Tag Archives: financial fitness

Controlling Your Finances Without Letting Them Control You

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The new year is here! You may feel a sense of calm and relief now that the holidays are over and you can get back into your regular routine. But perhaps your holiday spending wasn’t ideal, and you need to get back on track financially. Don’t worry! While it may take some work, fixing your finances post-holiday season isn’t an insurmountable task. “Improvement” doesn’t equal drastic changes; it could be a few small steps to help relieve some financial stress. Remembering this can help you stay on track during the process and keep your current financial situation from affecting how you see your value as a person.

People who connect their personal value with their financial state may consider a threat to their finances a huge stressor and threat to their self-worth, according to a study by Dr. Lora Park of the University of Buffalo. You’ve probably heard the phrase: “Money doesn’t buy happiness.” Achieving your definition of financial stability is important, but it won’t make other life stresses and issues disappear. A recent study by Dr. Matthew Monnot of the University of San Francisco found that human connections contribute to happiness more than money and that tying personal worth to extrinsic or external entities such as wealth can cause less satisfaction in life. A focus on intrinsic or internal needs like relationships and community can more positively impact well-being. So, while working on your relationship with your finances, work on your relationships with friends and family, too.

As you try to improve your finances after holiday spending, here are some tips from Every Sailor, Every Day campaign contributor and financial expert, Stacy Livingstone-Hoyte:

  • Be proactive about understanding your spending and how to recover. Look through receipts and other records of transactions to see what you spent, make sure your statements are accurate, and then figure out how your budget needs to change so you can recover financially, get your savings in check, and avoid additional debt. If budgeting isn’t your area of expertise, Military OneSource and MilitarySaves can help!
  • Figure out the financial balance that’s right for you. Making sure bills are paid each month and saving money for the future are important, but having some of your hard-earned money set aside for the fun stuff is good, too. When working on your budget, make reasonable room for all three. Having everything categorized can help you be prepared if unexpected expenses pop up. And don’t forget that the Blended Retirement System (BRS) is available as of January 1, 2018. If eligible and opting into BRS, consider how it may affect your finances.
  • Think ahead and look for bargains. The holiday season isn’t the only time you may find yourself buying gifts. Plan ahead for birthdays, anniversaries, and other celebrations by setting reminders a month in advance so you don’t scramble at the last minute to find a gift you hadn’t budgeted for. Also consider your relationship with the recipient, and think of non-monetary gifts that may be more meaningful. Incorporate ways to save in all of your shopping. Compare prices, use coupons, and take other steps to save on gas, groceries and other daily needs.

Following these steps and others that work for you can put you on the right track to getting your finances closer to where you want them to be.  Recovering financially after the holidays is a process, but dedication and the right mindset make it minimally stressful. Creating and maintaining a budget, determining what financial security is for you, saving daily, and realizing that money doesn’t determine your worth are key steps to making the improvements you want to see in 2018.

Celebrate This FITmas!

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When you think about the holiday season, what comes to mind? Eating way too much and feeling like there’s no time to exercise? Feeling stressed out, maybe because of money issues from holiday purchases? Worrying about how to deal with family without pulling all your hair out? Having a hard time feeling grateful because it seems like there’s just always something that comes up to cause more stress? Okay, hopefully not all of that. But in spite of the great opportunity to reconnect with family and friends and share love, laughs, food, and fun, sometimes, the holidays can be a difficult time with unique challenges to navigate.

That’s where 21 Days of Total Sailor FITmas come in! From December 14, 2017 through January 3, 2018, the Every Sailor, Every Day campaign will have tools, tips and tricks to help you develop and continue to build healthy habits that you can sustain into the New Year and beyond. “Healthy habits” may sound like eating well and doing cardio, but for the 21 Days of Total Sailor FITmas, it’s much more than that. It’s about taking proactive steps that can help you reach your goals related to physical fitness, behavioral health, financial responsibility, psychological and emotional well-being, family relationship strength and spiritual wellness.

We will offer tips on maintaining your physical fitness routine when you’re short on time and space, ways that journaling and gratitude can improve your mood, the positive impacts of mindfulness, links between nutrition and stress levels, how screen time isn’t just something to worry about for toddlers and much more. Practical and helpful action steps will allow you, friends and family members to learn things to incorporate into daily life to improve multiple facets of fitness and get a head start on those New Year’s resolutions!

And, keeping with the holiday theme of connection, the 21 Days of Total Sailor FITmas will include tips from Navy partners in the 21st Century Sailor Office, the Navy & Marine Corps Public Health Center, the Navy Chaplain Corps, as well as Guard Your Health, Real Warriors Campaign and the Human Performance Resource Center.

Unwrap new FITmas tools this season by following Navy Operational Stress Control on Facebook, on Twitter and WordPress. And don’t be a Grinch! Share the resources and tips with your shipmates, friends and family, too!

