MARCH 2013
Volume 1, Issue 4
THE RESILIENT WARRI OR Serving Our CT National Guard Soldiers and Airmen
AVOIDING FINANCIAL TROUBLE No magic rules solve everyone’s financial troubles. Financial troubles can cause significant stress on an individual as well as on the family. Seek support from your family, discuss concerns and work together to plan a course of action that will lead to recovery. Create a realistic budget and stick to it. Save all of your receipts and note your bill payments for one month before sitting down to create an honest spending plan. Realistically set spending/ saving goals Don’t buy on impulse and Avoid sales. Buying a $500 item on sale for $400 isn’t a $100 savings if you didn’t need the item to begin with. Plan your meals around sale items and use coupons whenever possible. Make a list when shopping and stick to it. Get medical insurance if possible. You can’t avoid medical emergencies, but living without medical insurance is an
invitation to financial ruin. Charge items only if you can afford to pay for them now. If you don’t currently have the cash, don’t charge anything based on future income — sometimes future income doesn’t materialize. An alternative is to toss all your credit cards in a drawer (or in the garbage) and commit to living without credit for a while. Avoid large rent or house payments. Obligate yourself only for what you can now afford and increase your mortgage payments only as your income increases. Consider refinancing your house if your payments are unwieldy. Avoid cosigning or guaranteeing a loan for someone. Your signature obligates you as if you were the primary borrower. You can’t be sure that the other person will pay. Avoid joint obligations with people who have questionable spending habits — even a spouse or significant other. If you incur a joint debt, you’re probably liable
for it all if the other person defaults. Invest wisely. Just as you wouldn’t take your life savings to Las Vegas, you should stay away from high-risk stocks, junk bonds or other questionable investments. If you have a 401k or other retirement account, keep your savings in a balanced, moderategrowth portfolio. Find alternatives to spending money. People often spend out of boredom. Look for inexpensive entertainment alternatives. Play board games instead of buying the latest video console and borrow books and movies from the public library. Most zoos and museums offer free admis-
sion one day a month. Take the kids to the beach or the mountains instead of a theme park. Freeze your credit. Stop charging and close any unnecessary credit accounts. Make a conscious effort to pay down outstanding balances. If you keep one card for emergencies, remove it from your wallet and keep it in a safe place. Start saving. Have a small dollar amount deposited directly into your savings account every pay period. Even a small savings “cushion” can greatly reduce financial anxiety. Save all pocket change in a coffee can or jar. It adds up quickly. -Susan Tobenkin
B E H AV I O R A L H E A LT H T E A M MISSION:
Behavioral Health Team: 860-691-4203 MAJ Alvarado, LCSW: 860-883-2035 SGT Soucy, BHT: 860-691-6025 Susan Tobenkin, LCSW: 860-830-8991 Michael Dutko, LPC, LADC: 860-946-9810
“NEVER SURRENDER”
No service member should ever feel alone. Our goal is support and advocate for Soldiers and airmen of the Connecticut National Guard by providing resources, referral and support to those service members. We aim to improve unit readiness and psychological health of our Connecticut National Guard Service Members through outreach and case management. Every attempt will be made to ensure service members and their families are receiving the support they require. The CTNG Behavioral Health Team will promote suicide prevention and awareness as well as provide case management services to the Soldiers and airmen of the Connecticut National Guard.
Financial and Employment Resources Lorraine Baltimore (Employment Transition Coordinator) - 860.830.4668 Military and Family Life Consultant (MFLC) Ernest Lacore (Personal Financial Counselor) 860.613.7506 Employer Support of the Guard and Reserve
Ten Quick Money Saving Tips 1. 2. 3. 4.
Joshua Mead (Employment Support Specialist) - 860.548.3295 Transitional Assistance Advisors GEN RET Dan McHale (Transitional Assistance Advisor) - 860.524.4908 Office For Veterans’ Workforce Development Terry Brennan (Director) - 860.263.6514 Soldiers’, Sailors” and Marines Fund Charles R. Berry (Assistant Administrator) 860.296.0719
5. 6. 7. 8. 9. 10
Spend Less Establish Bulk is Good Make Sure A Sale is a Sale Buy Used Don’t Carry Excessive Debt Sav e Mone y Shop Wisely Eat in r ather Than Out .Use less