Essentials

Borrowing – The Essentials

Managing debt is a crucial part of financial responsibility. Too much debt can negatively impact your financial health and affect your credit score, making it difficult for you to make purchases in the future. Military OneSource provides smart strategies for recognizing the difference between good debt and bad debt, paying down your bills, reducing your dependency on credit cards and taking control of your personal finances.

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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.

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Predatory Lending Warning Signs

Payday lending (sometimes called a “cash advance”) is the practice of using a post-dated check or electronic checking account information as collateral for a short-term loan. To qualify, borrowers need only personal identification, a checking account and income from a job or government benefits, like Social Security or disability payments.

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11 Calculators to Help You Scope Out Your Personal Finances

Buying a car or appliance? Applying for a loan? Paying off debt? Saving for college? You can learn how to take more control of your personal finances. Military OneSource has assembled 11 calculators to show you ways to pay off debt and help you better manage life’s financial decisions.

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Managing Your Debt

FINRA Foundation research shows a significant number of military families have large credit card debt, with one in four respondents reporting outstanding balances of more than $10,000. Use these tools to learn more about credit scores, managing credit and ultimately making better financial decisions.

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5 Tips for Using Credit Cards Overseas

Whether you’re stationed out of the country or just traveling, plan to use your card wisely while overseas.

General

MilTax: Tax Services for the Military

MilTax preparation and e-filing software is available mid-January through mid-October. Powered by an industry-leading tax service provider, it’s designed to address situations specific to the military. This easy-to-use, self-paced tax software walks you through a series of questions to help you complete and electronically file your federal return and up to three state tax forms. Calculations are 100% accurate – guaranteed by the software provider.

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Military Relief Organizations and Emergency Financial Help

If you’re having serious financial problems, your service relief organization may be able to help. Army Emergency Relief, the Navy-Marine Corps Relief Society and the Air Force Aid Society are here to help you weather financial emergencies.

Resources

Housing – Resources

Finding a new home can be an exciting experience, especially when you have the right resources to help you through the process. Military OneSource and your installation’s housing office provides tools, referrals to services and personalized. …
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How to Control Your Debt When You’re in the Military

Take control of your finances by gaining a better understanding of your debt and how to work toward paying off what you owe. Create a plan now and commit to your financial freedom.

Voluntary Education Websites

These resources offer information on federal grants and loans, scholarships for injured service members and other education tools. Defense Activity for Non-Traditional Education Support, or. …
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Request Emergency Financial Assistance if Impacted by COVID-19

Service members and their families who have been affected financially as a result of travel restrictions, closures and other events associated with coronavirus disease 2019 can check with their service relief organization to see if emergency help is available

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How to Get Your Household Goods Overseas

If you’re moving overseas, you may be focused on the new job, new culture and new opportunities that await you abroad.

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Financing Your Child’s College Education

So, your child is ready for college — and you’re ready to support their education goals. Now you just need to figure out how to pay for it. Luckily, you’ll find lots of resources to help military families finance their children’s college, from saving plans to scholarships.

Benefits

For Service Members – Benefits

If you’re looking for tuition assistance or help with finding a job, many agencies and organizations are ready to assist. On this page, Military OneSource provides valuable information, benefits and tips about higher education and. …

Expanded Hourly Child Care Options

The Department of Defense offers military parents a variety of child care services so each family can find a solution that fits their needs. Military OneSource now provides MilParents another way to find  hourly child care.

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Free, Confidential Face-to-Face Non-medical Counseling

Sometimes strength means asking for help. Military OneSource and the Military and Family Life Counseling Program offer free, confidential, face-to-face non-medical counseling to support you with military and family life challenges like preparing for and handling a move or nurturing a relationship with a deployed spouse.