All you have to do is buy yourself a loaf of bread, a pack of ham, a few bananas or apples, and some chips and there's your lunch for a week or more for around $6.

My apolagies jgcoastie. My bad. Leta change that to D4rkS1d3

Mike

I've noticed in the last 3 years the CG has made some efforts in discussing the financials with the members.
a few years go, I had my first meeting with the collateral duty Chief who came down to discuss our education, finances, and retirement. It was a day long and we didnt get a whole lot into each subject, but the tools were given to us to form a monthly budget, pay off credit cards and so on. Until then, I never had any of that type training before. I learned all that in my high school years from my father. I have turned around and taught that financial stuff to a friend of mine who is living beyond his means. It helped him get back on track and is almost out of the red.

We have the tools. People just dont know where to look.

There is a basic worksheet I use every time I go to transfer. (which is more often then I would like). I take the billets that are on the list, go over what places I would like to go to, and do the financial formulas first before getting into the "My #1 is" and so on.

It is the basic financial worksheet for serving overseas. I cant think off the top of my head where it is located, I think the persman. Anyway, it has a list of common expenses, and walks you through what your monthly expenses are.

I take my brand new FA/SA's and go over this worksheet when they show up. some will learn to budget and do very well with their money. the ones who choose not to, of course struggle.

I can say, the only time I have ever struggled with the money is being stationed here. I dont have a huge disposable income I had when aboard ship and I have more expenses being home every night. its harder to be home every night trying to find things to entertain yourself then it was being out at sea longing to be at home. But thats my personal opinion.

Good luck with your research.

One thing that I don't see mentioned or perhaps I overlooked it in this thread is the CG Individual Development Plan or better known as an IDP. We as supervisors are charged by the CG to review these with our junior members and first termers. There is a financial goals section where short-term and long-term goals are to be discussed. This is where coaching and mentoring your members to make sound financial decisions is critical. Goals such as investing, retirement, and large purchases such as a house should be addressed. We are required to conduct a follow-up every 6 months to see whether our members are progressing or regressing. However, not everyone will follow their plan and will end up in debt. At this point the member is responsible for their own decisions of how they spend or save their money. I firmly believe that the IDP is another good tool that the CG uses to ensure their members are aware of their financial decisions and health.

I will guess that most of us, if not all, at some point have lived from paycheck to paycheck. Some perhaps have been more fortunate due to mitigating circumstances (e.g. a spouse who makes a decent living, &/or family $). But overall, if you are on your own & starting at the bottom of the food chain in this organization, you will probably struggle at first.

Nevertheless, this should not discourage anyone. On the contrary, anyone should use this to motivate him/herself to advance up the ranks by whatever honorable and honest means available. Use tuitions assistance and prepare yourself for after the CG...make you marketable. Then be prepared to save money but not to pay your day to day bills, but to pay taxes! Good luck!

quote:

Originally posted by SpeckTrout:
All you have to do is buy yourself a loaf of bread, a pack of ham, a few bananas or apples, and some chips and there's your lunch for a week or more for around $6.

I think $6 is cutting it a little short. In Cape May, NJ just a lb. of ham is about $6. Your point is valid though...it's much cheaper to prepare ahead instead of eat out every day.

