FORT GORDON, Ga. — Recently, Canada’s province of Ontario added a new curriculum for grade 10 encompassing financial literacy and a plan for students to fund their first year after high school. As this is not a mandatory requirement before high school graduation everywhere yet, we must look to other options. We learn a lot during our educational years, learning how to manage one’s finances though is not part of our usual class choices and sometimes this means we learn it the hard way.
“One of the most significant issues facing every family in this country is he lack of savings to deal with an emergency financial situation,” said Lisa Yeoman, financial readiness specialist, Army Community Service (ACS).
ACS offers a variety of free classes aimed at helping military members and ID card holders become more financially literate. For Soldiers arriving at their first permanent duty station though, First Term training is mandatory.
It is very important that every family learns how to budget and trim expenses to help build an emergency fund.
“The need for savings is even more critical for military families since they often mov every three to four years,” said Melissa Smith, ACS financial readiness program manager. “We see military families every day who struggle to cover even basic living expenses after fist arriving at a new duty station.”
Although permanent change of duty station costs are mostly covered by the military, sometimes there are delays in reimbursements causing financial troubles.
“The most important financial step a family (military or civilian) can take is o build an emergency fund of at least two to three months’ salary in order to provide that financial cushion for future emergencies,” said Yeoman.
Financial planning is not only about emergency funds, it also includes planning for retirement, understanding how to prepare and plan for large purchases or holiday shopping.
Yeoman said, “Retirement planning is a major part of the ACS financial readiness mission.”
ACS is able to advise on military retirement plans, including the new blended retirement system and civilian plans such as 401(k)s, individual retirement accounts and pensions.
“The Army Community Service financial readiness team is available for personal, one-to-one consultations for financial questions or concerns,” said Smith. “Our office is also there to assist service members with emergencies that may result in a crisis privation.”
Some of the upcoming classes ACS is offering include:
Money Management 101: How to budget, build savings and grow wealth
PCS Workshop for Spouses
Making the Holidays Merry and Bright: How to save, budget, and spend wisely for the holiday season
Retirement and Investments workshop: how to start and grow your retirement nest egg
Planning for the unexpected: How to protect your finances from unexpected death, illness and disability
The Art of Deal Making: How to negotiate the home and car buying process
To find out when these classes are offered or other available services contact ACS at 706-791-3579 or visit the ACS Facebook, Fort Gordon Army Community Service, to view information on upcoming classes.
| Date Taken: | 07.18.2019 |
| Date Posted: | 12.31.2019 10:02 |
| Story ID: | 357754 |
| Location: | FORT GORDON , GA, US |
| Web Views: | 34 |
| Downloads: | 0 |
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