AFRC hosts financial education event

  • Published
  • By Airman 1st Class Luke Milano
  • 100th Air Refueling Wing Public Affairs
RAF MILDENHALL, England – The Airman and Family Readiness Center hosted a Heroes at Home financial education event May 2, 2017, at the base theater.

Financial experts Ellie Kay, Rod Griffin and JJ Montanaro spoke at the event about how Airmen can enhance their financial viability.
The event focused on educating Airmen with their financial planning for the future, both short and long term.

Montanaro, a certified financial planner and a United States Military Academy graduate, spoke about saving plans.

“Fewer than 50 percent of Americans have saving plans with specific goals,” said Montanaro.

Making a savings plan has three main criteria: start early, start small and stay committed. It is important to have an emergency fund and have both short-term and long-term savings plans, he said.

Along with creating savings plans, Kay detailed various ways to save money.

Kay, a best-selling author of several financial books, discussed guidelines for ‘living rich for less,’ and provided financial tips and advice for Airmen and their families.

The information Kay provided included tips for saving hundreds of dollars. One tip encouraged Airmen to cut insurance costs each year by comparing new quotes with insurance companies and using social media or group buying. Social media and group buying are different websites available to buy items or events at discounted prices.

In addition to saving money, Griffin encouraged individuals to track their credit.

Griffin, a director of public education for a major credit bureau, discussed how to manage personal finances, credit reporting and credit scoring.

Griffin broke down the five different elements of credit, while emphasizing the importance of payment history and balance statements.

“Sixty-five percent of credit score is based on payment history and balance statements,” he said.

A key point that Griffin emphasized was for Airmen to protect themselves against credit fraud while deployed by putting an active-duty alert on credit reports, requesting free credit reports annually and consider freezing their credit file.

Airman and Family Readiness Center offers free financial advice to all Airmen to better help manage personal finances.