'Readiness Challenge' events to help familiy finances

Installation commanders from all military services and the DoD began conducting "Financial Readiness Challenge" events nationwide to help military families deal with the effects of today's economy.

Tinker Air Force Base, Okla., hosted the first event Wednesday, in partnership with the deputy undersecretary of defense for military community and family policy.

Together, installation commanders and DoD will bring a full range of local, state and federal resources to help military personnel and their families manage their finances effectively, officials said.

Event planners said the Financial Readiness Challenge events - being conducted for the first time - pave the way for an expanding series of customized financial outreach efforts that address the unique issues military communities face.

"Each event is designed to help service personnel and family members make direct contact with local, state and federal subject matter experts - financial counselors and educators," Lynda C. Davis, deputy undersecretary for military community and family policy, said. "These experts will provide information and assistance on such topics as budgets and spending plans, stretching your dollars to make ends meet, credit management, debt elimination, car-buying, housing loans and foreclosures, savings and investments, and financial, estate and retirement planning."

Financial Readiness Challenge events include keynote speakers such as Public Television's Kelvin Boston and author and lecturer Brooke Stephens, and others who address topics such as credit scores and myths, the perils of debt and getting what you need and want in today's economy.

Hands-on workshop sessions will provide information on debt elimination, investing, car- and home-buying strategies, the Thrift Savings Plan and retirement planning, building a better budget and spending plan, paying for college, identity theft, credit reports and what to do in today's economy, officials said.

Certified financial planners and counselors will answer questions and provide counseling services. Sign-ups for private counseling appointments will be available before and during each event.

Special financial education programs for children will be available at some Financial Challenge events, including Sammy Rabbit for younger children, Junior Achievement for older students and Jump $tart for all ages, including college. Child care by pre-registration also will be available at some events, officials said.

All workshops, counseling services and light refreshments will be provided free to military personnel, their families and organizational representatives.

Financial Readiness Challenge events are scheduled at the following installations:

- Joint commands and Army: Fort Lewis and McChord Air Force Base, Wash., Dec. 4; Fort Belvoir, Jan. 24; and Fort Polk, La., March 7.

- Air Force: Beale Air Force Base, Calif., Nov. 13; Luke Air Force Base, Ariz., Nov. 14-15; Lackland Air Force Base, Texas, week of Dec. 8; and Los Angeles Air Force Base, Calif., week of Feb 25.

- Navy and Marine Corps: Base Consortium in San Diego Region, Calif., week of Feb. 25; Base Consortium in Norfolk, Va., Feb. 25; and Naval Base Kitsap, Wash., Feb. 23.

Sharon Thomas, a financial readiness program manager at Belvoir's Army Community Service, said her office is finalizing details for Belvoir's late-January event. "We are really very excited about it and think it can be a great community event," she said, adding Belvoir's event will be open to all military, spouses and families throughout Military District of Washington.