A new consumer protection agency with far-reaching regulatory power has an office focused specifically on increasing military members' financial education while safeguarding them from predatory lending practices.
There are basic financial moves a Military Family can make to save even more in 2011.
- Financial Planning Association of Massachusetts:
- Military Initiative - The Financial Planning Association™ of Massachusetts is committed to supporting our military families - especially those who have family members deployed as part of a reserve or National Guard unit. Call the FPA of MA Referral Line - toll free - 866-804-0484. You’ll be matched with a CFP® practitioner who will work with you at no cost.
- American Red Cross - The American Red Cross has partnered with the Military relief societies to ensure that service members and their families have access to emergency financial assistance, 24/7, wherever they are located. When a Military or Family Member has an emergency, and it is afterhours and/or they are over fifty miles from a Military relief society office, they can contact the local Red Cross office. Red Cross caseworkers assist members with the Military relief society loan application. The application is processed through the Red Cross Military Aid Society Unit at National Headquarters, which works with the appropriate Military relief society office for their review and approval. The Red Cross caseworkers then coordinate with the relief society to ensure that the Member receives the approved assistance.
- To locate a Red Cross office, go to www.redcross.org and enter the appropriate zip code.
While many people may not like the fact, a credit score is an important facet of Americans’ financial lives if he or she intends to borrow money in the future for a new car, home, or credit card. But, many Americans, both members of the Military and civilians alike, are clueless as to how their credit scores are calculated by the three credit reporting bureaus. Sadly, according to a survey conducted by The Monitor newspaper, 56% of people did not know that their credit score is the single most important factor when applying for a loan for a house, a car, or even a new credit card.
Financial literacy is not often taught in schools, so parents are the primary teachers of personal finance to their children. The good news is that children are eager to learn from their parents. Learning money management at an early age is crucial. Eighty-one percent of teen respondents said the best time to learn money management was during their school years, grades K-12.
A good credit score will not only facilitate your ability to get financing to buy an automobile, a home and many other things at favorable interest rates, but could also help you get a job and obtain or keep your security clearance. Your credit score is a very important number. So, how do you build and maintain a good one—and, over time, even improve your score?