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The Military Financial Service Provider eNewsletter
December 2022
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Spending Plan Tool Helps Service Members Manage Cash Flow
Encourage service members and their families to start the new year on the right foot by using the Spending Plan Worksheet. This newly revised tool allows them to record their cash flow for the current month and then use that information to develop the next month’s spending plan. The tool automatically handles all computations.
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Spread the Word About Handling Unexpected Expenses
Share this conversation card with the leaders on your installation. It provides tips that leaders can discuss with service members on how to plan for unexpected financial emergencies. It also gives leaders a list of relief organizations where service members can seek emergency financial assistance.
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Encourage Service Members To Review TSP Contributions Before Year-End
Now is a good time for service members to review their Thrift Savings Plan for the upcoming year. Help them determine if they are getting their full match. DoD provides matching contributions (up to 4%) when a service member contributes up to 5% of their pay. If they wish to max out their annual TSP contributions, the IRS increased the contribution limit to $22,500 for 2023. Information on changing contribution elections is available on the Defense Finance and Accounting Service website.
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Actions Underway To Strengthen Economic Security of Service Members, Families
In September, Secretary of Defense Lloyd J. Austin III launched “Taking Care of Our Service Members and Families,” a four-part plan to help military families afford basic needs like housing, food and child care. The initiative also eases the process of PCS moves and expands job opportunities for military spouses. Find out more about the plan at Military OneSource.
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Money-Saving Tips for the Holiday Season
Did you know that the exchanges provide tax-free shopping, do price matching and offer layaway services? Share these helpful tips with service members during the holidays or whenever they mention saving for a large purchase. This blog offers many more smart shopping tips to help military families deal with rising costs.
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Service Providers and Leaders
The Office of Financial Readiness is here to support you in your mission of providing service members and their families exceptional financial knowledge and education. Here, you’ll find resources for developing your social media presence, keeping abreast of financial policies and laws, enhancing your coaching skills through training, and much more.
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