Credit card debt can sometimes become overwhelming, especially when presented with the temptation to spend. High credit limits with low interest rates can become an attraction many young families are not properly equipped to handle when the bill becomes due. Military families are often left to wonder if they will be able to pay off their balances before the interest rate increases. Or, worse yet, the bills stack up and you become unable to cover all of your monthly expenses.
Did you know that the U.S. government gives military members certain benefits for military members to fund their education with student loans? Were you also aware that military members are given special student loan repayment options as a reward for your service? Here’s the scoop.
A record-keeping system is a systematic approach to retaining and filing documents in a way that makes them easy to find when needed, even if it’s several years later. Record-keeping systems range from simple to elaborate and from basic to comprehensive. The ideal system is designed to fit your personal and family situation and lifestyle.
In times of financial crisis, the last thing you’ll want to do is start digging through the couch cushions for coins. Especially if you have a family. The stress of military life impacts families in unique ways and having a financial safety net in place can ensure that you’re protected when a financial emergency arises. One way to accomplish this is by setting up a cash reserve, a pool of readily available funds that can help you meet emergency or highly urgent short-term needs. Here’s how to get one started.
Your first step in repairing poor credit should be to obtain a copy of your credit report. The three major credit reporting agencies are Experian, Trans Union, and Equifax. You can obtain a copy of your report by contacting these agencies by phone, by mail, or through their websites. Check the report carefully for any errors and make sure that all the information contained in the report is correct.
Do you sometimes lie awake at night thinking about bills that need to be paid? Does it feel as though you’re drowning in debt? If this describes you, you might take solace in the fact that you’re not alone. A recent report released by the American Psychological Association (APA) showed that 72% of adults feel stressed about money at least some of the time, and 22% said the amount of stress they experienced was extreme.1
Now that we’ve made it through tax season and military families may be taking summer vacations, it’s a great time to take a look at your finances to ensure things are on track for the year. Planning opportunities are few and far between later in the year, so now is an ideal time.
When you envision retirement, you probably see yourself living comfortably, doing what makes you happy. Your dreams could be as lofty as traveling the world or as simple as spending more time with your friends and family. Everyone’s vision is unique.
Determining your retirement income needs is a process that helps you identify your retirement planning needs based on your desired standard of living and the resources you’ll have available. Today, you can typically no longer rely on Social Security benefits and a military pension check to fulfill all your retirement income needs.
Life insurance is a way to protect your loved ones financially after you die and your income stops. Military families have special circumstances to consider while deciding on life insurance protection.