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JBSA News
NEWS | June 14, 2013

Financial classes, one-on-one counseling help pilot course through furlough

By L.A. Shively JBSA-Fort Sam Houston Public Affairs

Changing behaviors is crucial to successfully navigating a furlough, explained Roy Bolton, who was leading "Furlough Money Matters," June 6 at Joint Base San Antonio-Fort Sam Houston.

Bolton, a work-life specialist with the 502nd Force Support Squadron, uses subtle techniques to get his message across to his audience.

For instance, the budgeting portion of his presentation is titled "Finding ways to 'raise' money," instead of 'save' money - guiding his audiences toward thinking about budgeting from a positive perspective.

He focuses on budgeting because he said he already knows that most in his audiences do not have budgets, yet that is the basic and most important part of smart money management.

A budget lists income and expenses and is a tool that tracks spending, saving and answers questions such as "Where does the money go?"

"I can ask a classroom of 200 people, 'Who has a written budget?' and I won't get 20 percent," he said, adding that impulse spending and large unplanned expenses are what put most families on the financial hot seat.

With the pending furlough, Bolton said he's had clients come to him intent on doing a budget to save money but unwilling to forgo non-essentials such as a premium morning coffee. This is where changing behaviors begins.

"People get into these habits because they did not have a budget plan to start with. It comes down to the seriousness with which a client wants to achieve the goal to save money," Bolton said.

Bolton offers three tools to help class attendees analyze spending habits and assess the impact of furlough on income: a Furlough Pay Estimating Calculator, a Spending Plan, and a Furlough and Thrift Savings Plan or TSP fact sheet. He also recommends having a Leave and Earnings Statement available when doing budgets and formulating spending plans in his class.

The calculator figures salary amounts during furlough based on current gross income and deductions a user inputs according to his or her LES.

Drawing on totals from the calculator, a spending plan is formulated that gives a current and projected debt to income ratio, a surplus income ratio and allows the user to see exactly where spending can be modified.

The plan is a road map that helps users strategize in order to achieve financial goals Bolton said.

"Our goal is to empower families," said Criselda Smith, a financial readiness consultant for JBSA-Randolph. "We want to present ideas to them."

Smith stressed that setting spending priorities is key to knowing what can and cannot be cut back while preparing a budget. She recommends using the financial resources JBSA offers.

"Once clients see their numbers - present and projected - then we can help them prioritize together with a new budget," Smith said, adding there is also a wealth of resources available outside the JBSA community.

With a budget, Bolton stressed users can find the silver lining in the furlough cloud.

"Finding ways to raise money to cover expenses and getting in the habit to stay that way during furlough, then guess what? That (non-essential spending) habit is broken."

Furlough Money Matters classes will be offered Tuesday and June 25. One-on-one financial counseling by appointment is also available. Call 221-2380 or 221-2705 for more information, registration and locations.