What are you and your family grateful for this season? Kick off the 21 Days of Total Sailor FITmas by sharing your inspiration through the 1 Small ACT Photo Gallery:

  1. Visit http://go.usa.gov/x8qNu to select and print a 1 Small ACT Sign from the Every Sailor, Every Day campaign webpage. Choose from a seasonal gratitude sign to share what you and/or your family are grateful for, or our Small ACT Selfie sign to share your commitment to be there for yourself or others.
  2. Personalize your sign and take a photo with you and/or your family holding it.
  3. Submit your photo to navysuicideprevention@gmail.com or upload to Facebook and tag @U.S. Navy Operational Stress Control for inclusion in the gallery on Facebook and Flickr.

How a $20 Bar Tab can Turn into a Million Dollars-Worth of Financial Stress

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Imagine you went to close out your bar tab before heading home on a Saturday night and the bartender said, “That’ll be $10,000.” You stare at the bartender, stunned. As he starts to correct his statement, you let out a sigh of relief, assured that there is no way that’s your tab. The bartender continues: “I meant $1 million.”

Research shows that the initial cost of driving under the influence (DUI) can average $10,000 – and that’s just within six months of the incident. That money may be spent on initial fees which include bail, car towing, DUI classes, court-imposed fines, attorney fees, ignition interlock devices and more. But the financial stress doesn’t stop there.

When the fictitious bartender corrects himself to say $1 million, he’s referring to the bigger picture. After receiving a DUI, depending on the state, annual auto insurance rates increase significantly. In California, for example, the average Good Driver insurance discount is $1,307. After receiving a DUI, the same driver might pay up to $4,001 more. That is an annual increase of $2,694, which would likely total tens of thousands of dollars over your lifetime.  And that’s just the tip of the iceberg. Say you’re planning to retire from the Navy as an E-7 at age 39. Your military retirement pension of one-half of your base pay will amount to $996,000 over 40 years. Your commissary and exchange privileges will save you an estimated $52,000 and medical insurance savings will equate to about $61,000 over that time period. That totals a real loss of $1 million over your lifetime if you are separated from the Navy for a DUI.

Knowing the financial burdens – in addition to the health, career and safety risks – would you still drink and drive? Or would you remember how hard you’ve worked to earn your living and your rank? Plan for a safe ride home before you go out for the night—and stick to it. The Keep What You’ve Earned campaign’s Pier Pressure mobile application has the tools you need to drink responsibly, including a blood alcohol content estimator, calorie calculator (which tells you how many pushups it will take to burn off those beers) and one-click access to Uber and Lyft ride-sharing apps. Pier Pressure is available on the Apple App Store and Google Play.

Drink responsibly and keep what you’ve earned. Don’t let a $20 tab turn into a $10,000 (or $1,000,000) budget-buster. Even driving minimally buzzed can increase your risk for a car accident by 46 percent. Know your limit before you get there, don’t try to “keep up” with others and plan in advance for a safe ride home.  You’ve earned it, don’t waste it.

April is both Alcohol Awareness Month and Stress Awareness Month. For more tips on responsible drinking brought to you by Navy Alcohol and Drug Abuse Prevention’s Keep What You’ve Earned campaign, click here. If you think you may be struggling with alcohol, contact your local Drug and Alcohol Program Advisor (DAPA).

References:

Cost of a DUI. (n.d.). Retrieved from http://www2.courtinfo.ca.gov/stopteendui/parents/cost/how-much-does-a-dui-cost.cfm

Devine, R. & Garske, M. (2014, January 16). Study: “Minimally Buzzed” Drivers Often Cause Fatal Crashes. Retrieved from http://www.nbcsandiego.com/news/local/UCSD-Study-Minimally-Buzzed-Drivers-and-Car-Crashes-240673261.html
Marquand, B. (2016, February 3). How Much Does a DUI Cost. Retrieved from https://www.nerdwallet.com/blog/insurance/cost-of-a-dui/

Resolve to Reframe your Money-Mindset for 2017

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2017 is officially underway, as are millions of New Year’s resolutions. According to the University of Scranton, more than one third of resolutions made are money-related[1]. Despite the good intentions, motivation and ambition, 25 percent of all resolutions fail to make it past week one. What’s the deal?

The process of setting goals for the New Year can be a time to reflect on successes and opportunities, motivating positive and meaningful change. But it’s easy to get caught up in feeling obligated to solve all of the issues in our lives in 365 days through a few unrealistic resolutions, which can ultimately contribute to feelings of failure, decreased self-worth and added stress. Coincidentally, these are not things that we typically associate with financial prosperity. When it comes to your financial goals for 2017, focus on making money your ally rather than your adversary. Sure, you may want to double your nest-egg, triple your wealth and eliminate all debt by December 31, 2017 – but are these realistic moves for you? And at what costs do these achievements come with?

Rather than resolving to solve it all, commit to reframing your money-mindset this year through a few small acts to guide your decisions, offered by our financial expert Stacy Livingstone-Hoyte.

