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Tips for Starting Healthy Money Habits in MilKids
Military families face unique financial challenges: Frequent moves, deployments, spousal employment and changes in income can be obstacles to building long-term financial security. Those challenges can also become teachable moments for the MilKids in your life, however. In honor of the Month of the Military Child and Teach Children to Save Day on April 24, we've compiled a few of our favorite tips that parents can use to set their kids up for financial success, such as talking honestly about money and helping children set their own financial goals, even if it’s only saving up for a new toy.
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Create or Update Your Spending Plan
It's Financial Capability Month! Take time during April to reevaluate your spending plan. Our handy guide walks you through the process, starting with a worksheet you can use to track your earnings, savings and spending. Then, we'll share suggestions for how much to allocate for various expenses. For example: A good rule of thumb is to spend less than 25% of your pre-tax pay on housing. Once you create a plan, the most important part is ensuring it's attainable and that there's room to grow.
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Missed a Bill? Take These Steps
Life is busy. Work, family, household chores, games, lessons, doctors’ appointments — if you're anything like us, you're always on the go. It's easy for things to occasionally fall through the cracks, even bills. The important thing when you get a late notice or even a bill from a collection agency is not to panic, and don't click on any unexpected links or give out your personal information until you've verified the bill. This blog from FINRED has seven ways you can take action and get back on track.
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Build Your Emergency Savings
Do you have savings goals? Perhaps you want to grow your emergency fund or focus on retirement. Evaluate the state of your savings this month. Begin by identifying or updating your goals, finding unnecessary expenses to cut and deciding where to allocate your savings. The Federal Deposit Insurance Corporation (FDIC) has tips, strategies and seven questions you can ask yourself to get started.
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Join the Mission!
MilSpouse Money Mission® is an official communication from the United States Government, brought to you by the Department of Defense Office of Financial Readiness. It offers free personal financial education specifically designed for military spouses. Learn how we can serve you — and share this DoD resource with your friends.
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