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Personal Finance

Welcome to your JBPHH MFSC Personal Finance Program! 

Consultations, programs and services to help military and family members pursue their financial goals.  Workshops, events, and individual appointments are available for Financial Literacy TouchPoint training milestones, Saving/Investing, Credit, Budgeting, Car Buying, Home Buying, Deployment Finances, Credit, TSP, and MORE!  Take advantage of this DoD-provided benefit; education and personalized conversations with financial counselors in the civilian sector can be expensive and may lean toward selling you a company product!  With an individual appointment, you can also obtain your FICO score and credit report.  Please review all tabs, and call 474-1999 for specific questions.

At the heart of every financial conversation is budgeting.  We have to know where our money is going before we can adjust it toward meeting our financial goals – whatever they may be!  Often reaching our goals is also tied to how strong our credit is – this gives us the freedom to live the life we want.  Attached are some great tools and tips to get you started, and remember your MFSC financial counselors are here to help! 

 

NDAA 16 launched the DoD on a path to increasing financial literacy for service members.  Beginning in 2019, certain career and personal milestones will trigger a requirement for a financial conversation - whether online, with a Navy CFS, or with an MFSC Financial Counselor.  Check out the attached handout for each type of training and delivery options!

TSP is a great retirement savings plan available to military and DoD employees, with multiple investment options to fit both your timeline and your risk tolerance!  For DoD employees and military members under BRS, matching contributions can help your account grow even faster.  There’s a lot of information available publicly, but make sure you have the facts – read through the attachments and give us a call at 474-1999 if you’d like to follow up with a workshop or appointment!

 

BRS allows you to start building retirement savings like a 401(k), with matching contributions from the DoD.  This means that even if you don’t complete a 20-year military career, you’ll have built up retirement savings in TSP and earned all that compound interest!  If you do also complete a 20-year career, you’ll have the best of both worlds – your TSP account with matching contributions, AND a monthly retirement pay!  You’ll also have decisions to make about Continuation Pay as you reach 12 years of military service, and a Lump Sum option at 20 years of service.  Take the time to get the right answers – check out the attachments, and follow up with a workshop or appointment at MFSC!

 

Know the dangers to avoid, prevention tips, and your legal rights and laws that protect you as a consumer.  Sign up for a comprehensive workshop at MFSC to learn about scams, marketing tricks, identity theft, fraud, predatory lending, legal rights, and consumer/military protection laws

 

Becoming a CFS? 

 

Steps required to request a CFS course slot include: Successful pre-screening by a current CFS or MFSC PFM Counselor and appointment letter.  If an E-5, a waiver request must be submitted for approval by CNIC through MFSC.  If screened by a current CFS, they will e-mail MFSCHawaii@navy.mil with subject line – CFS quota request.  The e-mail must include confirmation of successful pre-screening, appointment letter completion, and waiver if applicable.  

Already a CFS?  Check out the new recertification guidelines to maintain currency, posted on the CNIC MilSuite page

If you don’t have access to this page, please reach out to your MFSC PFM team!

Classes open to all military ID cardholders – active duty, family members, retirees, Guard/Reserve. 

 

Sign up on the Great Life Hawaii MFSC Class Schedule for workshops to go after your goals! 

 

Would your unit like a financial counselor to visit your command/unit and train on a financial topic?  Use the attached GMT request form to coordinate!

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  • Financial Literacy TouchPoint Training – refer to the Financial Literacy tab for details on each of these great financial topics – military and spouses/family members welcome to attend any topic even if not at a mandated timeframe!
  • Thrift Savings Plan (TSP) – It’s never too early or too late to plan for retirement!  Learn about the benefits of the Thrift Savings Program, the funds available to invest in, TSP withdrawals options and much more.  
  • Saving/Investing  -  Make your money work for you!  If you’ve been able to put away extra money, build on what you already have.  If you haven’t been able to put away as much as you’d like, here’s your chance to learn how.  Learn skills and techniques of managing and budgeting your money; how to shop for investments and different investment options to reach your financial goals.  
  • Car Buying  - Thinking of buying a car? Don't get taken for a ride! Learn all the important do's and don'ts BEFORE you shop.  
  • Home Buying - Plan on buying a home?  This may be the biggest purchase of your lifetime – get a strong  foundation of knowledge before you act!   
  • Budgeting and Spending Plans – Get great tools to help take control of your money, develop financial goals, and work out a plan to achieve those goals!
  • Managing Personal Finances - Money management becomes more important and complex as you go through life.  Let us help you make your money work for you!  From the basics of debt reduction, budgeting, saving, and investing basics to advanced strategies and guidance for improving your credit score, planning savings goals and gaining awareness about loans - this class will help you become your own smart financial manager.
  • Million Dollar Service Member/Spouse - Two-day class designed for junior Navy and Air Force personnel.  Learn about budgeting techniques, credit management, savings and investment options, insurance, military pay and allowances, consumer rip-offs, how to obtain a loan, credit scores, report, and new and used car purchasing techniques.
  • Reducing Debt – Take action to get financial peace of mind!  Learn ways to adjust spending, pay off debts faster, reduce interest costs, and laws designed to help and protect you as military and consumers!
  • Know Your Score (Credit) - This course will provide resources to establish, maintain, or repair credit, avoid excessive debt, and track a safe debt load.
  • Base to Place  - Are you moving out of government barracks or dorms soon? Moving out requires adequate planning. This course will prepare service members for moving off base while establishing effective financial goals and saving strategies.
  • CFS Training – Designed for Navy Command-Appointed CFSs; Air Force E-6 and above also welcome to attend. Refer to the CFS tab for detailed information.

 

Attached are just a few of the great resources you can explore; to customize YOUR financial plan and go after your goals – chat with an MFSC financial counselor!

 

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