Financial readiness key to peace of mind Published Feb. 1, 2008 By Shauna Lacey Airmen and Family Readiness Center F.E. WARREN AIR FORCE BASE, Wyo. -- Our world has evolved into a global economy and the military has been in step with that change. The military operation tempo has gone full bore since the early nineties and shows no indication of slowing anytime soon. We are an expeditionary Air Force, and for our service members, it is no longer a question of "will I deploy?" but when? With that in mind, it's a good idea to look at your finances and ensure you're in good shape for the year. Many people can easily identify two items on their leave and earnings statement: the end of month pay and leave balance. However, the LES shows you many important items you need to know about your pay. If you don't understand, ask. Include in your monthly, quarterly or yearly expenses payments such as car registration, clothing, vacations and other similar things. For example, if your spouse has a home business and pays quarterly taxes of $375, then you should budget $125 as a monthly tax expense. When the time comes to pay that expense, you already have the money set aside. You should also have an emergency account; either a bank savings account or money market fund where you stash funds available for use in emergencies. What if you have an automobile accident that costs $3,000 to repair? For single service members, the maximum Servicemembers' Group Life Insurance coverage is adequate. If you're married and have children, it's probably not. Individuals in this circumstance need to discuss for what purpose the insurance would be needed. In the event of your death, what standard of living would you want for your family? Do you want college educational accounts fully funded, the house paid off or your spouse to stay home until the children are school age? How much would additional insurance cost and how much can you afford? Don't forget insurance for your spouse also. Ensure all your accounts have the correct beneficiary information. Make a will or update one. As an active-duty member, this is a free service courtesy of the base legal office. You should also consider executing a general durable power of attorney. A durable POA designates authority to a person to act in place of the member in the event they are incapacitated. It is also wise to consider the addition of a living will and durable POA for health care. Your living will allows you to issue directives on your desires as to medical treatment in the event you are in a terminal condition and unable to make the decision yourself. If you've accomplished these things, you are in a great state of financial readiness. If not, call the Airman and Family Readiness Center at 773-2241 to set up an appointment.