JOINT BASE ANDREWS, Md. –
Thousands of first-term Airmen join the Air Force each year, some right out of high school, where they begin careers and form financial building blocks for the rest of their lives.
Financial counselors at the 11th Force Support Squadron help military members who’ve made financial mistakes and hope to educate new Airmen on what mistakes are easy to avoid.
“The easiest thing an Airman can do is just budget,” said Beth Haines, 11th FSS community readiness consultant and accredited financial counselor. “Track your spending for three months, see where your money is going, and make yourself an active spending plan. Some people like to hand write their finances. Others like to use apps. Find what works for you.”
According to Haines, Airmen also have a habit of accruing high-interest debt and make a habit of paying only the minimum balance on their debts. Instead, Haines recommends prioritizing debt.
“For example, say you are paying on two credit cards,” Haines said. “Pay more toward the higher interest card first, to pay it off quickly instead of accumulating interest, then take the money you would’ve been putting toward that card every month and put it toward the card you are still paying down.”
Purchasing cars without research is also advised against, according to Rose Anderson, 11th FSS Military and Family Support Center section chief.
“I would like to urge Airmen to wait to buy a car until after completing the First Term Airmen Course,” Anderson said. “They hear some great financial advice during that and it gives them an opportunity to research, not only the car they want, but something that is within their financial means.”
Haines and Anderson also touched on the importance of renters insurance.
“Renters insurance is inexpensive, and it is something everyone should have,” Haines said. “I’ve seen people lose everything, and though the military always does whatever it can to help, it won’t be able to replace everything.”
Haines and Anderson’s final words of advice to Airmen are to start saving for retirement now and to take advantage of the financial seminars and counselors provided by the Military Family Support Center.
The Military Family Support Center is open Monday, Tuesday, Wednesday and Friday from 7:30 a.m. – 4:30 p.m., and Thursday from 7:30 a.m. – 2:30 p.m.
For more information, call 301-981-7087.