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Department of the Air Force
Personal Financial Readiness Program (PFRP)
10 Kirtland Street
Airman and Family Readiness Center
Hanscom AFB, MA 01731-2007
Resources are available to help you understand and manage your finances, including one-on-one financial counseling to assist you and your family with financial readiness. Services are designed to focus on money management issues throughout your active-duty lifecycle and into retirement. Financial readiness educational opportunities range from basic planning to long-term investing. Check out the information below to see what’s available at your installation.
Access a full range of services through the Hanscom Military and Family Readiness Center including budget reviews, seminars and consumer information. Workshops on topics such as home buying, basic investing, Thrift Savings Plan, saving for retirement, and new and used car buying are regularly scheduled. Meet with an individual Personal Financial Management Plan coach to review your budget and build a savings plan. Meet with that individual to review your budget and build a savings plan. Please email the PFMP team to set up an appointment.
High cost of living is a factor at Hanscom Air Force Base with utilities, food, transportation and health care above the national average. Costs in Bedford, Massachusetts are 87.3% higher than the national average. Many people commute from more affordable areas including communities north and west of Boston. The income tax rate for Massachusetts is 5.0% and sales tax rate is 6.25%. The median income in Bedford is $133,824 as of June 2022.
Check on the Defense Finance Accounting Service website for the Cost of Living Allowance (military/civilian) for this area. One important thing to note is that Basic Allowance for Housing rates differ according to where the servicemember is assigned, i.e. Boston, New Boston, Devens or Hanscom.
As of June 2022, the median home cost in Bedford is around $823,600; it’s $620,00 in Billerica, Massachusetts; and $440,398 in Nashua, New Hampshire.
Apartments in this area start at more than $2,963. Utilities – oil, gas, electric and wood are all heating options – are high in this area. If choosing an apartment, consider one on an upper floor that will catch heat rising from below. Call the local utility company, give the address and find out what the average fuel bills are for the apartment complex/housing area before signing a lease.
Car insurance rates are set by a commissioner in Massachusetts. They can vary by community depending on where you choose to live. Check with your carrier to ensure you will be covered in Massachusetts.
There is an active, subsidized commuter vanpool/rideshare program on base.
Contact the closest American Red Cross office if you need emergency financial assistance while enroute and you are not near a military installation. The service Emergency Aid Societies (Air Force Aid, for one) work closely with ARC and other helping agencies such as food pantries, the Salvation Army, etc. to assist military families during emergencies.
Check with your current installation Finance Office for information on entitlements and allowances related to PCS. You will be able to determine what your per diem, dislocation allowance and travel pay will be and whether or not to apply for any advances to get you through the move. In addition, Finance will inform you of which receipts to save, how to manage the GTC and how your travel days are computed to help you with your final voucher.