By Mass Communication Specialist 3rd Class Kari R. Rodriguez, Commander, Navy Region Southwest Public Affairs
June 21, 2010 - SAN DIEGO (NNS) -- Fleet and Family Support Center (FFSC) offers a program to help service members and their families manage finances.
The Personal Financial Management Program, which encompasses a variety of budgeting and financial planning courses and workshops, is designed to educate military personnel and their family members before financial issues become problematic and possibly jeopardize their careers.
According to Ed Olander, with frequent deployments and training along with the responsibilities of everyday military life, financial education may get put on a back burner, which can lead to financial trouble in a Sailors career; including the loss of security clearances due to financial mismanagement.
"Occasionally financial education gets overlooked and we see Sailors who have accumulated a good amount of debt that can negatively affect their career," Olander said. "We not only want to help those Sailors avoid this kind of trouble, but also help them gain wealth so that once the leave the service, they have good credit ratings," he added.
Through the Personal Financial Management Program, Sailors and families learn how to successfully navigate through the transitions of Navy life and financial challenges that may arise.
The course covers several topics, including military pay and allowances and establishing and maintaining credit.
Attendees also learn how to exercise their consumer protection rights, avoid becoming victims of fraud, and effectively budget for their household and save and invest. The Personal Financial Management Program offers additional workshops including consumer awareness, credit management, car buying strategies, developing a spending plan, retirement planning, home Buying and Thrift Savings Plan.
FFSC also offers free financial counseling.
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