Don’t Believe the Hype

  • Published
  • By Lt. Col. Christopher Abate
  • 60th Comptroller Squadron commander
TRAVIS AIR FORCE BASE, Calif. --  Did you watch the New England Patriots and Denver Broncos playoff game last weekend? It was arguably the most hyped football game of the season focusing on the athletics of Tim Tebow versus the Hall of Fame capabilities of Tom Brady. Leading up to the game, sports analysts couldn't get enough airplay out of the latest Tebow-mania craze as they created a nearly unprecedented aura around a game that ultimately wouldn't live up to the fanfare. From the opening kickoff, the Patriots marched down the field for a touchdown and never looked back; steam rolling the Broncos for a 45 to 10 victory. Why do I tell you this? Because I'm a diehard Patriots fan, but more importantly, despite all of the relentless pre-game hype, the Patriots success was still rooted in preparation, much like personal financial management.

With the New Year's arrival, now is a good time to re-assess your financial goals and identify if you're making the proper preparations to accomplish them on your desired timeline. Follow the Patriot's example and don't let hype distract you from staying focused on your objectives. Whether you're saving for retirement, education, children or a new car don't allow media buzz to influence your spending habits. Flashy marketing may be good for sales, but it will not help you reach your financial goals. Leave the television commercial arguments about "who saves new customers more on average" for entertainment purposes only while you research your financial decisions and seek out expert assistance when you have concerns.

Whether you're a savvy investor or opening your first savings account, there are several things you can do to prepare for financial success in 2012. First, revisit your existing debt and recurring expenses to assess if alternatives exist. Can you get better interest rates or better prices? Are you paying for things you don't need? Then assess your saving patterns and identify possibilities to increase contributions.

A prime option to increase your savings is any pay raise you may receive this year, like the 1.6 percent all military receive this month. Don't spend that pay raise before you actually get it and consider diverting it straight to savings.

While we're in the midst of tax season, another consideration is to review your tax withholding status. If you get a large tax refund each year, perhaps you can put more money in your pocket each month by changing your status.

Finally, take advantage of free resources to stay updated on financial programs. One great opportunity you'll have in mid-February is a collaborative effort between the Airman and Family Readiness Center, Travis Credit Union and the Armed Forces Bank as they promote the national "Military Saves" campaign at Travis. This initiative focuses on financial education and opportunities to promote savings within military communities.

So as the Patriots prepare for their weekend showdown with the Baltimore Ravens, I encourage each of you to prepare your financial road maps to ensure a successful 2012.