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Financial readiness carries into 2010
by Tina Ray
Paraglide
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illustration provided by www.metrocreativegraphics.com |
Soldiers who strive for financial fitness in the new year can look to the Financial Readiness Program to help achieve that goal.
“We want to provide all the guidance Soldiers need to be financially sound and ready,” said Lynn Olavarria, program manager for FRP, Army Community Service.
FRP is tied to the Army Family Covenant, she said.
According to the Fort Bragg Morale, Recreation and Welfare Web site, AFC is committed to providing Soldiers and Families a quality of life commensurate with their service.
Also according to the FMWR Web site, personal financial management training is mandated by the Department of the Army for all first term Soldiers. Some of the training strategies are principles of personal finance, banking and checking accounts and using credit wisely.
FRP classes include, but are not limited to, budget and debt management, savings and investment and the Thrift Savings Plan.
There are different approaches to maintaining a savings account or getting out of debt.
For instance, a Soldier should start a savings nest egg by paying him or herself first, Olavarria said.
When it comes to getting out of debt, an online friend of the Fort Bragg Paraglide’s Facebook page said one should decide which bills to pay off first.
At any rate, it is important for Soldiers and Families to know where their money goes at all times, said Olavarria. “In order to avoid financial stress and hardship, you must keep track of what is coming in and what is going out,” she added.
Ideally, Soldiers should plan to cover their bills for three to six months in the event of a financial emergency, she said.
But, the Army has a plan in place for Soldiers who are in financial need. The Army Emergency Relief is a private organization that offers financial assistance with funds obtained through donations. During 2006, Fort Bragg AER gave out more than $2.9 million. Of that, $1.2 million were distributed through the Commanders Referral Program, which approves up to $1,000 for basic living expenses.
Keeping finances in order allows a Soldier to focus on the military mission and not get sidetracked with the weight of wondering how to make ends meet.
Fort Bragg FRP can help Soldiers get started with good budgeting in the new year. For more information, visit www.fortbraggmwr.com/acs.php/#money.
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