Muscle in on your personal finances— published: 05-13-2013
Personal finances can be a major source of anxiety for Warfighters and family members. Creating a monthly budget can help. A budget is simply tracking money that comes in (income), goes out (expenses), and sticks around (your savings) each month. It does take some effort in the beginning to set up a budget, but once it’s done, it’s easy to update. If you don’t like using computer spreadsheets or writing things down in a ledger book, there are free apps you can use or budgeting programs you can buy. Or check around online—MilitaryOneSource has a budget worksheet. Or get help—some of the Military and Family Life Counselors (MFLC) are Personal Financial Management (PFM) counselors too. They are familiar with military life and its financial challenges, and using their services is free. Visit Military INSTALLATIONS to find the closest PFM to you. Finally, most banks offer tips on their websites on how to save and manage debt, and your local branch may offer free financial seminars.
The key to reducing expenses in order to save is easy—spend less. Many people, however, have a hard time cutting back on spending. A budget can help you keep on track. Saving money takes effort, but it’s worth it for your financial future.
Basic Formula: “Money In” minus “Money Out” equals “Money Retained.”