Assess Your Financial Security This Military Consumer Month
July brings Independence Day fireworks, picnics — and Military Consumer Month. That makes it a great time to celebrate your financial freedom, review your current financial protections and get the biggest bang for your buck!
Frequent relocations, steady paychecks, separation from family and friends, and deployment demands can make you a target for scammers and predatory lenders. So learn about your financial rights and responsibilities, protect yourself from fraudulent businesses and practices and take action. Military Consumer Month makes it easier for you by highlighting the financial resources, tools and protections that are available throughout the year.
“MilitaryConsumer.gov is a Service member’s tool for financial readiness,” said Andrew Smith, Director of the Federal Trade Commission’s (FTC’s) Bureau of Consumer Protection. “When you know how to manage your money — and how to spot a rip-off — you’re more financially solid and mission ready.”
Financial education and understanding is the first line of defense in consumer protection. Be an informed and empowered consumer as you purchase goods and services for your personal use and make smart financial decisions. Take time to assess and address your financial well-being and security. When you know that you and your family are protected, you can focus on the mission at hand.
Earn, Spend, Protect, Borrow, Save and Invest
During Military Consumer Month, and whenever you sit down to work on your financial goals, think through how you can maximize what you earn, spend wisely, protect your assets and be a savvy borrower, saver and investor.
Earn
When it’s time to enter the job market as a veteran or military spouse, be wary of opportunities that sound too good to be true.
· Legitimate companies will never charge you money to get a job, or guarantee you a job only if you pay. But job scammers will.
· Work with the professionals at your installation’s Family Center, which may have a career center or transition office, to develop your resume and find legitimate job opportunities that are right for you.
· If you’ve dreamed about being your own boss, have all the facts before taking the entrepreneurial plunge.
Spend
In military life, it helps to think ahead. Spend with a plan.
· Be an informed consumer and smart shopper. Tips include shopping your nearest commissary and exchange and looking for the best deals in your area.
· Prioritize your goals, shop around, scrutinize options and negotiate price and finance terms. Set up an appointment with an accredited Personal Financial Manager (PFM) or Personal Financial Counselor (PFC) at your Family Center for no-cost, personal support on topics including how to approach car shopping and other major purchases.
· A spending plan is a road map for using your money. Work toward paying your bills and saving for the future while having money left to play with. Set up an appointment with a PFM or PFC for guidance.
Protect
Crooks defraud millions of people every year, but with the right preparation you can learn to protect yourself, your identity and your assets.
· Safeguard your money, personal information, financial records and reputation. The FTC can tell you how.
· If you suspect you’ve been the victim of identity theft, act fast! Minimize damage by reporting the problem quickly.
· Fraudulent schemes often combine new technology with lies to get people to send money or give up personal information. Be an empowered consumer, protect what’s yours and find ways to identify and avoid scams and receive notifications through the FTC’s Scam Alerts.
Borrow
Know your financial story if you plan to borrow money, understand your protections as a borrower and shop for the best terms of credit.
· Check in with your PFM, PFC or local U.S. Armed Forces Legal Assistance before signing a lease or taking a loan. You may be able to keep a few more dollars.
· Know your rights under the Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA) and additional protections under the federal Truth-in-Lending, Fair Credit Reporting, Fair Credit Billing and Fair Debt Collection Practices acts.
· If you suspect your loan or credit product violates the MLA, submit a complaint with the Consumer Financial Protection Bureau (CFPB) or take action through the FTC. Explore other options through Legal Assistance.
· Having good credit can make a big difference if you need to rent a home, buy a car, obtain insurance and even get a security clearance. Here are ideas for improving your credit and making a positive impact on your credit history.
Save and Invest
You need your money to be safe and secure — and available when you need it.
· Compare offers and services from credit unions and banks to choose the right financial institution for you. Here are savings and investment questions to consider. This CFPB checklist will help you get started when opening a new account.
· Your military service gives you a few more options for saving, such as using tax-free deployment pay to set aside a little more.
· Small changes, such as adjusting your coffee, dining and movie habits, can make a big difference.
· Make sure any money you invest outside the Thrift Savings Plan is with a reputable company. Do your homework on the investment, investment professional and company.
Reach Out
Make an appointment today to receive no-cost, personal support from an accredited PFM or PFC. Turn to MilitaryConsumer.gov, CFPB and Military OneSource for resources and answers to financial questions. Reach out to Legal Assistance for help with leases and loans. Follow @DoDFINRED on Facebook, Twitter and Instagram for tips to keep you financially fit. Look for more on YouTube. Follow @MilConsumer on Twitter for consumer protection tips and resources and current scam information.
Arm yourself with knowledge during Military Consumer Month and beyond. Take advantage of these no-cost resources and services to grow and protect your money.
