Goodfellow to hold Financial Readiness Challenge Event

  • Published
  • By Airman 1st Class Anne Gathua
  • 17th Training Wing Public Affairs
GOODFELLOW AFB, Texas --  Identity theft. Credit ratings. Economic downturn. Buying a car. Today's financial climate has complicated the lives of all Americans, including Team Goodfellow members and their families. 

Fortunately, Team Goodfellow members have a resource that is ready to help them navigate their way through today's troubled financial waters. They can learn more about making the most of their finances by attending the free Personal Financial Challenge Event at the base theater, Professional Enhancement Center and Event Center on July 24, 9 a.m. 

The event is open to active duty, guard and Reserve, retirees and their families including children and college-age youths, said Ms. Joy Hopper, chief of the Airman and Family Readiness Center. 

"We pretty much tried to think of every population," said Ms. Hopper. "We put in something for everyone including senior noncommissioned officers, officers, civilians, retirees and children of all ages." 

The workshops include information guarding against identity theft, truths and myths of credit reports, developing a spending plan, taking complete control of finances and avoiding drowning in debt, successful car buying strategies and stretching money in a tight economy, Ms. Hopper said. 

One of the most common issues AFRC encounters is servicemembers who join the military because they lost their civilian jobs, Ms. Hopper said. Unfortunately, their civilian jobs in some cases paid a lot more money than the military does and those servicemembers' debts matched their old salary and not their current one. As a result, many find themselves in financial trouble because they can't pay their debts and live the life they were used to, she added.

 "At the AFRC, we emphasize trying to get servicemembers to make good decisions from the beginning so that they don't have to come see us later when they find themselves in trouble," said Ms. Hopper. "We provide as much information as possible and educate them on the programs we have to offer as soon as they get to Goodfellow." 

Ms. Hopper said AFRC mostly conducts financial counseling because of the student population and the first-term Airmen here.

 "We do a lot of car buying education to try and help them avoid buying cars they can't afford and also help those that get themselves in those situations figure out a way to make their car payments and still have something extra to live on," said Ms. Hopper. "We also see a lot of students and Airmen come in with student loans that they are not quite sure how to deal with. We help them ease their burden by giving them the information they need to make the necessary changes to avoid defaulting on their loans," she said. 

Ms. Hopper urged people to create spending plans to see what they spend their money on. 

"Budgeting is huge because it helps people realize just how much they are spending and where their money is going," said Ms. Hopper. "It allows them to say 'Oh my goodness, I am spending $4 a day on a cup of coffee, and over a year that's a tremendous amount of money that I could be saving for future use.' 

"If nothing else, this past year and the downturn in the economy should be a wake-up call that people need to pay more attention to what they are doing with their money," she said.

 Ms. Hopper encouraged people to set goals to think about what they want or need in the future and start saving to meet their goals. She also recommends the Thrift Savings Plan as a great and easy way to save for retirement.

 "It doesn't matter how young you are," said Ms. Hopper "It's never too early to start saving for retirement and we at the AFRC are always there to help." 

She said she hopes the event motivates more people to visit the AFRC for financial counseling or just to find out how they can better manage their finances. She said the event will be educational and fun geared toward changing people's thoughts about money and encouraging them to make sound financial decisions and make savings a priority.

 "We want people to be excited about it and say "Wow, that was really good information that I can build on,'" said Ms. Hopper. "We really don't want people to stop at just not being in financial trouble. We want them to realize the value of saving so they can start doing it." 

Servicemembers are encouraged to pre-register for the event online at http://www.militaryhomefront.dod.mil/service/conference. 
For more information, call 654-3893.