When money burdens you
Financial stress can be a heavy burden for military personnel and their families, particularly during challenging times. In September, which is recognized as Suicide Prevention Month, the Army Community Service (ACS) took proactive measures to address this issue at Fort Carson, Colorado. Personal financial readiness specialist Jeffrey Major conducted a Financial 101 course for nearly 50 Soldiers in Bravo Company, 588th Brigade Engineer Battalion, part of the 3rd Armored Brigade Combat Team, 4th Infantry Division. This initiative highlights the critical connection between financial stability and overall well-being in the military community.
The Importance of Financial Readiness
Financial education is an essential resource for service members and their families. Jeffrey Major emphasized that his role is primarily focused on helping Soldiers understand their finances, set achievable goals, and ultimately achieve financial independence. “The most rewarding part of what I do is helping Soldiers and Families understand their finances,” he stated.
While classes are offered throughout the year, the timing of the September 12 session was particularly intentional. Capt. Blake Neptune, commander of Bravo Company, indicated that a unit risk inventory survey conducted by the Army Substance Abuse Program revealed financial concerns as a significant risk factor within his unit. Recognizing this need prompted him to prioritize financial education.
Linking Financial Health to Mental Well-Being
“Preventing financial hardship is crucial to preventing suicide,” Capt. Neptune remarked. He noted that if service members can avoid reaching a financial crisis point, it may help avert potential suicidal thoughts or actions among Soldiers.
Spc. Braxton Davis from Bravo Company expressed gratitude for learning about investment options such as the Thrift Savings Plan (TSP) during Major’s class. “I like when he went in depth about TSP because I didn’t know much about it before,” Davis shared.
Topics Covered in Financial Education
The Financial 101 course covered vital subjects including budgeting techniques, understanding Leave and Earnings Statements (LES), credit management, debt control, insurance options, and setting important financial milestones. According to Davis, budgeting often poses challenges for new Soldiers who may receive larger paychecks than they are accustomed to managing effectively.
“New Soldiers get a lot of money and assume they will always have that amount,” he explained. “This can lead to rash decisions.” Understanding how to budget effectively is key in ensuring long-term financial stability.
The Role of Financial Stress in Mental Health
Financial stress has been identified by Army Substance Abuse Program Manager William “Bill” Lana as one potential contributor to suicidal ideation among service members. Lana oversees the Suicide Prevention Program and emphasizes recognizing feelings associated with helplessness and hopelessness that may arise from significant debt burdens.
“If someone feels trapped by their finances,” Lana said, “they may experience those emotions.” Capt. Neptune added that while finance issues might not be life-threatening individually, they can compound other stresses affecting mission readiness.
The Impact on Mission Readiness
A Soldier cannot be fully prepared if they are preoccupied with financial worries such as paying rent or settling debts. Ensuring secure finances allows them to focus entirely on their duties: “If their finances are secure and not something they worry about,” Neptune explained, “they can concentrate on their job and contribute effectively to unit readiness.”
Taking Action: Resources Available at ACS
Capt. Neptune encourages all Soldiers at Fort Carson to take advantage of one-on-one consultations available through ACS’s Financial Readiness Program tailored specifically to individual situations: “If they make those minor adjustments now,” he said, “it’s something they’ll appreciate years down the line.”
The ACS offers monthly classes on budgeting strategies, retirement planning, and credit management at Building 1526 on post. For anyone holding a Department of War ID card seeking assistance with specific issues can contact ACS directly by visiting or calling 719-526-4783 for free consultations with accredited specialists.
A Commitment to Soldier Welfare
This initiative underscores a commitment within the Army community not just towards physical training but also mental health support through robust educational resources aimed at enhancing personal finance literacy among its ranks—an essential component for fostering resilience against challenges faced both personally and professionally.