The U.S. Census Bureau announced yesterday that in 2010, median household income declined and the poverty rate increased.
Specifically, the poverty rate increased from 14.3 percent in 2009 to 15.1 percent in 2010. That means 49.9 million live in poverty in the United States. In addition, the Bureau found that real median household income declined 6.4%.
The government’s newest consumer watchdog is looking for information about financial services targeted to members of the military. In a press release issued this week, the Consumer Financial Protection Bureau asked soldiers and their families to write in about the current state of products, programs and educational efforts geared to helping them financially.
Our Money Matters Newsletter is stuffed with news, benefits, and money saving tips and coupons available only to Military.com members.
Find Out What You Spend
Take a look at your spending for August. Now break out everything you spent into different categories (including saving). You can either do this yourself through a program like word or excel or you can use one of many free or paid services - it's up to you! Here's a great example.
Be a Military Saver
"I've got plenty of savings, and I never worry about money."
Help our military families and our nation say that and mean it. Join the Military Saves campaign today, and invite your entire organization to become a saving community. Visit www.militarysaves.org.
If you’re part of a military organization, ask your commander to commit to the campaign. It’s part of the DoD Financial Readiness Campaign, and is an official program authorized by the Undersecretary of Defense for Personnel and Readiness. Army, Navy, Air Force, Marine Corp, National Guard, and Coast Guard are all partners in the campaign. It’s as simple as promoting saving – for emergencies, for purchases, for debt reduction, for home ownership, for education, for retirement – to the men and women in your organization, and to their families. Your defense credit union and military bank will help you by offering incentives and support for special events, and your Family Programs office can provide classes, workshop, counseling, and other financial literacy services that your people will want once they commit to building wealth.
If you’re a corporate representative or contractor, support the campaign within the military organizations you’re connected to, and bring the campaign to your company. Military Saves is part of the America Saves campaign, and we are committed to helping all organizations encourage saving among their employees, members and customers. Your human resources, marketing, and other executive staff will be interested in the simple system we suggest for campaign participation, and in the customizable resources available for your campaign partnership.
Go to www.militarysaves.org. today, and click on the “Resources” tab. If you have questions or want individual consultation, call or email us. Welcome to the campaign for a financially free America!
What is Unemployment Compensation?
Each State runs an Unemployment Compensation (UC) program for people who have lost their jobs. Eligible unemployed workers get weekly checks and can qualify for other work-related benefits.
Can I claim benefits if my spouse or partner was transferred?
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The IRS has put together a document that covers the special tax situations of active members of the U.S. Armed Forces.