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Personal Finances


To visit the 2022 Command Financial Specialist (CFS) Training Schedules page click HERE

Personal Finances
The Navy’s Personal Financial Management (PFM) implements specific requirements that establish a systemic approach to address personal financial management issues for Sailors, families and Navy commands.

Management of personal finances presents an increasing challenge to Sailors and their families. For some, the lack of basic consumer skills and training in how to wisely manage finances sets the stage for financial difficulty. Contributing factors include a high cost of living in some areas of the United States, predatory lenders/lending, high-pressure sales tactics, deceptive advertising, consumer rip-off schemes and a tendency to live beyond one’s means.

Sailors and the Navy have a joint responsibility to address personal financial obligations. Sailors have an obligation to meet the financial needs of their families and pay their just financial debts in a timely manner.

Overall, the PFM program offers information and referral, education and training, as well as financial counseling to address the financial education needs of Sailors and their families. The PFM program is to emphasizes a proactive, career lifecycle approach to service members' personal financial responsibility and accountability by providing basic principles and practices of sound money management, counseling tools and referral services using a comprehensive education and training program.

Command Financial Specialist
Command Financial Specialists (CFS) are members of the naval military who are appointed by the commanding officer (CO) to provide financial education and training, counseling and information referral at the command level. CFS is trained to establish, organize and administer the command’s finance program. The CFS should be the first stop for the military member who has questions or issues about financial readiness.

The OPNAV INSTRUCTION 1740.5c is the regulation outlining the responsibilities and functions of the CFS. 

Predatory Lending
The Navy’s PFM program wants to help educate Sailors and their families on predatory lending, which is any lending practice that imposes unfair or abusive loan terms on a borrower. It is sometimes called a cash advance or ‘pay-day’ loan. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower does not need, does not want or cannot afford. Protect Sailors from predatory lending.

Blended Retirement System (BRS)
The Fiscal Year 2016 Nation Defense Authorization Act (NDAA) created a new military retirement system that blends the traditional legacy retirement pension with a defined contribution to service members’ Thrift Savings Plan (TSP) account. The new Blended Retirement System (BRS) goes into effect on January 1, 2018. Click the link above to be taken to the BRS comparison calculator, online training, pocket cards and other valuable resources.

Thrift Savings Plan
The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. It was established by Congress in the Federal Employees' Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans.

Military Saves
Savings and Investing is designed to help you understand the very basics of saving and investing so you can get started today on the journey to achieving your financial goals. Anyone who agrees to work toward a savings goal such as reducing debt, establishing an emergency savings account, owning a home, retiring or establishing a college fund.

Electronic Personal Finance Worksheet
The electronic Financial Planning Worksheet (eFPW) is for creating a detailed spending plan, and calculating your net worth and debt to income ratios. For help with this resource, contact your local PFM or CFS to set up an appointment. Download the electronic Financial Planning Worksheet (eFPW) HERE.

To help you create your plan via the eFPW Excel File click HERE.

Create your Spending Plan, here is the worksheet you'll need. Click HERE to download.

*** Remember, save master copies of the Spending Plan Worksheet and the eFPW. ***

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