New Year's Resolution: Financial Management Published Jan. 8, 2016 By Senior Airman Joshua Eikren 375th Air Mobility Wing Public Affairs SCOTT AIR FORCE BASE, Ill. -- As the New Year begins, one area many people resolve to do better with is improving their financial situation. To help facilitate this goal, the Airman and Family Readiness Center has a comprehensive financial education program that helps military members and their families identify and resolve immediate financial concerns, gain a deeper understanding of critical issues related to their unique situations, and move forward toward long-term financial stability. "The curriculum consists of a wide-range of courses to meet people where they are at with their finances," said Lona Berndt, 375th Force Support Squadron community readiness consultant. "These services include education in all personal financial life-cycle stages, from initial entry to transition." These programs not only help educate those who know they're currently in need of financial advice, but also to prepare people before situations arise. "From a proactive stand-point, my hope is that Airmen and their families will understand the importance of financial education, and take part in the many financial education programs available at the A&FRC," said Berndt. "However, if people are feeling the pressures of their current financial situation and would like some intervention and support, they should consider meeting individually with an accredited financial counselor through our office." Berndt said the collective experiences from the A&FRC staff helps Airman since they understand military life. "Military life can have some extra challenges, such as deployment and frequent moves, and those challenges sometimes may have powerful financial repercussions," said Berndt. "Financial education and responsibility are critical to the type of work we do in the Air Force. Not having your 'financial house' in order can result in significant consequences, such as the loss of a security clearance, for example." Here's a list of the many programs the A&FRC offers Airman and their families: · First Term Airman: Four-hour instructional block that discusses 17 core financial areas to include: Reading a Leave and Earnings Statement, establishing allotments, debt-reduction, Thrift Savings Plan, Air Force Aid Society, emergency savings, predatory lending practices to avoid, car buying, etc. · First Duty Station Officers: This course discusses many of the same subject areas as the First Term Airman Class curriculum. However, a significant amount of time is spent on identifying potential financial issues with Airmen and what agencies are appropriate for a referral. · Thrift Savings Plan (TSP): A retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. · REDUX/CSB: A retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. The CSB/REDUX retirement system applies to those who entered Service on or after Aug. 1, 1986, and who elected to receive the $30,000 Career Status Bonus at their 15th year of service. This is an irrevocable decision that should be greatly considered beforehand. · Millionaire Airman: Every Airman can be a millionaire. This course discusses the path to riches! How to make small sacrifices today for the good of tomorrow. This course was modeled after Chief Master Sgt. Todd & Julie Nielson who retired from the AF as millionaires. · 30 Ways To Waste Money: A popular list of money-wasters for 2015! Consider these 30 common ways people waste money. If any of them sound familiar, start plugging your budget holes right away! · Research Save, Vacate, & Plan (RSVP): This course was specifically designed for Airmen who are planning on moving out of the dormitories. The course discusses all of the practical steps in living on your own from understanding a lease to being a good neighbor. · FICO Scores & Credit Reports: Did you know that 56% of all military credit reports have some type of error on them? The MyFICO program sponsored by FINRA is administered to all course attendees. · Investing Principles: This class gives some insight into techniques and strategies to help you think about which investing strategies suit you best. · Finances for Transition: When the uniform comes off once and for all you might be living on a reduced budget for a while. Careful financial planning is the key to successful management of a limited income. · Slaying the Debt Dragon: The average American family has over $9,000 in credit card debt. This course discusses debt reduction strategies to be debt free! · Identity Theft Prevention: Identity theft is the fastest growing "white collar" crime in the world. It takes on average 600 hours to remedy an identity theft. Learn how to protect yourself from being victimized. The course also discusses how the Federal Trade Commission can help if an identity theft occurs. · Frugal Living & Holiday Giving: Can you imagine having all of the fun holiday experiences with things that you want, kicking the debt cycle to the curb forever, and still having enough money left over to save for a lip-smacking, delicious retirement? · Home Buying: The American dream! Learn how the VA home program works, how to ensure that buying is the right decision, and how to calculate the amount of "home" you can afford. The A&FRC staff also offers: · One-on-one financial counseling services in areas such as budget development and financial planning, managing personal finances, and evaluating assets and liabilities. · Emergency assistance through the AFAS, NMRS, AER. · Assistance with consumer complaint resolution. · Assistance in Debt Reduction (PowerPay). · Media campaigns that promote behavioral changes to help Airmen build wealth through saving and investing (Military Saves Campaign, National Literacy Month, etc.) · Partnering with many non-profit agencies and DoD to assist in consumer advocacy. For more information on the A&FRC Financial Program contact 256-8668 or visit www.scottafrc.com.