April 2017
Financial Readiness Program
Army Emergency Relief
Army Community Service
has moved! Visit us at
9810 Lee Road, just past
the NCO Club.
April is Financial Literacy Month!
Financial literacy is the education and understanding of various financial areas. This
topic focuses on the ability to manage matters in an efficient manner, and it includes the
knowledge of making appropriate decisions about personal finance such as investing,
insurance, real estate, paying for college, budgeting, credit, retirement and tax planning.
Spring Clean Your Finances!
Army Community Service offers the following classes to
assist in reaching your financial goals:
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Thrift Savings Plan
Credit
Investing for Retirement
Banking, Budgeting and Checkbook
Maintenance
Blended Retirement
Financial Planning
Managing Personal Finances (2-hr BCT class
offered to IETs)
Relationships & Finances Workshop
Financial Planning for First Term Soldiers
Financial Planning for PCS
Car Buying
Financial Planning for Home Buying
Identity Theft & Scams
Financial Survival for the Holidays
**Classes can be tailored to meet the needs of your
unit, office or group. Contact ACS at 751-5256 to
discuss options.
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Review your credit report. By law, you're
entitled to order one free credit report
yearly from each of the three major credit
bureaus. You can get yours at no cost from
annualcreditreport.com.
Organize/Shred old financial documents.
Sort through your statements, pay stubs,
bills and other financial records, and keep
only the documents that are absolutely
necessary. Since the IRS has up to six years
to audit you, keep your tax returns,
canceled checks and receipts, and any
records supporting your tax deduction for at
least six years.
Record your financial passwords and
store in a safe place. Make sure you're not
using the same password and log in
information for all your online bank
accounts and other financial accounts.
Review your budget. Make sure you're
reporting expenses accurately and have
made some room for savings account
contributions.
Pay off holiday debt once and for all.
Spring is a good time to look at your total
outstanding debts and see which loans or
credit cards you could pay off entirely this
year.
Army Community Service, 9810 Lee Rd, Fort Jackson, SC 29207 (803) 751-5256
The Army Emergency Relief Campaign enters its second month!
Unit representatives should canvass their units and request
assistance from the AER campaign representatives to brief and
collect donations.
UPCOMING CLASSES:
20 APR: Budgeting, Banking & Checkbook Maintenance, 1130 – 1300, Bldg. 9810 Rm 119
11 MAY: Coupon Craze, 1130 – 1300, Bldg. 9810, Rm 119
18 MAY, Financial Planning for Initial PCS Move, 0900-1030, Bldg. 9810, Rm 119
Establishing Long and Short Term Financial Goals
Regardless of what life stage you are in, you are likely to have some short and long term personal financial goals. Setting
tangible and realistic goals, following them, and tracking your progress is the key to success in achieving all of your financial
goals.
If you are married, it is absolutely essential that you and your spouse both share the same financial goals. Develop your financial
plans together, and review your progress together to make sure both of you are contributing to the same goals.
Determining what your short-term, mid-term, and long-term personal financial goals are is the first step. Some common financial
goals are a dream vacation, a new home, college savings, retirement savings, and an emergency fund. Once you and your spouse
have agreed on your goals, the next step is to determine a good estimate for how much money you’ll need for each of them.
Figuring out an accurate amount involves discussion about the financial goals—for example, if you are saving for college for
your children, what percentage do you want to pay? Also, do you want to pay for a state school or a private school? Retirement
savings needs depend greatly on the lifestyle you plan to lead once you are retired, as well as when you plan to retire.
Prioritize each of your personal financial goals in order of importance, and then determine how long you have to save for each of
them. Retirement could be many years away, but your short-term goals could be in a year or two.
Finally, figure out how much you’ll need to save per month to achieve your financial goals. Don’t be discouraged if the dollar
amount is overwhelming. The important thing is to have a set of tangible financial goals to work toward. On a monthly or
quarterly basis, you and your spouse should review your progress, and continue to refine your plan. If you aren’t meeting your
goals, revisit your financial budget to see if there are any areas where you can cut expenses in order to free up money for savings.
Army Community Service, 9810 Lee Rd, Fort Jackson, SC 29207 (803) 751-5256