Don't let '07 burn a hole in your pocket

  • Published
  • By 1st Lt. Rose Richeson
  • 39th Air Base Wing Public Affairs
INCIRLIK AIR BASE, Turkey --  Portable DVD players, iPods, plasma screen televisions and the latest and greatest in computer upgrades are all tempting purchases, especially during the peak of the holiday sales. The New Year, better you, needs to stay on to top of seasonal spending to avoid overspending or getting into debt.

Planning a budget will start you off on the right foot this year and it doesn't have to be a dreaded procedure.

About.com suggests minimal lifestyle changes such as, skipping dessert in a restaurant, packing a lunch or renting fewer movies that can help you to save. Families can get everyone to buy-in to the budget by turning it into something fun. Kids can be encouraged to contribute to a coin jar and you'll be teaching them about the value of saving as well.

"An individual should start by evaluating their priorities and goals," said Mitchia Tull-Cook, 39th Airman and Family Readiness Center community readiness technician. "Once this is done, the next logical step is to determine their current spending by tracking it for 30 to 60 days."

Ms. Tull-Cook recommends taking certain future expenses into account in conjunction to monitoring past habits when deciding if you're in need of a budget plan. Some foreseen changes in your budget could include the number of people you support, a possible job change or loss or an adjustment in your supplemental income.

Once you've decided that creating a financial plan is in your best interest, you can contact one of the organizations the Air Force provides to get you started.

The Airman and Family Readiness Center specialists are prepared to help you get your finances in line. AFRC technicians and consultants will help you define goals, gather information to obtain those goals, develop the perfect spending plan for you, help you implement that plan and lastly, monitor and revise the plan so it continues to work for you long into the future.

"We're here to make creating your spending plan an ease instead of a burden," Ms. Tull-Cook said. "Our technicians and consultants start you off with a monthly budget concentrating on household, automobile, insurance, children and any other miscellaneous monthly expenses they can track."

It's always important to remember that budgets and financial planning can actually free you up from some of the stress that comes with the holidays by giving you permission to pass on things you really didn't need and would most likely not really want, according to About.com. The site suggests not letting your new plan put your emotions into the doldrums but rather use the experience as a financial liberation.

You are not alone. Americans struggle every year to keep their personal finances in order. Looking at statistics, more than 25 percent of Americans never balance their checkbook and a whopping 1.4 million personal bankruptcies are filed on average each year.

Luckily for you the AFRC is here to offer assistance when you need it the most. If you've decided it's time to manage your budget more closely, call the AFRC at 676-6755.