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New Year, New Budget

(U.S. Air Force graphic by Airman 1st Class Marc A. Garcia)

(U.S. Air Force graphic by Airman 1st Class Marc A. Garcia)

MCCONNELL AIR FORCE BASE, Kan. --

The new year is bringing changes that may affect Airmen’s finances, but budgeting can help ease into the changes.

 

The two major changes Airmen from McConnell can expect are a 3.1% pay increase and Basic Allowance for Housing cuts and raises beginning in Jan. 2020.

 

Members that were already receiving BAH at McConnell will be rate protected at the previous year’s rate, if it is higher. The rate only changes if Airmen have a reduction in pay grade or change in their dependency status.

 

 “How we handle finances is going to determine how stress free we’re going to live,” said Dong Kim, 22nd Force Support Squadron community readiness consultant, when explaining the importance of budgeting.

 

As Airmen, we are expected to develop and maintain individual financial responsibility. Doing so allows us to stay focused on our mission. The Airmen and Family Readiness Center financial counselors can help ease into the adjustments by helping you make a personal budget.

 

“Budgeting allows us to figure out what our income is and what our outgoing expenses are,” said Kim. “It’s a tool or plan to help stay on track financially.”

 

Airmen can make an appointment with the AFRC to see one of the four financial counselors available. They are available Monday through Friday from 7 a.m. to 5 p.m.

 

According Kim, budgeting is crucial in managing your finances and even more so with the changes 2020 is bringing.

 

The AFRC has services available to help take advantage of the changes. The financial counselors also provide assistance with financial milestones such as marriage, deployments, preparing for a newborn and a new rank. Airmen are required to see a financial counselor when these milestones take place.