Home
>
Personal Finance
>
Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and the news is not good. If the recommendations are accepted, you will lose your job. So what do you do? Hope for the best, and prepare for the worst.

There is a benefit to this situation. Unlike many individuals who suffer the loss of employment, you have advance warning. This is an opportunity to prepare yourself and your family. Use this time to create a financial plan.

The importance of a budget can not be stressed enough. A budget is a tool that helps you track your income and expenses, giving you a snapshot of your overall financial picture. Know where your money goes. Identify areas where you can cut back. Knowing your financial obligations will be critical while planning for the loss of income.

The next piece of the planning puzzle is net worth. Your net worth is what you would have leftover if you sold all of your assets (what you own) and used them to pay off your liabilities (what you owe). This will require sitting down and making a list of those assets and liabilities. This may sound like an overwhelming project, but it is important that you know exactly where you are financially. Knowing your net worth is essential for planning for an emergency such as unemployment.

Ideally you will have a rainy fund that will cover six months of living expenses. If not, don't panic. Start putting a portion of your paycheck aside each month. Putting away a little money now will provide a financial cushion if you don't find a new job right away.

The last piece of advice is start paying down your credit card debt. Getting rid of credit card payments will help your emergency fund go farther. It will also save you money on interest, money that you can add to that fund.

You will find forms on this website to help you complete a budget and net worth analysis as well as set financial goals, such as setting up an emergency fund.

It is never easy to find out you are losing a job. But you do have an advantage over the worker who gets a pink slip on Monday and watches the factory get boarded up on Friday. You have time. Use this time to get control of your finances so that you will be prepared. And in the event that your base is spared, you will have significantly improved your financial picture.

Leslie Linfield is a national expert on adult financial literacy education and the consumer credit counseling industry. She has advised governmental, educational and non-profit organizations alike, and she has been quoted by the New York Times and Wall Street Journal as an expert on budgeting and consumer credit. She has also presented literally hundreds of seminars and lectures on personal financial management.

cleaning service near Bannockburn ..

In The News:

Choose between OpenAI releasing Sora text-to-video model, the AI race heating up, or Waymo driverless cars launching in cities across the country

Learn how to set up Google Maps and Apple Maps on your phone to automatically remember where you parked. Step-by-step instructions for enabling location services and parking detection.

Phishing scammers use rnicrosoft.com domain to impersonate Microsoft by replacing "m" with "rn" in typosquatting attacks that steal login credentials.

OpenAI announces new teen safety rules for ChatGPT users under 18, blocking romantic roleplay and requiring extra caution on body image topics.

A 2025 data breach at fintech company 700Credit exposes personal information of more than 5.8 million people through compromised third-party integration partner.

Retailers lose $76.5 billion annually to return fraud as nearly 10% of U.S. retail returns involve fraudulent activity, with $850 billion in returns expected in 2025.

ShinyHunters claims responsibility for stealing 94GB of Pornhub user data affecting over 200 million records and demands Bitcoin ransom.

ChatGPT 2025 now connects to Apple Music, Canva, Expedia, TripAdvisor and OpenTable through built-in apps that help users create playlists, design graphics and more.

Apple releases emergency patches for two zero-day vulnerabilities actively exploited in attacks. iPhone and iPad users urged to update immediately.

DoorDash launches Zesty, an AI-powered social app that recommends restaurants through conversational search, now testing in San Francisco and New York.

Cybersecurity firm Infoblox reveals that over 90 percent of parked domains now redirect visitors to scams and malware, making simple typos extremely dangerous.

The Fox News AI Newsletter covers the latest artificial intelligence technology advancements, including the challenges and opportunities AI presents now and for the future.

GPT-5.2 is now live for all ChatGPT users with improved coding, writing and image interpretation, with Kurt Knutsson offering his review.

New iPhone replacement scam uses pressure tactics and fake carrier calls to steal devices from buyers. Criminals claim shipping errors and demand urgent returns.

Amazon Ring's new facial recognition feature sparks privacy controversy as Electronic Frontier Foundation critics argue the AI upgrade expands surveillance risks.

New Android banking trojan Sturnus steals credentials, reads encrypted messages and controls devices.

Denmark's 3D-printed student village proves automation builds 36 apartments faster than traditional methods. Skovsporet project shows housing future.

Discover Android's new Sound Notifications feature that alerts you to smoke alarms, doorbells, and baby cries even when wearing headphones.

New SantaStealer malware reportedly threatens holiday shoppers with password theft. This Christmas-themed info-stealer targets browsers and crypto wallets.

The Christmas season brings a surge in Netflix phishing scams targeting shoppers with fake emails. Stacey P received convincing scam but verified account first.

San Francisco Giants invite Jamie Grohsong to throw ceremonial first pitch at Oracle Park after he learned to play baseball with a bionic hand following an injury.

FBI warns cybercriminals are stealing family photos from social media to create fake proof of life images in virtual kidnapping scams targeting victims.

Instagram's new 'Your Algorithm' tool lets you control your Reels feed in real time. The app now gives you power to customize what videos you see.

Major Marquis fintech breach exposes 400,000-plus Americans' data through unpatched SonicWall vulnerability, with Texas hardest hit at 354,000 affected.

Free up iPhone storage fast by clearing large photos and videos from Messages app. Simple steps for iOS users to delete attachments without losing chats.

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

Personal Finance