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Money can be a sensitive subject to talk about because everyone has different views and opinions when it comes to spending it. However, if service members don’t understand their income structure and don’t have realistic financial goals, they could find themselves in a difficult situation.
April is Financial Literacy Month and Marines and sailors are being encouraged to take advantage of financial management programs offered on base.
“The biggest problem most service members are faced with when they first start out is they want to buy a lot of things such as a car, a computer or a new TV,” said Roy Ells, personal finance education specialist for Camp Lejeune. “They get buried too deeply in debt and debt will hold you down like an anchor until you come to grips with getting it under control.”
Ells said his job is to educate service members and give them examples of how to get rid of their debt.
“In some situations we help service members one on one and help put together a debt repayment plan that works for them,” said Ells.
Ells said it is important service members become more financially literate so they make better decisions for themselves.
Although April is dedicated to Financial Literacy Month, Ells said he holds financial management classes year round that are available to military members and their families.
“I want to have spouses come to these classes as well as older teenagers,” said Ells. “When meeting with Marines who are married, I prefer to have both the Marine and their spouse there to educate them both.”
Another issue service members have with their finances is managing their direct deposit and checking accounts, said Ells. People get into trouble really fast with their chain-of-command if they start bouncing checks, he continued.
“Any leader in the military can sit down and talk with their service member when they identify the Marine or sailor is having a problem financially that creates added stress and is distracting them from mission accomplishment,” said Ells.
Staff non-commissioned officers and company grade officers can also attend a command financial specialist class on how to develop a personal financial management training program at the unit level, said Ells.
“All service members are encouraged to attend any of the financial management classes,” said Ells “Everyone can benefit from becoming literate with their personal finances,” he concluded.
For more information about financial management classes call Ells at 451-0174 or visit the Marine Corps Community Services Web site at www.mccslejeune.com.
