Consumer Tips and Topics
yourself first by putting away 10 percent of your take-home pay in a savings
account. To accumulate wealth, you must understand the "time value of money" and
the impact of compounding interest.
2. Establish financial goals.
Set immediate, intermediate and retirement savings goals for yourself and your family.
Review and update your goals annually.
3. Establish a budget and
stick to it. Track your expenses -- small purchases add up quickly. A daily cup
of coffee can cost you $200 a year.
4. Use credit sparingly
and wisely. Plan for large purchases or gifts. Credit should be for emergencies
5. Never use your government credit card for personal
or other unauthorized purchases.
6. Learn the principles and types of life insurance
available. Buy only what you need. Remember, the primary goal of life insurance
is to replace family income in the event of a breadwinner's death.
7.Beware of scams and rip-offs. If it sounds too good to be true, it probably
8.Stay financially current by reading and taking courses.
9.Set aside money for unexpected events, such as deployments, car
repairs, or extra medical and dental expenses.
10.Know your rights
under the Fair Collection Practices Act and Soldiers' and Sailors' Relief Act of
1940. Information on these laws is available through your installation legal services
*Compiled by the DoD Office of Family Policy