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Fixing financial woes after the holidays

  • Published
  • By Senior Airman Holly MacDonald
  • 20th Fighter Wing Public Affairs
SHAW AIR FORCE BASE, S.C --  For those suffering financially from last season's merriment expenses, help is available.

Whether someone's New Year's resolution is to tackle debt or set up a budget, simply getting started is the key, said Carolyn Bridges, 20th Mission Support Squadron community readiness technician.

"The first step is to live within your means and not spend more than you can afford," Ms. Bridges said. "The next step is to actually make a budget and to decide where you want your money to go."

Ms. Bridges suggests keeping track of all money spent for one month. Then it's easy to see how little things add up, such as trips to the snack bar, the shoppette or going out to eat, she said.

In order for the budget to work, people need to discipline their shopping habits, stick to the allotted amount of money for certain expenses and avoid impulse buys, Ms. Bridges said.

Next to budgeting, one of the biggest issues people face is credit card debt, said Master Sgt. John Kennedy, 20th Mission Support Squadron readiness NCO in charge.

To tackle this problem, Ms. Bridges recommends paying more than the minimum credit card payment, even if it's only the minimum payment plus the interest.

A lot of credit card companies will work with people on adjusting interest rates if the person simply calls and asks, Sergeant Kennedy said.

Another important part to getting finances in order is paying bills on time, Ms. Bridges said. It will also help with credit scores.

"A person should set short-term and long-term financial goals," she said. Long-term goals may include budgeting for the holidays.

"Start planning for Christmas today," Ms. Bridges said.

To do that, look at how much was spent on Christmas-related expenses last year and compare it with what they want to spend this year. After a dollar amount is determined, it should be divided by 12 and that amount added to the monthly budget, Ms. Bridges said.

For those who need help getting on the right track, finance classes, one-on-one consultations and other tools are available at the Airmen and Family Readiness Center.