  • Regain a sense of control. Perhaps your money-resolution is motivated by the unexpected lack of green in your wallet or accounts post-holidays, which can leave anyone feeling a little blue. Rather than resigning yourself to a hopeless financial outlook, tackle holiday spending with a level-head. Gather up your receipts (paper or emails from online transactions) so that you can not only get an accurate assessment of what you spent, but so that you can ensure that your bank and credit card statements are accurate when they start to populate your inbox. Once you’ve taken this step (and forgiven yourself for any overspending), create or modify your budget for the New Year so that you can reasonably reduce your debt or revive your savings without creating a cycle of debt for the future. Military OneSource, your local Fleet and Family Support Center and militarysaves.org offer budgeting tools to help you balance payments, savings, investments and spending with peace of mind.
  • Define what financial well-being actually means to you. It’s not all about paying the bills and saving for the future. Even the Consumer Financial Protection Bureau includes being “able to make choices that allow for enjoyment of life” in their definition of financial well-being. Achieving all three requires some balance and a long-term perspective, rather than solely focusing your sights on short-term achievements. As you refresh your budget for the New Year, include a discretionary spending allowance for each month accounting for daily necessities such as groceries and gas, as well as a reasonable amount for entertainment (a night out, a family outing, exploring your next overseas port-of-call, etc.). Doing so will help you plan for blind-spots that may throw your budget off track. You deserve to enjoy all that your career has earned you – just be honest with yourself in examining how you do so and
  • Apply some of your holiday spending tricks throughout the year. During the year you’ll likely find yourself scrambling to buy a few gifts for anniversaries, birthdays or celebrations. Set reminders in your phone 30 days in advance of each event so that you have enough time to search and budget for a gift. When determining your gift, keep your focus on the meaning behind your relationship with the person rather than giving them the most expensive thing your remaining discretionary funds will allow. Non-material gifts—perhaps giving a memento from a memorable duty station to a shipmate celebrating advancement—can be more valuable than anything you can swipe a card to purchase. Outside of gift-giving, you can apply a few familiar tips to get your everyday shopping in check as well. Do your research to compare prices, read online reviews and search coupon deals. Don’t forget to make a list and check it twice whenever you head to the store so that you’re not going in for a roll of paper towel and leaving with a new flat screen television!

If you’ve found that by the end of years passed you’re measuring success by how closely you’ve achieved your financial resolutions, it’s time to take a new approach. Start this year with a little gratitude and a positive outlook by committing to “progress rather than perfection” as your 2017 mantra.

[1] New Year’s Resolution Statistics. (n.d.). University of Scranton Journal of Clinical Psychology. Retrieved December 11, 2016, from http://www.statisticbrain.com/new-years-resolution-statistics/

FITmastime is Here!

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The Every Sailor, Every Day campaign’s 21 Days of Total Sailor FITmas are back just in time for the 2016 holiday season! From now through January 3, 2017 we’ll offer a daily dose of tips, tricks and small acts to keep the happy in the holidays and build resilience into the New Year. Whether you anticipate the holidays or dread them, the 21 Days of Total Sailor FITmas can help you unwrap new tools to strengthen fitness from the inside out, with a seasonal spin to bring you comfort and joy no matter what challenges you may face.

Each day will focus on navigating holiday stress related to a particular area of Total Sailor Fitness, including physical, psychological, family, behavioral, financial and spiritual fitness.  We’ll address navigating deployments and family separations, simple ways to keep up with your physical training and nutrition to avoid seasonal weight gain (and guilt), facing the stress of attending large gatherings, self-care, connecting with spirituality and more. This 21 day journey represents the 21st Century Sailor Office’s comprehensive programs to help Sailors and families make healthy decisions all year long.

And because the holiday season is about connecting with others, we’ve partnered with our fellow 21st Century Sailor programs, U.S. Navy social media, the Navy Chaplain Corps, Real Warriors Campaign, Guard Your Health, Navy & Marine Corps Public Health Center, and the Human Performance Resource Center to bring you the best tips of the season.

To celebrate the 21 Days of Total Sailor FITmas with us, like us on Facebook (www.facebook.com/navstress), follow us on Twitter (www.twitter.com/navstress) and stay tuned right here on NavyNavStress. Tis the season of giving, so don’t forget to encourage those on your gift list to tune in as well. You’ll also find additional tips on our partners’ social media channels.

Looking to start FITmas off right? Spread holiday cheer by contributing to the 1 Small ACT Photo Gallery in three easy steps:

  1. Visit http://go.usa.gov/x8qNu to select and print a 1 Small ACT Sign from the Every Sailor, Every Day campaign webpage. Choose from a seasonal gratitude sign to share what you and/or your family are grateful for, or our 1 Small ACT sign to share your commitment to be there for yourself or others.
  2. Personalize your sign and take a photo with you and/or your family holding it.
  3. Submit your photo to navysuicideprevention@gmail.com or upload to Facebook and tag @U.S. Navy Operational Stress Control for inclusion in the gallery on Facebook and Flickr.

What’s on your FITmas list? Join us as we help you, your shipmates and your family find simple ways to stay present this season.

For more information, visit the Every Sailor, Every Day webpage.