ALCOAST 104/08
COMDTNOTE 1754
SUBJ: PERSONAL FINANCIAL MANAGEMENT CONCERNS AND FINANCIAL
ASSISTANCE/COUNSELING OPTIONS
A. CG EMPLOYEE ASSISTANCE PROGRAM, COMDTINST 1740.7 (SERIES)
B. CAREER DEVELOPMENT ADVISOR (CDA) PROGRAM, COMDTINST 1040.4
(SERIES)
C. LEGAL ASSISTANCE PROGRAM, COMDTINST 5801.4 (SERIES)
D. PERSONNEL MANUAL, COMDTINST M1000.6 (SERIES)
1. DURING THIS ECONOMIC PERIOD WHERE WE ARE EXPERIENCING A SLUGGISH
HOUSING MARKET AND RISING PRICES FOR FUEL, FOOD AND OTHER
NECESSITIES, THERE IS GROWING CONCERN THROUGHOUT OUR WORKFORCE
ABOUT FINANCIAL SOLVENCY. AS WE APPROACH ANOTHER TRANSFER SEASON,
THERE HAS BEEN PARTICULAR CONCERN EXPRESSED WITH RESPECT TO THE
HOUSING MARKET. SPECIFICALLY, MEMBERS ARE CONCERNED THAT THEY MAY
ENCOUNTER DIFFICULTY IN SELLING THEIR HOME AT A DECENT VALUE. THESE
PRESSURES MAY PUT ADDITIONAL STRESS ON OUR WORKFORCE AND HAVE THE
POTENTIAL TO IMPACT OUR WORKFORCE READINESS. TO ASSIST CG MEMBERS
IN DEALING WITH THESE ISSUES DURING THIS DIFFICULT TIME, WE HAVE
MADE A NUMBER OF RESOURCES AND TOOLS AVAILABLE.
2. I ENCOURAGE YOU TO REVIEW THE INFORMATION BELOW AS WELL AS SHARE
THIS INFORMATION WITH YOUR SPOUSE AND FAMILY TO ARRIVE AT FINANCIAL
DECISIONS AND REMEDIES THAT WILL BEST MEET YOUR NEEDS AND CONCERNS.
3. VARIOUS FINANCIAL MANAGEMENT RESOURCES AND TOOLS ARE AVAILABLE
AT THE WORK-LIFE WEB SITE AT HTTP://WWW.USCG.MIL/WORKLIFE. ONCE
THERE, CLICK ON THE "FINANCIAL MANAGEMENT" ICON. SCROLL DOWN TO THE
"RELATED WEB SITES" SECTION, AND SELECT THE VARIOUS SOURCES OF
FINANCIAL MANAGEMENT INFORMATION. OF PARTICULAR INTEREST FOR JUNIOR
MEMBERS IS THE "360 DEGREES OF FINANCIAL LITERACY" WEB SITE OFFERED
BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, WHICH
CAN HELP PROVIDE UNDERSTANDING OF BUDGETING, SAVING AND INVESTING
AS A FIRST STEP TOWARD FINANCIAL FREEDOM.
4. THROUGH THE COAST GUARDS EXISTING EMPLOYEE ASSISTANCE PROGRAM
(EAP) CONTRACT, FINANCIAL ASSISTANCE COUNSELING CAN BE OBTAINED BY
CALLING THE EAP HOT LINE AT 1-800-222-0364. WHEN YOU PLACE THIS
CONFIDENTIAL CALL, YOU CAN DISCUSS YOUR FINANCIAL CONCERNS AND ASK
ABOUT RECEIVING FINANCIAL COUNSELING BY TELEPHONE. TO OBTAIN
INFORMATION REGARDING EAP RESOURCES, CONTACT YOUR REGIONAL WORK-
LIFE OFFICE, OR CALL THE TOLL-FREE NUMBER AT 1-800-872-4957. AN
EXPLANATION OF THE EAP PROGRAM IS CONTAINED IN REF A.
5. YOU CAN ALSO OBTAIN FINANCIAL ASSISTANCE BY CONTACTING YOUR
CAREER DEVELOPMENT ADVISORS. CDAS ASSIST PERSONNEL IN MAXIMIZING
THEIR CAREER POTENTIAL BY DEVELOPING, COORDINATING, AND
IMPLEMENTING A CAREER DEVELOPMENT PROGRAM. THEY ARE KNOWLEDGEABLE
IN GOAL SETTING, MENTORING, VOLUNTARY EDUCATION, ACTIVE DUTY TO
RESERVE TRANSITION, PROFESSIONAL DEVELOPMENT, AND FINANCIAL
MANAGEMENT. DETAILS ABOUT CDAS AND THEIR LOCATIONS CAN BE FOUND IN
REF B.
6. AS PROVIDED IN REF C, SERVICE MEMBERS MAY ALSO CONSULT COAST
GUARD LEGAL ASSISTANCE ATTORNEYS FOR HELP IN ADDRESSING ISSUES
RELATING TO FINANCIAL AND CONSUMER MATTERS. IF NEEDED, THEY CAN
OFFER OPTIONS AND EXPLORE POTENTIAL REMEDIES UNDER STATE AND
FEDERAL LAW, PARTICULARLY THE SERVICE MEMBERS CIVIL RELIEF ACT. TO
FIND A LEGAL ASSISTANCE ATTORNEY, GO TO:
HTTP://LEGALASSISTANCE.LAW.AF.MIL AND SELECT THE "LOCATE LEGAL
SERVICES" ICON.
