Achieving financial success in the new year Published Jan. 21, 2015 By Capt. Elizabeth Caraway 445th Airlift Wing Public Affairs WRIGHT-PATTERSON AIR FORCE BASE, Ohio -- At the start of the new year - and the end of another holiday season - some Airmen may find that their finances need a checkup. Overspending is common during the holidays and many people spend more than the recommended 1.5 percent of gross family income on presents. If they used credit cards to make purchases and haven't paid them off, the interest can really start to add up. With the following financial tips from Master Sgt. Lessa Givens, NCO-in-charge of the 445th Airmen and Family Readiness Center, Airmen can overcome debt, increase savings, and plan for the future. Make a Budget "The most important step to take toward financial stability is to make a budget," said Givens. "And once you make a budget, you have to stick to it." A spending plan is your way to take control of your finances. Get out of debt Givens recommends avoiding additional interest charges by paying off credit cards, especially those with double-digit interest rates, as quickly as possible. "When you delay, you pay," she says. "At least pay off the minimum each month." To pay down debt faster, she recommends finding ways to cut spending. Reduce spending through simple changes There are many simple changes Airmen can make that will add up to serious savings over time. "Pack your lunch," says Givens. "If you are eating out every day, the cost really adds up. Also, unplug home appliances when they're not in use. Turn out lights. Adjust your thermostat by a couple degrees. Find low-cost ways to celebrate birthdays and holidays rather than buying expensive gifts." Calling phone and cable providers to discuss lower rates or plans can also be fruitful. A quick internet search will yield hundreds of other tips and tricks to reduce your daily spending--everything from carpooling to using online coupon sites. Plan now for future gift giving "Shop the post-holiday sales for gifts for next year. Stock up on 'neutral' gifts that could work for different recipients," suggests Givens. Don't bank on your income tax return "Don't count on using all of your income tax check to bail you out; instead, use it as a nest egg," recommended Givens, citing the 30-40-30 plan. "Use 30 percent of your refund to pay off debt and outstanding bills. Set aside 40 percent for current use, and save the final 30 percent in your emergency fund or in long-term savings." "Let this be the year that you put an end to bringing in the new year with financial guilt and stress," Givens urged. For more information on creating savings goals, planning for the future, and financial tools and resources, check out the Military Saves website at http://www.militarysaves.org/.