💼 Personal Financial Readiness Program FAQ
📌 General Information
The Personal Financial Readiness Program helps service members and their families build financial resilience. From budgeting and saving to planning for retirement, we’re here to guide you through every stage of your military career and beyond
Anytime! But especially during key life and career transitions. These are called Financial Touchpoints, and they’re perfect times to meet with a counselor.
PFCs offer free, confidential, one-on-one help with budgeting, debt, credit, savings, retirement, and more.
📌 Tip: Book an appointment today through your M&FRC!
💼 Budgeting & Saving
Start with your net income, list fixed and variable expenses, then allocate for savings and debt. Use tools like MyPay or Mint to help.
Income, fixed expenses (rent, car), variable expenses (groceries, gas), savings, and debt payments.
📌 Tip: Use the 50/30/20 rule as a budgeting guideline!
Spend 50% on needs, 30% on wants, and save 20%. It’s a helpful framework for creating financial balance.
An emergency fund covers 3–6 months of expenses to protect you during job loss, medical events, or PCS costs.
📌 Tip: Even $500 can prevent going into debt in a crisis.
💳 Credit & Debt Management
Use strategies like the debt snowball or avalanche method and automate small savings contributions.
📌 Tip: Talk to a Personal Financial Counselor to create a plan.
Pay bills on time, keep credit usage below 30%, and avoid opening too many accounts at once.
📌 Tip: Use annualcreditreport.com to check your credit for free!
Visit annualcreditreport.com for free weekly access to your credit report from all three bureaus.
🏦 Banking & Financial Tools
It depends on your needs! Military-affiliated banks often understand PCS, deployments, and entitlements better and offer benefits like early pay.
📌 Tip: Compare fees, ATM access, and customer service.
The TSP is a government-sponsored retirement savings and investment plan similar to a 401(k). Contributions come directly from your paycheck.
📌 Tip: Start small—even 1% makes a difference. You can manage your account at tsp.gov
🎓 Education, Training & Support
Yes! Your M&FRC offers free workshops and one-on-one sessions for spouses on topics like budgeting, credit, home buying, and retirement.
📌 Tip: Check our calendar or call 843-963-8883 to register.
Yes! Personal Financial Counselors offer virtual appointments and you can access digital tools through FINRED and Military OneSource.
Talk to a Personal Financial Counselor (PFC) or contact your Military & Family Readiness Center for one-on-one coaching.
🔄 Major Life Events & Financial Touchpoints
Update your budget, explore Tricare options, and start saving for childcare. Also update DEERS and family coverage.
Adjust your tax withholding, update beneficiaries, and reevaluate shared finances or split debts accordingly.
Plan for temporary lodging, pet relocation, and deposit costs. Save your receipts for reimbursement claims.
Explore tuition assistance, GI Bill transfers, and scholarships. Don’t forget to factor in book and supply costs.
Start early. Budget for civilian job gaps, interview costs, and potential relocation. Meet with a PFC.
Use it as an opportunity to increase TSP contributions or pay off debts faster. Avoid lifestyle inflation.
843-963-8883
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