Photo By Ensign Greg Hall | NAVAL BASE KITSAP-BREMERTON, Wash. (March 22, 2018) Logistics Specialist 1st Class...... read more read more
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“Winning at money is 80 percent behavior and 20 percent head knowledge,” said financial advisor Dave Ramsey in his book The Total Money Makeover. “What to do isn’t the problem; doing it is. Most of us know what to do, but we just don’t do it. If I can control the guy in the mirror, I can be skinny and rich.”
Budgeting can be hard for Sailors who do not have training with handling finances. The Navy provides resources to teach them how to handle their money and avoid going into debt.
“Sailors come to me if they are recommended by their immediate chain of command if they have a problem, or they are just working on a goal,” said Chief Aviation Electronics Technician Michael Tagg, from Gainesville, Florida, the command financial specialist (CFS) aboard the aircraft carrier USS Nimitz (CVN 68). “I basically see if I am working damage control or working towards a goal.”
Tagg said that the biggest issues that Sailors come to him with are bad auto loans and credit card debt. A lot of junior Sailors aren’t aware of the dangers of high interest rates and how they impact paying off debt.
“Sailors get caught up in a bad situation, like their car breaks down or they need a repair, and think that they may not have a choice,” said Tagg. “In those situations, they end up putting a lot of money on credit cards and struggle to make minimum payments. Paying minimums on credit cards means that it will take a long time to pay them off.”
Navy commands offer CFS training courses to senior Sailors to teach them skills that will help junior Sailors.
“I thought I was very knowledgeable when it came to personal finance, but then I went to the command financial specialist course and it opened my eyes,” said Logistics Specialist 1st Class Mario Garciacantu, from Houston, the CFS for training department aboard Nimitz. “I learned about resources that I did not know that Sailors have. I also learned about financial techniques that helped me budget and save money. I applied these techniques, and they have helped me in my life.”
Garciacantu said that one technique that he learned was to be more self-aware when making financial decisions. Sailors may know how much money they have, or they may make a purchase they can’t afford because of peer pressure.
“It can be hard to make the right decision when you haven’t budgeted,” said Garciacantu. “Budgeting allows you to see where your money is, where it is going, and what you can do with it.”
Tracking money flow is an important part of budgeting, but so is sticking to it.
Tagg said that the small choices that Sailors make each day can snowball into big problems. It takes a lot of self-control to make the right choices every day.
“Young Sailors have difficulty living within their means and looking past the choice right in front of them,” said Tagg. “They think they will handle tomorrow’s problems when they get there.”
After Sailors create a budget, they should revisit and update it regularly. They should also choose someone they trust as an accountability partner.
“My wife and I help keep each other on track,” said Garciacantu. “We have regular meetings and update our financial planning worksheet. As we plan for the future, it helps me to feel free. I have a lot of peace of mind because of the work that we do in regards to finances.”
“It is a great feeling to get out of debt and work towards a point where you can start saving or investing money,” said Tagg. “It makes me feel better about the future and safer today. I love having options. It makes me feel free.”
Sailors who are looking for financial support can visit their local Fleet and Family Support Center, or contact their CFS.
| Date Taken: | 03.23.2018 |
| Date Posted: | 03.23.2018 17:21 |
| Story ID: | 270465 |
| Location: | BREMERTON, WASHINGTON, US |
| Web Views: | 294 |
| Downloads: | 0 |
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