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United States 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 Airman and Family Readiness Center, including budget reviews, seminars and consumer information. Workshops on topics such as home buying, basic investing, TSP, saving for retirement and new and used car buying are regularly scheduled. Meet with an individual PFMP coach to review your budget and build a savings plan. Meet with a Personal Financial Readiness (PFR) coach to review your budget and build a savings plan.
High cost of living is a factor here with utilities, food, transportation and health care above the national average. Bedford, MA is 87.5% higher than the national average. Many people commute from more affordable areas (north and west of Boston). The income tax rate for MA is 5.05%. Sales tax rate is 5.1%. The median income in Bedford, MA is $114,646 (6/19).
Check on the DFAS website for the COLA (mil/civ) for this area. Important: BAH rates differ according to where the servicemember is assigned - ie., Boston, New Boston, Devens, Hanscom.
Median home cost in Bedford is around $670,000 (6/19), Billerica, MA is $441,400 (6/19), Nashua NH is $272,600 (6/19)
Apartments in this area start at over $1250; utilities are high (oil, gas, electric, wood are all heating options). 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 MA; they can vary by community depending on where you choose to live. Check with your carrier to ensure you will be covered in MA.
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.