Not even the joy of making summer vacation plans can be saved from the worry of defense budget cuts for our nation’s military families. Concerns about sequestration are affecting the summer holiday plans of military households at a much greater rate than for general population households (75 percent vs. 41 percent, respectively), according to results of the latest First Command Financial Behaviors Index®. Moreover, more than half of general population households indicate that sequestration is not having any impact on their vacation plans. That compares to just one-quarter of military households.
The following illustrates the vast difference between how military and general population households are reacting to sequestration and how it affects their vacation budgets:
- Taking shorter vacations (29 percent of military families versus 12 percent of gen pop)
- Staying closer to home (21 percent versus 12 percent)
- Taking “staycations” (21 percent versus 8 percent)
- Cooking rather than eating out (21 percent versus 6 percent)
- Driving rather than flying (20 percent versus 11 percent)
- Visiting family (20 percent versus 7 percent)
These same concerns continue to be reflected in general feelings about defense budget cuts, with 66 percent of military families feeling moderate to high anxiety versus 34 percent of the general population. The majority of military households anticipate being financially impacted by the potential cuts to defense spending (73 percent), with over three-in-ten expecting to be very or extremely impacted.
Military families are still more likely than general population families to believe that Congress will void sequestration before the return to the full automatic budget cuts at the beginning of FY16. Almost half of military families are optimistic versus less than one-fifth of the general population. Even with this optimism, more military families than general population are taking precautionary measures to deal with sequestration, (84 percent vs. 48 percent, respectively). The top methods for both groups continue to be to increase savings and reduce everyday spending. And, for a few months anyway, to cut back on those summer vacation plans.
As servicemembers in increasing numbers transition out of military service and into the civilian job market, the number of veteran-focused career fairs and expos continues to draw a nationwide audience.
The Senate on Tuesday passed the budget resolution that was passed by the House last week. While non-defense agencies’ budgets would be cut by nearly $500 billion over 10 years, DoD’s budget would increase by nearly $190 billion.
More than half of all smartphone users in the United States now rely on their devices for online banking. The convenience of mobile banking is largely responsible for its growing popularity and it’s this anytime, anywhere convenience that makes it an especially useful option for military families navigating the banking challenges that often come with frequent PCS moves or deployments.
House and Senate Republicans this week unveiled their 2016 budget, but it doesn’t end the sequester. The budget does include additional funding for the Overseas Contingency Operations account, which can add more defense dollars without going over sequester-level funding.
Before financial crisis hits, there are normally several warning signs. Here are some indicators that you’re overspending:
Too many credit cards. You probably want to have at least one credit card for emergencies and for times when you’d rather not carry cash.
Wrong direction or refocus the mission? AUSA President Gordon Sullivan recently voiced his concerns about sequestration-level budget cuts in 2016 while international threats like ISIL are rising.
The majority of America’s career military families with a tax refund in their future are planning to spend it on shoring up their household finances.
First Command’s annual survey on tax refunds reveals that 66 percent of middle-class military families (senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000) who have received or expect to receive a tax refund plan to use it to cut debt, save more or pay monthly bills.
Forty-four percent of military families surveyed believe that Congress will void sequestration before the full return to automatic budget cuts in 2016, this based on results of the most recent First Command Financial Behaviors Index® study.
This article provides key information to help job seekers ace the phone interview. To begin, I want to provide some insight as to what the initial process looks like upon submitting an application. Every company may have a slightly different version but the basic steps are usually the same or similar.