Financial Assistance

Financial Assistance – Financial Readiness Program

Your first stop to discuss your financial future should be with your personal financial counselor at the U.S. Army Garrison-Miami. The personal financial counselor is ready to explain and assist with Thrift Savings Plan investing, becoming debt-free, repairing or establishing credit, explaining the pros and cons of purchasing a home and developing a retirement financial plan. When preparing for your permanent change of station move, being financially prepared is priceless. Speaking with your current installation personal financial counselor to develop a PCS move budget may not be a bad idea! Members moving from overseas are reminded that Cost of Living Allowances, Overseas Housing Allowances and other overseas entitlements will stop at some point once you arrive at your new duty station. If these entitlements continue once you arrive stateside, inform your finance office immediately. Additionally, PCS moves are expensive and your new Basic Allowance for Housing may not start the month after you arrive at your new duty station. You must be financially prepared to pay several initial expenses at your new duty station which can include the first month, last month and a security deposit for rental properties. Ensure you plan for increased out-of-pocket costs during your move. You should keep all receipts because certain conditions may change a non-refundable expense to refundable.

The Financial Readiness Program assists military personnel, civilian employees, retirees, survivors and families seeking help with issues related to personal finances and include the following topics:

Budgeting

Debt management

Credit rebuilding/establishing

Security clearance

Money management

Thrift Savings Plan

Retirement planning

Consumer complaints

Emergency financial assistance through military relief and aid societies

Emergency financial assistance to eligible applicants through agencies such as Army Emergency Relief, Air Force Aid Society, Navy-Marine Corps Relief Society and Coast Guard Mutual Assistance is available during office hours by calling 305-437-2653, and after hours through the American Red Cross at 877-272-7337. 

If you have a financial emergency during your PCS, contact the American Red Cross at 877-272-7337. The American Red Cross will direct you to the nearest Emergency Relief Aid/Society office or they will provide emergency funds directly to you.

Due to the COVID-19 pandemic, much of the trusted data routinely used to provide clarity for cost-of-living tables has been difficult to annotate. 

The Sunshine State: Whether you love Florida for Disney World, Major League Baseball spring training, Art Basel or the Keys, you’ve probably thought about moving there, especially on a cold winter day somewhere else. There are many exciting activities you’ll have access to in Florida, not to mention the low taxes. The state is a popular destination for retirees for a reason.

Average Housing  Costs in Florida ($1,040 to $1,700 per month)

Due to the COVID-19 pandemic, Florida has experienced a significant hit to the housing market, and the new home inventory will be reduced 3-5% throughout the remainder of 2020, potentially increasing existing prices of homes for sale from July – December 2020.

The Miami-Dade County has yet to see the full impact of the COVID-19 pandemic on its communities and may not realize an increased rate of foreclosure or any realized shift in home values until late 2020 or early 2021. Many cities in Florida are affordable options for homeowners, such as Jacksonville, where the median home value is $186,519 and more than half of the city’s residents own homes. On the other hand, Miami is a much more renter-centric city. More than 70% of Miami’s residents choose to rent, possibly because homes are more expensive than in other large cities in the Florida. In fact, its median home value is $317,273. According to March 2019 rent data from Apartment List, a two-bedroom apartment in Miami has a median rent of $1,355, while the same apartment type in Daytona Beach has a $1,018 median rent. In comparison, the national median rent for a two-bedroom apartment is $1,175. That places Miami $180 above the national mark and Daytona Beach $157 below it.

Utilities

Florida’s energy prices are average from October – April and are above average from June – September. Residents pay an average monthly electricity bill of $126.44, based on information from the U.S. Energy Information Administration. That’s 13% higher than the national average of $111.67. The data from the EIA also show that residents of Florida consume the sixth most kilowatt-hours per month in the country at 1,089. This is likely due to the hot and humid climate, which has many residents running the air conditioning for most of the year.

Food

Due to the COVID-19 pandemic, food prices have increased. There are various cuisines unique to Florida that may be impacted, but it is too early to see the impact. Whatever your food style, you’ll pay varying amounts for it depending on where you live within the state. In Jacksonville, a gallon of milk goes for $3.58 and a pound of apples is priced at $2.26. In Sarasota, the prices of each of these items is slightly lower at $3.37 and $2.17. These cost-of-living statistics are from Numbeo.com for 2019. On a larger scale, the Massachusetts Institute of Technology living wage calculator shows that an adult with no children in Florida will need a living wage of $25,324 before taxes. Of that estimate, just about $3,411 is allocated for the purchase of food.

Taxes

Florida has no personal income tax, which means that local taxes play a huge role in the cost of living in Florida. Plus, the average effective property tax rate in Florida is 1.02%, which is less than the national average. Florida has a statewide sales tax of 6%. Some counties add their own sales tax to that 6%, with anywhere from a 0.5% to 2.0% hike. In turn, the state has a sales tax rate that maxes out at 8%. Additionally, Floridians pay a higher percentage toward gas taxes than many other states. Florida’s gas tax is 41.36 cents per gallon on regular gas, the 10th highest in the nation. There is also a special tax on alcohol, in Florida. This comes out to 48 cents per gallon on beer and $6.50 per gallon on spirits. A special tax on communications services means consumers pay 7.44% extra on all phone, internet and television services. Service providers bill a maximum of 5.07%, with the remaining 2.37% left for consumers to pay on their own. Floridians pay a tax of 11.44% on satellite services like DirecTV.

Transportation

According to Gas Buddy, Florida’s gas prices average $3.20 per gallon. However, Sam’s Club has the lowest fuel prices, averaging $0.40 less per gallon than all other vendors. The average annual premium in the state is $2,219 or $185 per month. Public transportation options in Florida aren’t amazing, as the Sunshine State is a driving state. A monthly pass for public transit in Miami-Dade County will cost you $145 or $72.50 if you qualify for a discounted fare. 

 Miscellaneous Cost-of-Living Facts

Florida has plenty of major league sports teams to keep fans happy. As in other states, baseball games carry the lowest average ticket price. Fans of the Miami Heat basketball team will generally pay the highest average ticket price to catch a game.

Requests for emergency financial assistance can be made in person at Army Community Service during normal duty hours, Monday through Friday, excluding federal holidays. Under reciprocal agreements with the Navy, Marine Corps, Air Force and Coast Guard Societies, Army Emergency Relief can provide financial assistance to members of other services. Personnel requesting assistance must meet eligibility criteria to receive assistance from one of the military relief societies. For questions or to request financial assistance, contact ACS at 305-437-2653/2644. Assistance is provided by the American Red Cross after normal duty hours or on weekends by calling 877-272-7337.