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Saving money seems to make most people’s New Year’s resolution list, and the U.S. Army Garrison Kaiserslautern has just the person to help them get more “bang” for their bucks.
With more than 14 years experience, Roy Bolton, the garrison’s Army Community Service financial counselor, has helped people navigate the sometimes murky waters of finance, and he does it with straight talk.
“If you are going to save money and change the way you spend money, the only one who is going to change it is you,” said Mr. Bolton, who does debit liquidation, budget counseling and financial planning almost every day.
How to start is to first see him at his office on Pulaski Barracks and get a budget sheet.
“I won’t see anyone without a budget sheet,” he said.
A budget sheet is a spending plan, and is very detailed. There is not a block for miscellaneous – all expenditures must be specified.
Once the sheet is filled out, customers make an initial appointment, bringing with them their latest leave and earnings statement. This initial meeting takes about an hour, but it really depends on that spending plan.
“My main goal is to make sure the budget sheet is right because if it isn’t correct or completed, then I know they’ve never done a budget,” Mr. Bolton said. “We then have to sit down and do a budget, and I will help them go through it.”
The first thing people should list in their budget is saving for retirement.
“Instead of figuring out and writing your bills in first (in the budget), put yourself in there first,” said Mr. Bolton. “On the financial side, we say to start prior to age 28 and put 10 percent of your gross income – not net income – into an investment savings plan toward your retirement.”
Not to worry for those who are older or can’t save 10 percent right now. “You may only be able to save two or three percent – you have to start somewhere – the longer you wait the higher the percentage gets to where you can retire and not have any problems,” Mr. Bolton said.
However, for those who are in debt, the best thing to do is to pay it off before starting the savings for their retirement.
“No sense in putting money into savings if you have credit-card debt – pay it first and pay less interest,” he said.
Budget in place, out of debt and saving for retirement, people can now focus on saving for that new car or house. First thing to figure out is how much the house or car will cost, and how much to put down, said Mr. Bolton.
The next thing for people to consider is how to get a bigger “bang” out of their bucks. That’s when financial planning comes into play, said Mr. Bolton, who can assist people with this, but he can not tell them who to invest with unless it is the Thrift Savings Plan.
He has a stack of magazines where customers can read up on companies they may want to invest in. He suggests picking three or four companies and writing a letter asking what they have and what kinds of funds are available.
“How I help them (his customers) is to break down the financial language so they understand what they are reading,” Mr. Bolton said.
Find out more:
Roy Bolton’s office is in Bldg. 2929, Room 114 on Pulaski Barracks. He can be reached at 493-4151 or at roy.bolton@EUR.army.mil.
(Editor’s Note: This is the second of a three-part series on how the U.S. Army Garrison Kaiserslautern can help community members stick to their New Year’s resolutions.)
