Financial Responsibility: Take control of your future Published March 20, 2008 By Col. Christof Cordes 552nd Operations Group Commander TINKER AIR FORCE BASE -- The mortgage crisis, devaluation of the dollar, national job loss figures, volatile stock market; it seems that everywhere you turn the economic outlook is bad. With all these bleak news reports and glooming forecasts, today might be a good time to evaluate your own personal economic state. How much debt do you have? Do you save enough money every month? Is your emergency savings big enough? Is your budget right-sized? Do you even have a budget? These are just some of the questions you might ask yourself today. Our position in the military often allows us to weather economic storms since our service is not directly tied to the commercial market. However, when times get tough everyone will feel the effects, especially those not on solid financial footing. Take it from someone who has not always made the best financial decisions and has learned some lessons the hard way. In debt is no place to be when the economy goes south. If you have not already, then now is the time to take inventory of your assets and liabilities, make any necessary changes, and set yourself and your family up for success. You can have complete control of your financial future. If you can't do it alone, then know that there are plenty of resources available to help you make some wise decisions. A good place to start is your base's Family Support Center. Financial Readiness is a course offered monthly and taught by the center. Your local Credit Union teaches a course on investing and retirement at the Family Support Center and there are always counselors and seminars available to help with budgeting, checkbook maintenance, credit management, identity theft, car buying, debt liquidation, and much more. There is even a new program available through the Air Force Aid Society called the Falcon Loan that helps you get up to $500 in emergency cash and allows you to avoid the high interest rates of "payday loan" establishments. If you need help and cannot do it alone, then let your Family Support Center get you on the right path. However, you can achieve financial independence on your own by following some very simple lessons. First, do not spend more than you make. Living within your means does not mean making all your payments. With the exception of a home mortgage, you should never use credit to buy things you cannot afford. If you cannot pay your credit cards off every month then you are living outside of your means. No matter how much or little you earn, if you spend it all, or more, you will never get ahead. Second, live with and within a budget. A budget will help you see where your money goes and aid you in managing your monthly expenses. Third, pay yourself first. This means adding to your savings monthly as if it is a bill. Additionally, build and maintain an emergency savings account for those unexpected expenses. Fourth, learn to accurately evaluate your "needs" and understand that most of what we spend is really a "want." If you are willing to forgo a few "wants" today you will have a lot more money tomorrow to take care of all your "needs" and enjoy those future "wants" without worry. Finally, do not wait another day to start down the road of becoming debt free and building a strong financial base for the future...start today!