Editor’s Note: This column is one of a monthly series of financial readiness articles designed to help personnel and their families better understand how to build their financial strength. Each column will appear on the first Monday of the month.

FORT KNOX, Ky. — Financial challenges are a reality for many families, especially while serving. However, the following few simple steps can lay a solid financial foundation.1. Create a budget and stick to it.

Setting a budget is essential to prevent financial hardships. When you do not track income and expenses it usually leads to overspending.

Why it matters: A budget enables you to track your money, control spending and achieve financial goals. An Army Community Service financial counselor can show you how to optimize your income and develop strategies to accomplish your goals.

How to do it: List all monthly income. Track your spending for 30 days. Set aside a portion for an emergency fund and savings. Make an appointment with the Financial Readiness Office at ACS.2. Avoid predatory lending.

Military service members are often targeted by predatory lenders offering payday lines of credit, auto loans and high-interest credit cards. While convenient, these options can quickly lead to financial disaster.

Why it matters: These types of debt trap you in a cycle that impacts your financial health.

How to do it: Before borrowing, ask yourself, “Is it necessary?” In an emergency, Army Emergency Relief can provide financial assistance with grants, interest-free loans and scholarships to promote readiness and help alleviate financial distress of Soldiers and their Families. Explore organizations that can help meet your needs.

3. Be smart about relocation and deployment expenses.

Deployments and frequent moves can be costly: often bringing unexpected expenses. Each move should include preparation for the next.

Why it matters: Being prepared for unexpected expenses ensures financial security.

How to do it: Create a moving fund used for relocations and deployments. Meet with Financial Readiness at ACS and plan for the next relocation.4. Tackle debt head-on.

Debt can quickly spiral out of control. Seeking guidance from Financial Readiness at ACS can help develop a plan to manage debt and achieve your financial goals.

Why it matters: Leaving debt unchecked makes it harder to manage over time. An appointment with Financial Readiness at ACS provides a fresh perspective on your financial situation and offers options.

How to do it:Know your debt and explore options for reduction through the Servicemembers Civil Relief Act, Public Loan Forgiveness or other military-specific programs. Be realistic with your debt and what you are willing to do. Short-term sacrifice can result in long-term financial peace. Stop accumulating debt and focus on building a stable financial future.5. Plan for the long term.

Financial struggles often stem from a lack of planning and preparation, leaving us scrambling to meet important financial goals. Taking the time to turn your goals into a realistic plan can be the first step toward a more stable financial future.

Why it matters: Planning is the key to building wealth and securing a positive financial future.

How to do it:Set clear, manageable and realistic financial goals. Contribute to the Thrift Savings Program (TSP) early. Take advantage of the Army’s matching contributions if under the Blended Retirement Plan. Utilize resources like Financial Readiness at ACS for valuable tips and guidance.6. Take advantage of financial education resources.

We may not know where or how to research to find solutions for financial challenges. It can take time to find the right financial advisor who fully understands your situation.

Why it matters: A lack of knowledge can lead to costly mistakes. It can also be challenging to find someone who truly understands your unique needs and goals.

How to do it:Take advantage of free financial workshops offered through ACS.Use free online tools and apps to track spending, like the Sen$e Financial Education App. Financial hardship does not have to be an inevitable part of military service. By actively managing finances, avoiding predatory lending, and by utilizing available resources, you can build a secure financial future. Proactive financial management not only prevents hardship but also provides peace of mind, allowing you to focus on your career and family without financial stress. Contact ACS for Milestone Training or complete it online at https://www.financialfrontline.org/.

For assistance or more information, call Fort Knox Financial Readiness at 502-624-5883.