CHARLESTON, W.Va. –
With the holiday season fast approaching and the financial impacts of the pandemic still affecting many, now is the time to take a moment to consider financial planning options.
Life changes, such as the pandemic, birth of a child or getting married, are all times to think about updating or reviewing your financial plan, says J. Michael “Jay” Yabs, a Personal Financial Counselor and Certified Financial Planner for the West Virginia National Guard.
“If you’re expecting or experiencing a big life event, please reach out. We can help rearrange and reprioritize your financial life, and we can often connect you with other resources you may have been unaware of,” Yabs said.
Financial planning is a free resource to West Virginia National Guard service members and their families, which means it is a good time to take advantage of what Yabs offers.
“Our services cover answering quick questions to full-blown financial planning,” he said. “They are 100 percent confidential and we don’t report anything to supervisors or commanders. Anything about a service member’s financial status is completely confidential whether you meet with me or not.”
These services are funded by the Department of Defense.
Soldiers and Airmen face unique financial challenges, such as a permanent change of station, deployments, unpredictable income and navigating sometimes-complex benefits.
Even if a WVNG member has a full-time civilian job and has questions about their employer’s 401(k) program or benefits or a spouse’s financial matters, Yabs can help.
Both Yabs and John Burdette, a local financial adviser in Charleson, agree that the two most important steps toward financial stability are creating and sticking to a budget and establishing an emergency fund.
“This past year the pandemic has illustrated the importance of having an emergency fund,” Burdette said. “We recommend three-to-six months of living expenses and have some cash on hand. We always recommend people save that fund because you never know what life can throw at you,” he said.
In addition to having an emergency fund, Burdette suggests taking the time to safeguard passwords, especially for your online banking information.
“Almost everything done now is on the cloud. If you have a safe place to keep records, keep physical copies of important documents in addition to your electronic records. If some of that gets lost, there is no access to it,” Burdette said.
Financial planning can help alleviate anxiety and give you peace of mind in case an emergency does happen.
“The more prepared you are for any situation, the better you’re able to see through it,” Burdette said.
Yabs encourages people struggling with financial issues to seek help as soon as possible. He explained that it is better to plan early, but it’s never too late to start saving and investing.
“The most powerful financial factor is time,” he said. “Waiting will only make things worse. You have great resources available to you, be sure to take advantage of them.”
Guardsmen can also access free financial planning tips through Military OneSource. The website (https://www.militaryonesource.mil) has resources for service members and their families ranging from money-saving tips and budgeting to buying a car to information about new tax laws. The site also features a live chat option and a toll-free phone number available 24/7.
Yabs is based in Wheeling, but he is available via ZOOM call, phone, or even in-person at a local restaurant or other public space.
“We try to be as flexible as possible and make meetings as convenient as possible for servicemembers and their families,” he said.
Contact Yabs at 304-989-4366 or pfc3.wv.ng@zeiders.com. Visit https://calendly.com/Pfccharleston to set up an appointment.