JOINT BASE SAN ANTONIO-RANDOLPH, Texas –
With 2019 just getting started, a class scheduled this month at the Joint Base San Antonio-Randolph Military & Family Readiness Center will help participants focus on one of the most common New Year’s resolutions: improving financial fitness skills.
“Stretching Your Money,” set for 10-11:30 a.m. Jan. 23, will show them how tracking their daily expenses can help them live within their means and avoid living paycheck to paycheck.
“This class comes at a great time to focus on your finances and learn how to stretch your money further,” said Don Lenmark, JBSA-Randolph M&FRC personal financial counselor. “We want to challenge people to create a simple spending plan and provide them with the resources and tools to enable them to stick with it throughout the year."
In addition to discussing lessons learned from a tight economy, Lenmark said he will explain the money management challenge that will help participants find and fix the leaks in their spending habits, provide them with cash-saving strategies for making wise purchases and give them tips on how to minimize their overall tax burden. He will also present links to websites with more information on money management, such as Military One Source and Military Saves.
Lessons learned in the class are especially advantageous because 50 to 70 percent of all Americans live paycheck to paycheck and surveys show that many Americans find money to be a “very significant” source of stress, Lenmark said. For federal workers affected by the current government shutdown, their financial strain is even greater at this time.
“They may not have enough money in their emergency fund to cover their next mortgage payment or utility bills,” he said.
The first step toward financial fitness is determining where your money is going, Lenmark said.
“Most people don’t know how much they spend each month, but if they track their expenses, they’ll quickly find out,” he said. “You’ll notice trends such as how much is actually spent on dining out or toward entertainment.”
Lenmark will also discuss various ways of tracking income, spending and savings, including budgeting apps and web-based financial software. He said he and his wife began tracking their expenses 26 years ago, starting with a simple ledger sheet posted to their refrigerator, and continue to this day, although their tracking methods have changed over the years.
Once people track their income and spending, identifying their “leaks” becomes quite easy, Lenmark said. They will then be better able to develop a written spending plan, which will enable them to begin the process of establishing, or adding to, an emergency fund, paying down debt at a faster rate and saving for retirement.
Lenmark will show the class how to manage a spending plan and encourage them to stay the course by adhering to the plan, hiding their credit cards, avoiding impulse buying and placing as much money into savings as possible for the first 90 days, then revisiting their plan and updating it as needed after 90 days.
A spending plan is “empowering,” Lenmark said.
“Budgeting sounds like a hassle, but it’s the opposite,” he said. “It gives you a sense of financial freedom by allowing spending to become more purposeful, which increases your likelihood to reach financial goals.”
Lenmark will also share tips on how to save on groceries, clothing, electronics, vehicles and other items, plus cover changes in the tax laws.
To register for the class, call the JBSA-Randolph M&FRC at 210-652-5321.