7. MILITARY SAVES IS A YEAR-ROUND "FINANCIAL READINESS" CAMPAIGN
DEVELOPED BETWEEN DOD AND THE CONSUMER FEDERATION OF AMERICA (CFA).
THE CAMPAIGN OBJECTIVE IS TO INVOLVE ALL LEVELS OF LEADERSHIP IN AN
INTENTIONAL, SUSTAINED EFFORT TO CREATE A CULTURE THAT ENCOURAGES
MEMBERS TO REDUCE DEBT, DEVELOP A FINANCIAL PLAN, AND SAVE MONEY
FOR THE FUTURE. CHANGING FINANCIAL HABITS IS A FORMIDABLE TASK,
THAT REQUIRES EACH OF US TO TAKE PERSONAL RESPONSIBILITY AND
IDEALLY, TO ADOPT A "MILITARY SAVER"
LIFESTYLE. THE COAST GUARD WANTS YOU TO BENEFIT FROM THE MILITARY
SERVICES PARTNERSHIP WITH CFA, AND ENCOURAGES YOU TO USE THE
FINANCIAL MANAGEMENT RESOURCES AVAILABLE TO ASSIST IN ENHANCING
YOUR FINANCIAL READINESS. TO ACCESS MILITARY SAVES FINANCIAL
MANAGEMENT RESOURCES, GO TO: HTTP://WWW.MILITARYSAVES.ORG. UPON
ENTERING THIS SITE, CLICK THE VARIOUS ICONS TO LEARN HOW TO GET OUT
OF DEBT, HOW TO SAVE ON AUTO PURCHASES, SAVE FOR EMERGENCIES, SAVE
FOR A HOME, AND SAVE AT WORK, AND LEARN ABOUT SAVINGS AND
INVESTMENTS. YOU CAN ALSO TAKE THE "SAVER PLEDGE", AND RECEIVE THE
MILITARY SAVER E-NEWSLETTER AND OTHER PERIODIC COMMUNICATIONS. THIS
IS A FREE SERVICE, AND AT NO TIME WILL MILITARY SAVES ATTEMPT TO
SELL YOU ANYTHING. YOU SHOULD NOTE THAT THE USE OF "MY PAY" IS
LIMITED TO DOD PERSONNEL. HOWEVER, YOUR SERVICING PERSONNEL OFFICE
CAN ASSIST YOU WITH MAKING CHANGES TO YOUR ALLOTMENTS, SAVINGS
BONDS, AND THRIFT SAVINGS PLAN ALLOCATIONS AS NEEDED.
8. PART OF BEING ABLE TO MEET MISSION DEMANDS IS ENSURING WE ARE
PREPARED ON THE HOME FRONT - READINESS BEGINS AT HOME. FINANCIAL
SOLVENCY IS A KEY ELEMENT TO ENSURING THAT READINESS. IF YOU ARE IN
NEED OF ASSISTANCE, YOU SHOULD REACH OUT FOR HELP BEFORE THE BURDEN
GETS TOO GREAT, BECAUSE ONLY YOU KNOW WHERE YOU STAND FINANCIALLY.
IN ACCORDANCE WITH REF D, MEMBERS WHO FAIL TO MEET THEIR FINANCIAL
OBLIGATIONS BRING DISCREDIT UPON THE SERVICE, BURDEN THE COMMAND
ADMINISTRATIVELY, MAY BECOME SUBJECT TO DISCIPLINARY ACTION, AND
JEOPARDIZE THEIR ELIGIBILITY FOR A SECURITY CLEARANCE, SCHOOLS,
ASSIGNMENTS AND COMMAND. FINANCIAL DISTRESS CAN ALSO DISTRACT
CIVILIAN EMPLOYEES FROM THEIR WORK AND PUT AT RISK THEIR SECURITY
CLEARANCES. IT IS THEREFORE CRITICAL THAT YOU ARE PROACTIVE AND
TAKE STEPS TO ENSURE YOUR FINANCIAL READINESS. I ENCOURAGE ALL
MEMBERS OF TEAM COAST GUARD TO TAKE ADVANTAGE OF THESE RESOURCES TO
HELP MANAGE THEIR FINANCIAL MATTERS. IN ADDITION, I CHALLENGE
SUPERVISORS TO OFFER ASSISTANCE TO AND MENTOR JUNIOR MEMBERS TO
HELP THEM ESTABLISH POSITIVE FINANCIAL MANAGEMENT PRACTICES.
9. COMMANDING OFFICERS AND OFFICERS-IN-CHARGE SHOULD ENSURE THAT
THIS INFORMATION IS MADE AVAILABLE TO ALL PERSONNEL AND THEIR
FAMILIES. BY STRESSING THE IMPORTANCE OF MAINTAINING FINANCIAL
READINESS TO UNIT PERSONNEL, AND USING UNIT LEADERS TO ESTABLISH A
SUPPORTIVE CULTURE, YOU CAN HELP MINIMIZE THE STRESS ASSOCIATED
WITH FINANCIAL PROBLEMS EXPERIENCED BY CG PERSONNEL.
10. QUESTIONS MAY BE DIRECTED TO MR. JOHN REIBLING AT 202-475-5161,
E-MAIL: JOHN.S.REIBLING(AT)USCG.MIL, OR MR. BOB SKEWES AT 202-475-
5140, E-MAIL: ROBERT.L.SKEWES(AT)USCG.MIL.
11. INTERNET RELEASE AUTHORIZED.
12. RADM CLIFFORD L. PEARSON, ASSISTANT COMMANDANT FOR HUMAN
RESOURCES, SENDS.
BT
NNNN

