TYNDALL AIR FORCE BASE, Fla. -- With Military Saves Week in full swing, now is the perfect time for Airmen of all ranks and backgrounds to take a closer look at their financial readiness.
Having a full understanding of their finances is something every Airman should have. The financial counselors at Tyndall’s Airman and Family Readiness Center provide Team Tyndall members with the knowledge to keep track of their money and build credit.
“My main job is to offer counseling services to Tyndall members, whether they be Department of Defense civilians, active duty, Guard and Reserve Airmen,” said Charlie Carr, 325th Force Support Squadron A&FRC financial management counseling expert. “We discuss budgets, spending habits and plans, security clearance issues, conduct Thrift Saving Plan classes and generally just try to help people stay financially ready for any situation.”
Military Saves Week began Feb. 26, and is a yearly initiative to keep Airmen as financially informed as possible. Carr said that it’s beneficial for Airmen to use Military Saves Week to their advantage since the financial counselors offer special finance classes throughout the week.
“Many of the Airmen that come through Tyndall have never had to manage their money before,” Carr said. “This can create problems for them down the road if they have never learned to budget or invest. We always try to break it down to needs versus wants.”
Carr said that the financial office usually sees about 10 Airmen a week, and almost all of them have never had prior experience with financial planning.
Investments are also an important avenue to explore. All service members have the opportunity to invest into a Thrift Savings Plan. The TSP is a defined contribution plan for U.S. civil service employees and retirees, as well as for members of the uniformed services. According to the TSP website, as of August 31, 2017, there were more than 5 million participants and more than $500 billion in assets under management.
“We always encourage Airmen to get involved and start investing as early as possible,” said Todd Bothwell, 325th FSS A&FRC financial counselor. “It can be harder to invest with a growing family, so if Airmen start while they’re single then they can invest much more.”
Financial planning can help you establish a budget and allocate money for investments. Airmen that don’t keep track of their money can face negative consequences if they’re not careful, said Carr.
“Airmen that have Top-Secret clearance can actually lose it if they are found out to be not financially stable,” said Carr. “We try to make sure that never happens.”
The importance of financial readiness to any Airman that comes through Tyndall is important. He said it’s never too late to start, but the earlier the better.
“Always seek financial counseling right away,” Carr said. “Even if you’re not in debt, it’s good to have a budget and have a good understanding where your money is going. If you’re not familiar with finances and have never had to deal with it, then we’ll help you and make sure you’re prepared. If you’re a supervisor, keep your Airmen informed on the financial resources the Air Force has made available to them.”
The A&FRC offers counseling services from 7 a.m. to 4 p.m., but will work around your schedule if you have special circumstances. Financial readiness counselors can be contacted at (850) 283-4204.