NBG’s FFSC Prepares Service Members and Families with Financial Readiness

NAVAL BASE GUAM (April 4, 2023) – Financial counselors with U.S. Naval Base Guam’s Fleet and Family Support Center encourage service members and their families to take advantage of the organization’s financial planning resources, including financial responsibility counseling sessions and classes.

The FFSC’s Personal Financial Management (PFM) program is just one of the many services FFSC offers and is designed to reinforce financial responsibility and enable service members and families in making informed financial decisions and ensure fiscal readiness.

“Life happens and we may experience unexpected expenses that we are not prepared for (including) pet emergencies, car trouble, increase in the cost of living, hidden costs of a PCS move, single income households,” said FFSC Accredited Financial Counselor and Personal Finance Manager Germaine Moore. “There's no better time than now to start saving money and building an emergency fund.”

One of FFSC’s goals is ensuring service members and their families remain financially stable all throughout their military careers and are prepared for their lives after, Moore said.

“A lot of people assume that you need a lot of money to start a spending plan or managing your finances, but it's the opposite,” Moore said. “You have to know how much money you're making now or how much you're currently spending so you can make adjustments in your plan to change your financial situation and reach your goals. The purpose of (a budget) is not to restrict a person from spending, instead it allows them to enjoy their current and future lifestyle while meeting their needs.”

The FFSC PFM program offers classes throughout the year that cover various financial topics including developing a spending plan, making financially responsible consumer decisions, saving and investing with short and long term goals, and credit and debt management:

- Saving and Investing
- Your Insurance Needs
- Planning for Retirement
- Home Buying Workshop
- Credit Management
- Million Dollar Sailor

Some may feel the financial pinch just after the holiday season and into the New Year and this is often a time where families reassess.

“Looking into where money was spent during the holidays and assessing their current financial situation after the holidays is always encouraged,” Moore said. “Holidays come around every year, why not plan for it so families are able to celebrate stress free. Collecting receipts and reviewing bank statements will provide insight on how much was spent for gift giving, food, holiday parties, and decorations. By doing this, families can calculate how much they need to set aside every month so they can have the cash needed to pay for their celebrations instead of using their credit cards and building more debt.”

In recent months, Moore has teamed up with Navy Marine Corps Relief Society (NMCRS) Director Karen Fahland for Financial Management Training’s as part of NBG Navy Security Forces’ Training Tuesdays.

“We cover the importance of creating a budget but also utilizing the resources available to them,” Moore said. “We highlight how (NMCRS and FFSC) can assist them with any of their personal financial management issues. We encourage all of them to be proactive in seeing us to assist them with managing their money, rather than reacting to a financial concern or issue due to a lack of knowledge of the resources available to them.”

The PFM FFSC classes are offered to service members and active duty, retiree, and reserve families, and Department of Defense personnel.

“By creating a plan, it will help a service member understand if they can afford to move off-base, or if a family of four are able to vacation off island in the summer, or if one can comfortably retire after 30-plus years of working,” Moore said. “A budget or a spending plan helps create financial stability. We educate, provide tools, and share resources so our service members can build on skills they learned to have a good grasp of their money, create an action plan, and build wealth for themselves.”

Those interested in FFSC PFM classes, can call (671) 333-2056/7 or visit the FFSC office at Bldg. 106 onboard NBG.