The CG does have many programs but I personally have found an outside entity that has worked very well for me and my family. There is a very popular financial advisor named Dave Ramsey who has written many books and also has a talk radio show. One of his books that I highly suggest anyone in the CG read, whether your just coming in or have 10+ years in, is the Total Money Makeover. It a very simple plan to start from scratch and work off your debt and start saving. With his plan we have paid off all debt and have an emergency fund and are enjoying our paycheck now. Sometimes you just have to find answers on your own. Hope this helps.

Travis;
Here is a thought for you:

Take what you just wrote informally here, expound on it a little bit in an email and ask you Silver Badge to consider forwarding it up the CMC Chain to the MCPO-CGs as a possible addition to the CG Reading List. I think it would be pretty cool for you if someone up towards the top put a book on the reading list based on your input!

Great points by all...

I too remember the days of being a boot ET3 on a cutter ($50 sea pay and no BAS!), married with my wife in full time college (not working). It sucked, but that was the choices I made.

Someone a few posts back mentioned they have to have roommates for their BAH to cover their rent. My first questions is this, does your unit offer barricks or leased housing for single people? If it does and you choose not to accept it, then you have to make some sacrafices. I'm pretty sure the CG doesn't expect single BAH to cover an apartment without roommates, otherwise we wouldn't have barricks...

The other big question I have for anyone complaining about living paycheck to paycheck is this...How much is your car payment and credit card bills? One of the reasons I lived paycheck to paycheck for so long as an E5 and under is because I choose to have $300 a month truck payment and I was stupid enough to have an AAFES and Sears card that I ran up the limit on.

Chris;
The lowest level BAH paid (which is the same for E-1 to E-4 w/o dependants) is set at a level to RENT an 1 BR apartment.

Good info: BAH Primer

That's a lot better than it used to be then! BUT, these guys have to realize it's not meant to rent a 1500 sf apartment in downtown San Diego with a view of Petco Park!
Chris

True. I believe it was about 3-4 years ago when the decision was made to make the E-4 rate the lowest rate on the W/O side. Now, a 'share' of a 2 br is normally alot cheaper than all of a 1 br! I bet $2700 a month can get a reasonable 2 br down that way for a couple of 20 year olds!

Master Chief,

I'll look into writing something up to route through my CMC. I'm sure that there are many Coasties that could benefit from this info. Thanks for sending me in the right direction to broadcast this info.

v/r