Ringing up the holidays Published Jan. 12, 2010 By Airman 1st Class Natasha E. Stannard 92nd Air Refueling Wing Public Affairs FAIRCHILD AIR FORCE BASE, Wash. -- The holiday season consists of many nostalgic elements that help make the season bright: chestnuts roasting on an open fire, carolers, food, family, gifts, and not only the sound sleigh bells ringing, but credit cards ringing up debt, too. This piece of plastic is like a shovel as it digs people into a deep hole during the holiday season. This hole gets deeper when consumers don't set up savings funds and simply spend those funds in the click of a button as it's transferred from savings into checking. According to a Financial Literacy Survey release by The National Foundation for Credit Counseling, 48 percent of Generation Y adults report no savings while nearly 72 million report no savings. Only 23 percent are saving more than they did a year ago. "Credit card debt is going to strap [consumers] down for a few months [after the holiday season], "said Eddie Steetle, Fairchild Airman Family Readiness Center. "Since they blow their money on things, they're not prepared for an emergency situation." Luckily for Airmen here, the AFRC provides the knowledge and tools to dig themselves out of their financial hole. The key is to apply what they learn and continue to be aware of their funds. "People ignore their finances, if you're actively involved in where your money's going, you'll be more aware," said Steetle. If an Airman faces their financial problem and needs Air Force Aid or any financial assistance, the AFRC identifies the root cause and sets them up with a total financial review and spending plan. With a lot of AFA cases, they have to counsel and form a spending plan, which shows how much money is left over after it's distributed to the appropriate savings and checking accounts each month, Steetle said. According to the Financial Literacy Survey 42 percent of adults keep close track of their spending. Nearly 16 million adults, about 7 percent, don't know how much they spend on food, housing and entertainment, and do not monitor their overall spending. "We give counseling. You can't tell someone what to do, you give them options," Steetle said. "Financial [responsibility] is 20 percent knowledge and 80 percent behavior, so if someone wants to make a change they have to be motivated" Mr. Steetle recommends three primary goals for Airmen to focus on within this spending plan. The first goal is to set up a separate savings account for an emergency fund, which should at least support a one-way ticket home. The second goal is to set up another separate savings account for a vacation and leave fund. The third goal is to set up a car fund for either a new car or emergencies. It's best to set each of these accounts as separate savings accounts and transfer a set amount into each one every month to create a cash flow, Steetle said. "Like water flows, it's a cash flow. You control it." Military Saves Week is scheduled for Feb. 21-28. The week provides Airmen free financial classes at the AFRC and financial institutions on base. Classes will also be held at the Medical Group and other areas across base. The classes will cover budgeting, money and marriage, Thrift Savings Plan, home and car buyers workshops, investing, saving and more. An added benefit: there will be a drawing for prizes. "People will get a punch card and get marked for each class they take so the more classes they take the better chance they have," said Steetle.