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Your Military Money
August 2023
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Happy August! It's a big transition month, especially for families. Long, relaxed summer days are giving way to a flurry of back-to-school activity — from shopping and haircuts to orientations and college drop-offs. Those expenses add up, so look for money-saving tips in this edition.
Other important changes are right around the corner. They include the end of the U.S. Department of Education's COVID-19 relief for federal student loans, with interest accruing again in September and payments resuming in October.
Also new and noteworthy: Military families with qualifying expenses such as child care, preschool, summer camp and elder care may be able to take advantage of a pre-tax benefit called the Dependent Care Flexible Spending Account. Read on to see how it might help your family!
See you next month,
Your Financial Well-Being Team
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Discover the DCFSA Benefit
If you have dependents, you probably know that care options can be expensive. Fortunately, a new benefit is rolling out to support military families! The Dependent Care Flexible Spending Account is a pre-tax benefit that qualifying participants can use to pay for eligible dependent care services such as babysitters, preschool and child or elder care. Because the money is deducted before taxes, it keeps more money in participants' pockets. It's also an easy and convenient way to manage dependent care expenses. Find out whether DCFSA might be a fit for your family!
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Save on School Shopping
It's time for the annual tradition of shopping for back-to-school clothes, backpacks, lunch boxes and long lists of teacher-requested supplies. Offset some of those expenses with these suggestions.
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Spot 'Spend More' Strategies
Companies use various marketing techniques to tempt you to part with your money. Keep your spending aligned with your goals — and not theirs — by watching for these four tactics when you shop.
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Reminder: Federal Student Loans Resuming
The U.S. Department of Education paused student loans during the pandemic, but that pause is ending. Student loan interest will resume on Sept. 1, and student loan payments restart in October. If you or a family member have a federal student loan, be sure to add that monthly expense back into your spending plan so you are prepared to make those payments. According to the Department of Education, you should receive your first bill at least 21 days before it is due.
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Support Available for Families With Special Needs
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If your family has special medical or educational needs, you can receive services and support through the Exceptional Family Member Program. Navigate your options: Use the EFMP & Me tool's checklists, resources and referrals. |
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ABOUT US
The Office of Financial Readiness oversees Department of Defense-wide financial literacy programs and education to enable service members and families to strengthen their personal financial well-being.
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