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Bonuses/ Your Financial Readiness

Bonuses/ Your Financial Readiness. Terminal Learning Objective. Action:   Manage your Personal Finances and Understand Bonuses Conditions: Given a Leave and Earnings Statement (LES) and a sample bank statement Standards:   Correctly describe how to: a. Determine how to budget your money

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Bonuses/ Your Financial Readiness

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  1. Bonuses/ Your Financial Readiness

  2. Terminal Learning Objective Action:  Manage your Personal Finances and Understand Bonuses Conditions: Given a Leave and Earnings Statement (LES) and a sample bank statement Standards:  Correctly describe how to: a. Determine how to budget your money b. Ensure there are sufficient funds available in account c. Describe how bonuses are paid out

  3. Meet your Financial Obligations Live the 7 Army Values • Loyalty • Duty • Respect • Selfless Service • Honor • Integrity • Personal Courage

  4. Secure Your Financial Readiness • Getting set up. • Adding in your Guard pay, benefits, bonuses, perks. • Getting help when you need it. • Army One Source - http://www.myarmyonesource.com/default.aspx

  5. Getting Set Up Figure out where you are now • How much money comes in every month? (All Pay + Tips + Assistance) • How much money goes out every month? (How much you spend every month) Make a Budget • Budgets help you organize your money.

  6. Guard Pay, Benefits & Perks The Guard helps you build financial readiness by: • Increasing your income • Decreasing your expenses

  7. 10 Warning Signs of Financial Trouble • Overdrawn bank account • Making minimum payments only • Arguments about money • Nothing in the savings account • Juggling monthly bills • Charging more than paying on credit cards • Repeated debt consolidation • Spending more than 20% income on credit payments • Not sure how much money you have or where it’s going • Constantly worrying about money

  8. Getting Financial Help UNIT-BASED HELP • Cadre • Financial education on active duty posts • Chain of Command • Chaplain • Pay Branch CIVILIAN HELP • Bank/Credit Union • Consumer Credit Counseling Organizations • Online consumer credit counseling

  9. Bonuses Why Does the ARNG Give Bonuses? • Bonuses are given as incentives How Are Bonuses Paid Out? • Bonuses are paid out in installments • Bonuses Can Boost Financial Readiness.

  10. Shut Down the Barracks Lawyers! Get the real story from your chain of command!

  11. Terminal Learning Objective Action:  Manage your Personal Finances and Understand Bonuses Conditions: Given a Leave and Earnings Statement (LES) and a sample bank statement Standards:  Correctly describe how to: a. Determine how to budget your money b. Ensure there are sufficient funds available in account c. Describe how bonuses are paid out

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