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Your Military Money eNewsletter: January 2025 Edition

Department of War Financial Readiness Program sent this bulletin at 01/14/2025 03:10 PM EST

Your Military Money

January 2025

Managing Your Money: Understand Your Money Values With This Survey

January is Financial Wellness Month, a time to take concrete steps toward achieving your money goals. Our new occasional feature, Managing Your Money, can help you. We’ll use this space to suggest a simple task you can do within the next 30 days to improve your financial literacy and take control of your finances.

January’s tip: Start the year on the right foot by defining your financial values. Take this short survey to understand your beliefs and learn how they affect the way you spend, save and invest your money.

Consumer Alert: Text Message Investment Scams

The Commodity Futures Trading Commission (CFTC) is urging people to be skeptical if they receive text messages describing cryptocurrency investments that offer guaranteed, oversized returns. Fraudsters are now using WhatsApp, Telegram, SnapChat and other messaging platforms to lure potential victims with “can’t miss investment programs” that purportedly yield profits up to 1,000%. Learn how to do a background check to see if the individual or firm is legitimate, then find out how to protect yourself.

Eight Tax Saving Strategies

Before tackling your 2024 tax returns, check out these hints on how to maximize your savings. This infographic includes guidelines on itemizing, uncovering tax credits and tracking down forgotten deductions. It also includes a link to the updated version of MilTax’s free software so you can get a jump on the process early!

Get the Lowdown on “People Finder” Websites

Suppose a long-lost friend from high school recently reached out to say, “Hi.” Although you were happy to catch up, you were less thrilled when you discovered that your phone number and street address popped up on an internet “people search” site. If that friend tracked you down so easily, you might wonder, who else has access to your personal information? This Federal Trade Commission (FTC) article explains how “people search” sites work and how to have your contact information removed from them.

Don’t Miss Out on Earned Income Tax Credits This Year

January 31 is Earned Income Tax Credit (EITC) Awareness Day — a perfect time to ensure you’re getting all of the refundable tax credits that you qualify for! Tax refunds are often the largest single payment Americans receive each year, making it a great opportunity to start a savings account or pay down debt. Many Service members overlook EITC, but it could boost your savings. Don’t leave money on the table — find out if you qualify today!

Did You Know?

You don’t need to deplete your bank account when starting a new activity or hobby. Whether your new year’s resolution includes working out regularly at a gym, joining a bowling league, perfecting your golf swing, tackling simple car repairs or learning to paint like Picasso, MWR can help you affordably achieve those goals. MWR operates free or low-cost recreational programs on many military installations. Discover what’s available on yours.

Resources

ABOUT US

Your Military Money is an official communication from the United States Government, brought to you each month by the Department of Defense Office of Financial Readiness. FINRED oversees DoD-wide financial literacy programs and education, enabling Service members and families to strengthen their personal financial well-being.

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