Avoid excessive spending, achieve financial fitness

  • Published
  • By Brian Brackens
  • 377th Air Base Wing Public Affairs
Kirtland Air Force Base, NM --  When people think of fitness, they tend to think of exercises that burn calories, build muscles and promote good health.

But fitness is not confined to lifting weights at a gym or laps on a track.

Getting in shape financially is extremely important to your health and well-being, because it reduces stress and provides security.

Maintaining fitness of all kinds requires a certain level of sacrifice and discipline. Physical fitness requires us to take it easy at the buffet line while financial fitness has us avoid excessive spending, such as buying items we really don't need.

An important part of financial fitness is knowing what you're buying.

Teresa Reinhart, a financial planner at the Kirtland AFB Airman and Family Readiness Center, said one trap Airmen fall into is buying things without understanding the financial consequences.

"I've seen cases of Airmen getting into investments without knowing what they're investing in, or what the rate of return is for that investment," said Ms. Reinhart. "I've also seen cases of Airmen buying used cars and having to pay 24 percent interest. Many used car lots make their money on how they finance the vehicle, not on selling a vehicle."

It's important to do research on complicated products before you buy them in order to assess their value and risks.

Other ways to get into financial shape are avoiding needless debt and living within your means.

Avoid going to high-interest "fast cash" payday lenders. If you have a financial emergency and need assistance, many resources are available to help.

One is the Air Force Aid Society. AFAS provides interest-free loans to Airmen needing assistance with basic living expenses such as food, rent and utilities, as well as car repairs and emergency travel.

Staying financially fit is important for several reasons.

Financial discord can jeopardize your security clearance, while healthy finances strengthen job security.

Another reason to strive for healthy finances is because it can improve your relationship with your spouse.

"Financial discord may cause marital discord," said Ms. Reinhard. "Fighting about finances has to be among the top five things that couples fight about."

As you work to improve your financial health, consider talking to a financial planner. The staff at the Airman and Family Readiness Center is happy to help you with your short- and long-term financial goals.

"We're not here to beat people up," said Ms. Reinhart. "We're not here to make people feel embarrassed or ashamed. We're here to assist and provide information to help people meet their financial needs."