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Financial Readiness

Financial Readiness

Money MattersThe Army is here to help provide you with information on matters dealing with money. A Family Readiness Program (FRP) and Consumer Advocacy Services are available at every installation. Army Community Service (ACS) FRP teaches Soldiers in classroom training, individual counseling sessions, how to save and invest their money, how to establish savings goals, debt elimination strategies, and saving for emergencies. Through partnerships with non-profit corporations. Many of these tools and resources are provided online for those geographically separated from an ACS office.



Thrift Savings Plan The Thrift Savings Plan (TSP) is a Federal Government-sponsored retirement savings and investment plan. It is available for both Federal civilian employees and members of the uniformed services.

The TSP offers the same type of savings and tax benefits that many private corporations offer their employees under so-called "401(k)" plans. The retirement income that you receive from your TSP account will depend on how much you have contributed to your account during your working years and the earnings on those contributions.

But, it's important to remember the TSP is for long-term retirement savings. There are penalties for early withdrawals. So if you're looking short-term savings, consider U.S. Savings Bonds. They are a convenient way to help save for homes, education, automobiles, or vacations.

U.S. Savings Bonds earn competitive interest rates and are safe because they are backed by the full faith and credit of the United States. The interest earned on Bonds is exempt from state or local income taxes, and Federal tax can be deferred until a Bond is cashed or reaches the end of its interest-bearing life (30 years). See the Savings Bonds website, www.savingsbonds.gov.



Financial Literacy Game Demo

Step into a virtual world and learn about finances though the Army Financial Literacy Game! This virtual world integrates creativity, education and fun, making it a great way to learn about the financial world.

Watch this demo to learn more about the Financial Literacy Game and what it can do for you.



State CSC Support

Find your CSCCommunity Support Coordinators: The AOS web portal provides access to Community Support Coordinators (CSCs). A CSC is a contact person assigned to each state. The CSC is actively working with key stakeholders like service providers, state planners and educators and has insight on what is available for Soldiers and Families geographically distanced from a known military installation.

Click on the below link, choose your state and when the CSC Page loads you can visit the finance tab to see if there are some local resources for you to utilize.



CFPBThe Consumer Finance Protection Bureau (CFPB) mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.

The CFPB works to give consumers the information they need to understand the terms of their agreements with financial companies. We are working to make regulations and guidance as clear and streamlined as possible so providers of consumer financial products and services can follow the rules on their own.

Congress established the CFPB to protect consumers by carrying out federal consumer financial laws. Among other things, we:

  • Write rules, supervise companies, and enforce federal consumer financial protection laws
  • Restrict unfair, deceptive, or abusive acts or practices
  • Take consumer complaints
  • Promote financial education
  • Research consumer behavior
  • Monitor financial markets for new risks to consumers
  • Enforce laws that outlaw discrimination and other unfair treatment in consumer finance

Information specifically designed to help ServiceMembers and their Families is also a special goal for the CFPB. Click the below links to access this information and the helpful tools they have created.



BBB-Military Line Logo

 

 

Since 2004, BBB Military Line has provided free resources to our military communities in the areas of financial literacy and consumer protection through the efforts of 112 BBBs across the U.S.

The five main components of the program are:

  1. Education
  2. Outreach
  3. Information
  4. Data Collection
  5. Complaint and Dispute Resolution


Housing Trouble - Options Available for Military Homeowners

Military Families are not immune to the pitfalls of the housing crisis. Many of their stories are similar—some purchased a home that has drastically declined in value or they have orders to move and will no longer receive their current housing allowance to help cover the cost of their mortgage.

So, where can families like these turn for help? National Military Family Association has compiled a great listing of resources. Use the link below to access the article and see the programs available.



Military Saves ProgramMilitary Saves, a component of the nonprofit America Saves and a partner in the Department of Defense’s Financial Readiness Campaign, seeks to motivate, support, and encourage military families to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Military Saves encourages all servicemembers, their families, and civilian employees to take the Military Saves pledge and for organizations to promote savings year-round and during Military Saves Week.



Money Matters Mobile

Money Matters is a FREE mobile application developed by Army OneSource and is managed by IMCOM G9. The goal is to motivate, educate and support Active Duty, Reserve and National Guard Army Soldiers and their Families to save and plan for the future while incorporating mobile technology.

Money Matters supports the Financial Readiness Program goals of establishing solid fiscal management habits by partnering with the Military Saves Campaign and encourages users to take the Military Saves Pledge.

The application has been developed for mobile access and should provide a high-quality experience from Apple iPhone and iPod Touch, Android and the most current Blackberry with Operating System (OS) v5.

Access Money Matters by directing your Smartphone browser to: www.myarmyonesource.com/moneymatters

Or, if you have a Quick Response (QR) barcode reader App on your Smartphone, use the barcode reader with your built in camera to scan the Money Matters QR Code image. The website address will be captured directly to your phone.



Calculators
Calculator

Calculators
Our personal finance calculators are designed to help guide you through the financial decision-making process. All calculators are built to help you successfully manage your personal finances including, debt payoff, investments and loan consolidation.

  • Savings
    View the difference a regular savings plan can make!
  • Compound Interest
    See why it's better to start saving early for retirement.
  • Debt Payoff
    Determine how long it will take to pay off your debt based on different monthly payment scenarios.
  • Monthly Payment
    See what your monthly payment will be for a loan.


Financial Readiness CBT Training

Financial Readiness TrainingThere are two Financial based CBT's in the AOS eLearning Center and a users progress is tracked by the Online Learning Management System.

  • Financial Readiness Training
  • Financial Planning for Retirement

The Financial Training will provide users with a practical approach to financial management and tools to handle money wisely and manage more effectively. The Financial Readiness Training is geared towards First Term Soldiers, but both CBT's serve as valuable tools for all ages.



Library Resources for Financial Needs

Check on your 401K and other investments, read up on a company or search for personal finance information in a large collection of magazines, newspapers, and books. A worldwide network of over 90 libraries supports Soldiers and their Families. Find the library nearest you.

The online library resources funded by DoD and the Army General Library Program are available 24/7 from home or office. These online library resources can be found on the Library Home Page. (Note: All links below will load a new browser. To use these links, you may need to disable any pop-up blocking you may have enabled.)

Quick links to possible financial related subject areas are below:



Financial Profile
The Financial Profile system will help give you a more accurate picture of your finances. The system allows you to securely enter your data giving you the ability to make assessments based on the values.
Pie Chart


Retirement Information

The eLearning center offers courses that can help you learn how to prepare for a financially secure tomorrow. Interested? Try the following classes:

For more information about PRE-retirement and POST-retirement, visit:



Additional Financial Links


My Fico Website
[9/1/2014]

A website that provides information on credit scores used to determine your eligibility for loans.

Views: 2966
Youth Initiatives
[9/2/2014]

Resources from the Credit Union National Association (CUNA) that provide youth and young adults with information for financial literacy.

Views: 2427
Path to Investing
[9/2/2014]

Information on how to invest in your financial future. A source of objective and practical financial advice.

Views: 2148
myPay
[9/1/2014]

myPay is an innovative, automated system that puts you in control of processing certain discretionary pay data items without using paper forms. You can also get your pay and tax statements.

Views: 2902
Military Saves
[9/1/2014]

Military people just like you are proving that you don’t have to be rich to build wealth. From Junior Enlisted ranks to stay-at-home moms, from teenage family members to NCOs, officers, civil servants, SNCOs, retirees, veterans and contractors, those who serve America are serving their futures by savings money.

Views: 3176