Are you concerned about debt or your financial future? If so, make a plan to take charge of your finances. You can manage financial stress by identifying its causes and coming up with a plan to manage your money.
•Pay down debt: List all of your debts, the minimum monthly payments, the total balances and annual percentage rates. Decide if you want to pay the smaller balances first or focus on the higher interest debts.
•Start an emergency fund: Even if it’s only $10 a month, get in the habit of saving money for unexpected expenses. Knowing it’s there will give you peace of mind.
•Prioritize spending: Top your list with your needs: housing, groceries, transportation, savings. The wants come last. Decide which expenses to eliminate or cut back.
•Set long-term goals: Do you want to buy a home, save for college or retirement? Set aside a percentage of your income. Consider having the money taken directly out of your pay.
Take a moment to look at your finances and know that you have a support system dedicated to helping you with many of your financial situations. If you are eligible for the Military OneSource program, you have year-round access to no-cost financial counseling. Please call Military OneSource for more information.