This month the President pronounced April 2016 National Financial Literary Month. So what does that mean to you? In the proclamation he shared the many government tools and resources that are available to you from saving and investing, to the “know what you owe” campaign with regard to student loans. In addition to these great resources there are also resources that are available exclusively to you as a servicemember or family member.
Financial literacy can mean different things to different people but the basics for most are listed below with resources that can help you make a plan to help you and your family become more financially literate. These four topics also follow the Department of Defense’s new Pillars of Financial Readiness.
Manage – Manage money: this is where you can get information on managing cash flow; funds coming in and going out. Including: setting goals, earning, spending, and borrowing wisely.
MyMoney.gov
Know Before You Owe Campaign
Save and Invest – Save first, then invest: this is where you can get information on how to save successfully for emergencies, retirement and everything in between. Including: life-cycle decisions and retirement planning.
Military Saves Campaign
SaveandInvest.org
Protect – Consumer Protection: this is where you can learn about all aspects of consumer protection; protect the assets you have. Including: the prevention of scams, insurance needs, emergency savings, and transition planning.
Military Consumer Protection
ConsumerFinance.gov (Servicemember Affairs)
Future Planning – Evaluate your plan often: this is especially important as you go through major life changes and need to make decisions based on those changes. Including: military-life cycle decisions, financial planning, & estate planning.
Thrift Savings Plan
MilitaryOneSource.mil (Legal Issues) – also consider visiting your local installation legal office
Visit AMBAHQ.org for more resources and information.