Skip to main content (Press Enter).
Search Kentucky Guard:
Search Kentucky Guard:
KYNG Officers Serving at the National Level
About the Kentucky National Guard
KYNG in WWI
Disaster Assistance, Kentucky Emergency Management
State Partnership Programs
Garrison Training Centers
Logos & Graphics
Bluegrass Guard Magazine
Community Engagement Requests (Flyovers, Static Displays, Band, Color Guard)
Education and Incentives
Equal Employment Opportunity
Employer Support of the Guard and Reserve (ESGR)
Ky. Department of Military Affairs
Ky. Military Records (e.g., DD214, discharge paperwork, separation documents)
ID Cards, DEERS Office
Employment Verification Request
Freedom of Information Act (FOIA)
FOIA Reading Room
75th Troop Command
Benefits & Resources
Family Assistance Center
Military Spouse Assistance
Child & Youth Services
KY Youth ChalleNGe
Yellow Ribbon Reintegration Program
Suicide Prevention Assistance
Sexual Assault Prevention & Response
Substance Abuse Program
Survivor Outreach Services
Sequestration, furlough, confusion ... Oh my!
April 16, 2013 |
Advice by Regina Harris, Kentucky National Guard Personal Financial Counselor
FRANKFORT, Ky. --
Are you wondering what will I do? Where will I go from here? With the state of the economy, sequestration and furlough and so many other things going on, so much uncertainty is very scary. We only know that we will have our paychecks cut! Take heart, with only this much information, we
take steps to
deal with financial change. What must I do, you ask? We must reduce expenses and save as much money as possible. That is very easy to say, but very difficult to do. The rationale is that "When the sky is falling, you take shelter." The saved money is your "shelter." If you like the "Rain falling, use an umbrella" analogy, go with that. Either way, the goal is to be able to pay essential expenses
without borrowing any money or creating any debt
There is just no way to sugar coat what is to come. It’s time to put on your Big Girl/Boy pants.
Here is the First step:
1. Write down absolutely everything (make two $ columns) on which you spend money like…
Fixed expenses (mortgage, rent, car payment…)
Variable expenses (cell phone, electricity, cable…)
Other expenses (pet care, gym fees…)
Contributions to Retirement, Investments and Savings
2. Total the dollars amounts on this first list, column
, Now that you have all these numbers in front of you, have a heart to heart talk with your family (any person who uses/relies on your income). The talk needs to assess what is most important and essential to the family. Put a check mark next to each item on the list that is essential to keep. Copy that essential items dollar amount into column
, which should be next to column
. Good hints for the check mark are the mortgage/rent, utilities, car payments and savings accounts.
Here is the second step of what to do:
Calm Down and Grow Up! Flashback, “…very easy to say, but very difficult to do.” This is it.
Stop contributing to retirement accounts.
Stop contributing money to everything, except simple (withdraw without penalty) savings accounts.
Stop all extracurricular activities for the kids and you. I know, as I said this is Big Girl/Boy stuff!
Stop loaning money to family and friends.
Try to reduce every item on the list that is almost essential, example cell phones, pet fees, etc.
Delete any item that is really just a want, example cable TV, hobby fees, etc.
Explore the option of selling things that you no longer need/use, example sports equipment, books, etc.
Lastly, explore extra income. Be careful to check with your command first, though.
Total the amounts on this second list
. Then subtract:
is the amount you have trimmed for re-routing and saving. That was the last list. In all reality the money saved is really money not spent. The money will be re-routed to the essential items. Any extra money should be put in Savings, to use when there is a short- fall to pay the essential items. As your income settles and you know what to expect, you may be able to step back a bit. When it seems safe, add back in some of the comforts you may have had to give up for a while.
The third and and final step:
It is vitally important to keep a very tight
. It is times such as these when the ‘fully funded emergency fund’ shines. Its only purpose is to help us when our regular income falls short. When this emergency is settled, please consider saving 4 – 6 months of expenses. For more information email Regina at
or give her a call at 502-548-4836. You’ll be glad you did!
Select a Category
...123rd Airlift Wing
...138th Field Artillery Brigade
...149th Maneuver Enhancement Brigade
......103rd CHEM BN
......198th MP BN
......201st EN BN
......206th EN BN
...63rd Theater Aviation Brigade
......751st Troop Command
...75th Troop Command
...Joint Force Headquarters
......Child and Youth
......KY Youth ChalleNGe
......Recruiting and Retention
......Resilience, Risk Reduction & Suicide
......State Partnership Program
......Survivor Outreach Services
...Diversity, Equality and Inclusion
......Asian American Pacific Islander Heritage Month
......Black History Month
......Hispanic Heritage Month
......Women's History Month
...Governor of Kentucky
...Harold L. Disney Training Center
...Sexual Harassment/Assault Response
...Thunder over Louisville
...Wendell H. Ford Regional Training Center
Select a Year
Title A > Z
Title Z > A