Resources

Taxes — Resources

As a service member or eligible family member, you can take advantage of several resources and services that can make tax time easier. Tap into 100% free tax and financial counseling, secure online preparation and free tax filing, and information. …
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Deductions, Allotments and What Comes Out of Your Military Pay

Like a coin, there are two sides of your military paycheck. There’s what goes into your paycheck — basic pay, allowances and special and incentive pays — and there is what comes out.

Resources

Personal Finance – Resources

Service members and their families have access to numerous resources to save money and manage expenses. Learn more about ways to save and protect your family’s financial health with the following. …
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7 Steps Military Families Can Take to Save Money

Saving money takes time, discipline and commitment, which is nothing new to military families. These seven steps will help you on your journey to financial security.

Essentials

Blended Retirement System – The Essentials

Under the military’s new Blended Retirement System, about 85 percent of all active-duty and reserve service members will receive a retirement benefit, even if they don’t qualify for full retirement. That’s a big difference from the low numbers of service members today saving for retirement. Your future self will thank you if you begin saving even modestly today for your tomorrow. Recent changes make it easier to save for your future.

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Tools to Help you Save for the Future

In the military, you learn to prepare for the future by using the tools at your disposal. Saving money is one important aspect of this. The more money you save, the more prepared you will be for opportunities or unexpected events that come your way. Read about several savings tools to help you get the most out of your military pay.

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The Savings Deposit Program

If a combat deployment is in your future, be sure to learn about the Department of Defense Savings Deposit Program, a savings account that earns you 10% interest, before you deploy.

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Living on Your Military Paycheck

You can take control of your financial future today. Start small with a few simple changes to save more, spend less, and better manage your day-to-day finances.

Essentials

Protecting Your Finances – The Essentials

Millions of people fall victim to identity theft or financial scams each year, costing them money, time and aggravation. Don’t be one of them. Learn ways to protect your personal, military and financial data, and reduce your chances of getting swindled and slowing you down as you build financial security.

Four Steps to Put Your Financial House in Order

During deployment, you may be eligible for military pay entitlements, like family separation allowance or combat pay. This is an ideal time to save money or pay off debt. Here are steps to reach your financial goals.

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Your Leave and Earnings Statement

Your monthly Leave and Earnings Statement, or LES, is one of the most important financial documents you have for mastering your money and achieving your financial goals. Here’s how to decipher the code.

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Certification Process Eases for Student Recipients of Survivor Benefit Plan

The certification process has gotten easier for students age 18 and older covered as a child annuitant under the military Survivor Benefit Plan. SBP students now have more time to file their certifications each semester and can file school certification forms online.

Budgeting Tips to Successfully Balance Your Budget

Learning to balance your budget is a necessary life skill. While it sounds like a chore, once you develop some sound budgeting strategies, you can enjoy the security it provides and build wealth. Plus, keeping sound finances is important for your security clearance.

Resources

New to the Military – Resources

You’re learning to navigate the new world of the military, and that takes knowledge and resilience. At Military OneSource, we’re here to support your military career with the tools you need to be a successful member of the armed forces.

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Military Pay 101: How to Open a Bank Account and an Introduction to TSP

We’ve got some tips on how you can make the most of your basic pay — from the most important parts of your actual pay stub to picking the right bank account, to even getting a “raise” by increasing your Thrift Savings Plan contributions.

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Ins and Outs of Tax Filing When You Are Deployed

Deployed service members are expected to file their taxes. Fortunately, the Internal Revenue Service realizes service members and their families face unique circumstances and offers tools — and some special extensions — to make tax filing easier.

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.