Navy
Personal Financial Management (PFM)

The Navy has long taken a position of providing strong support for its Sailor’s quality of life. One of the key objectives is to provide Sailors and their families the necessary tools to better manage their money. In 2001, the Navy supplemented the Fleet and Family Support Center efforts with an education program targeting recent graduates of boot camp. New Sailors are provided extensive education in the following topic areas listed below:

San Diego City College proudly received the instructional service contract to teach the Personal Financial Management (PFM) "A" School curriculum in June 2001. Employing over 40 instructors, PFM classes were started on 15 July 2001 at the Training Support Center and Naval Hospital Corps School, Great Lakes, IL; Naval Aviation Technical Training Center and Corry Station Cryptology School, Pensacola, FL, and the Navy Submarine Base New London in Groton, CT. Additional sites were added in October 2001 at Fleet Combat Training Center Dam Neck, VA; Lackland AFB San Antonio, TX; Sheppard AFB Wichita Falls, TX; Naval Technical Training Center Meridian, MS; and Fleet Combat Training Center San Diego, CA. In the first three years of the program, San Diego City College instructors trained over 100,000 Sailors.

Topics Covered In The Navy Two Day PFM Training Program

• Legal, moral and ethical aspects of personal financial management.



• Military Pay and Entitlements: Pay, Leave and Earning Statements, Military Benefits and Insurance Coverage, Educational Benefits, Allotments and resolving pay problems.



• Budgeting and establishing Personal Spending Plans. Net Worth, Debt to Income ratios. Discretionary versus Non-Discretionary Spending.



• Banking and Financial Management Services including selecting institutions, direct deposits, checkbook management including Debit Cards, ATM’s and actual exercises on balancing checking accounts.



• The Essentials of Credit. Types, Factors Affecting Credit Worthiness, Proper Credit Usage, Warning Signs of Too Much Debt and Who Can Assist, Consumer Protection Laws, and Credit Reports.



• Consumer Awareness including Psychology of Advertising, Types of Deception, Identity Theft Recognition and Correction, and descriptions of most frequent scams, cons and rip offs.



• Car Buying Steps to Successful Purchase, Personal Budget Review, Contract tips, Determining Fair Price, Negotiation Tips, Effect of Car Ownership in Military, Financing, Consumer Protection and "Can You Afford a Car" exercises.



• Insurance Concepts:



• Renter/Homeowners



• Automobile



• Life



• Health (including Dental)



• Insurance Frauds and Scams



• Protection Tips.



• Investment Planning: Retirement Concepts, Thrift Savings Plan, Military Retirement Programs, Compound Interest Philosophy, and Investment Vehicles.



• Government Credit and Purchase Cards including Government Travel Card Procedures.



• Deployment Financial Planning and associated Legal Documents.

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