The start of a new year is a natural time to think about finances — often after spending too much over the holidays. And the calendar's turn also makes us think about gathering up our documents for income tax season.
In that light, the early phase of a new year is also a good time to get an expert opinion on where you stand financially.
Financial reviews can get get you on a path to resolving your money problems and saving for tomorrow.
And they're not just for people in dire straits; anyone can benefit from letting a professional see if you're on track, whether your goal is to retire comfortably, buy a house in the near term, or save for your child's education.
We recently finished our second annual financial reviews of troops who volunteered to have professionals go over their finances to see where they stand. Recommendations have ranged from contributing (or contributing more) to the Thrift Savings Plan, to building an emergency fund, to drafting plans to pay off debt.
Some reviews found easier tweaks that saved service members money. For example, last year, an adviser found that one participant's insurance company had been double-charging him.
You can find such assistance any time of year, and you don't have to pay a lot for it. In fact, in many cases it's free.
Here are some possibilities:
- Personal financial managers on military installations are a good place to start. Their availability varies depends on location and branch of service. Call your local family center for details, or check online at www.militaryonesource.mil. Scroll to the Installation Program Directory at the bottom of the home page, and search for Personal Financial Management Services at your installation.
- Arrange for financial counseling and review directly through Military OneSource by clicking on "confidential help" at the left of the home page. You can call, or talk online any time.
- The National Foundation for Credit Counseling offers links to trusted counselors at www.nfccdebtrelief.org/military. NFCC also has an online tool to help you assess your financial situation. Visit www.nfcc.org/consumer-tools and look for "MyMoneyCheckup." This will help you figure out how long it will take to pay off your loan, and how much money in interest it will cost you.
- The FINRA Investor Education Foundation offers tools and resources, including retirement and savings calculators, and worksheets for figuring out your net worth, tracking your spending and developing a personal budget.
Some people feel they don’t want to know where they stand financially, for fear the news will be bad. But if that describes you, remember that your situation might not be as dire as you think. And what can it hurt to find out so you can start to turn things around?
Give yourself the best gift in this new year — put yourself on the road to financial peace of mind.
Questions? Comments? Contact Karen Jowers at kjowers@militarytimes.com.
Karen has covered military families, quality of life and consumer issues for Military Times for more than 30 years, and is co-author of a chapter on media coverage of military families in the book "A Battle Plan for Supporting Military Families." She previously worked for newspapers in Guam, Norfolk, Jacksonville, Fla., and Athens, Ga.
