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The Military Financial Service Provider eNewsletter
September 2023
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October Is Financial Planning Month
It’s a perfect time to encourage service members and their spouses to give their finances an annual checkup. Suggest they compare their personal and career ambitions to their monetary goals and then adjust their spending plan to meet their short- and long-term desires — with an emphasis on retirement and estate planning. To help you spread the word, we've created a media kit with fact sheets, flyers, messages and images you can use on social media or in emails and eNewsletters.
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Obtaining Financial Aid for College
There are countless grants and scholarships to help service members and their children pay for college. The first step in tapping into these financial resources is completing the Free Application for Federal Student Aid (FAFSA®). Aid applications for the 2024-25 school year open on Oct. 1. Since many funding organizations, states and colleges set priority application deadlines, it's a good idea for applicants to complete the online FAFSA form as early as possible for the following school year.
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Now Available: DCFSA Resource for Military Leaders
Use this new conversation card to better understand the DoD's newest benefit, the Dependent Care Flexible Spending Account (DCFSA). The card outlines the DCFSA, the tax advantages of opening an account, allowable dependent care expenses and service member eligibility. It also includes a QR code for easy access to informative videos, helpful calculators and the FSAFEDS enrollment website. Federal Benefits Open Season begins this fall, so now is a great time to start talking about the DCFSA.
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 We're Moving to Quarterly
A special note to our readers: We are moving to quarterly publications. That means you’ll receive the next issue in your inbox on Dec. 12. Stay informed about our latest website updates — simply sign up at the bottom of this eNewsletter to learn when new content hits our website.
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 Next Month Brings Federal Student Loan Bills
Remind service members or spouses who have federal student loans that the U.S. Department of Education's COVID-19 pause on loan payments has ended. Interest began accruing on Sept. 1, and payments resume in October. Encourage borrowers to adjust their spending plans now and expect their first bill to arrive at least 21 days before payment is due.
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 Understanding How Marketing Impacts Purchasing
The power of "free," social proof and the fear of missing out — these are just three common tactics companies use to influence buying behavior. If shoppers aren't aware of these powerful strategies, they may be enticed to purchase items they don't want or need. This informative article uncovers these emotion-led tactics and how to honestly assess needs versus wants when making purchase decisions.
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Large Purchase Primer
Throughout the third quarter, we've given you shareable DoD-trusted resources to help service members protect themselves against unfair and deceptive practices. Here's one more resource to bookmark: a card that encourages military leaders to talk with service members about purchasing a home, car, vacation, appliance or another high-ticket item. Directing service members to helpful resources can build their confidence to make informed decisions that support their personal goals.
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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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