Calling all Airmen! Sleep disturbances such as insomnia and nightmares can affect people personally and professionally. Reaching out to a medical provider is a step in the right direction to good health. Courtesy of the 56th Medical Group Haunted house The 56th Mission Support Group is featuring Operation: Haunted Block House...
 
 

THUNDERBOLT OF THE WEEK

Jessica Behrens 56th Medical Support Squadron Pharmacist Hometown: Seneca, Missouri Years in service: Three Family: Husband, Chris; daughter, Katelyn, 2; son, Levi, 5 months Education: Bachelor’s degree from University of Arkansas and doctor of pharmacy from Creighton University, Omaha, Nebraska Previous assignments: Pensacola Naval Air Station, Florida; Vance Air Force Base, Oklahoma; Spring...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin