Army Provides Financial Services to Soldiers

WASHINGTON - Discussing matters related to finances is crucial for the future well-being of service members. That is why the Army offers comprehensive support and resources to enhance financial readiness for both Soldiers and their Families. The Army is promoting responsible spending, implementing effective budgeting strategies and addressing the challenge of food insecurity.

The Army's Financial Readiness Program provides financial education and no-cost, unbiased counseling services to help Soldiers and their Families boost their financial well-being and secure their financial future. Robyn Alama Mroszczyk, Deputy Chief of Staff, G-9, Financial Education Program manager, said, "When individuals experience challenges to their financial well-being, those challenges, or financial stressors, may appear in several ways, and financial stress may lead to stress-related physiological or psychological factors." One common financial stressor in the Army community is food insecurity, which can negatively impact the physical and mental health of Soldiers and their Families.

The Army established an Army Food Program Board of Directors to bring the Army Food Program processes and capabilities into the 21st century. The BOD's current focus is the overarching strategy and food service modernization efforts on installations. Teams are conducting installation assessments to understand food services across all Army bases. The Army ultimately wants to provide easy food access for all service members and enhance their overall quality of life. Mroszczyk said, "The Army is committed to taking care of our Soldiers, civilians and their Family members. The Army is committed to ensuring food security for our people - our greatest asset." The Financial Readiness Program also offers education on essential topics such as indebtedness, consumer advocacy and protection, spending and budgeting, money management, credit and debt management and retirement planning.

Resources are available to Soldiers and Family members through online tools, classroom training and free individual sessions with credentialed personal financial counselors. The Department of Defense also created the Financial Well-Being Assessment, which helps service members gauge their economic well-being and access resources to build their knowledge. Mroszczyk said she believes that financial literacy provides the pathway for sustaining financial well-being and resilience.

Soldiers can use FRP resources to craft a spending plan to map their current income and expenses, from bills and debt payments to retirement contributions. A huge aspect of that is healthy spending and using the SMART method-specific, measurable, attainable, realistic and time-bound-to achieve short- and long-term goals. Mroszczyk said, "An example of a SMART goal is saying, 'Six months from today, I want to have an extra $1,000 in my account to put toward my outstanding auto loan. I will save $42 per week by taking my lunch to work and making my own coffee in the morning. This small action will help me pay off my loan more quickly.'"

To learn how to become financially ready, read the Financial Readiness Toolkit. For more information, including current initiatives and counseling resources, visit the DPRR Financial Readiness page.