BBB Shares Money Tips for Military Families

In Honor of Military Saves Week, BBB Shares Money Tips and Financial Resources to Protect Military Families and Help Them Plan Their Future

Better Business Bureau (BBB) joins Military Saves for “Military Saves Week”, February 25 through March 2. Throughout the week BBB’s Military Line will offer education and information meant to motivate, support and encourage service members, military families, and veterans to save money, reduce debt and build wealth. BBB believes supporting financial readiness helps protect military consumers and their families.

Why does it matter? According to BBB Scam Tracker, service members, veterans and their families are more likely to be targeted for scams and lose 27 percent more money than the average consumer. Complaints by military consumers have risen by 30 percent and more than three out of four service members have financial worries. They are also two to three times more likely to exhibit unhealthy financial behaviors.

Organized by Military Saves, a partner in the Department of Defense’s Financial Readiness Campaign, BBB and thousands of organizations are encouraging the community to take the Military Saves pledge. The pledge is a commitment to exercise good financial habits, improve financial readiness and encourage other Americans to do the same.

Below are steps BBB recommends for military personnel and their families to help them achieve financial security:

Create a plan. Create a budget or spending plan for monthly expenses and plan to save for rent, utilities, and groceries.  By including savings in a monthly budget military consumer’s are committing to paying a very important person…him or herself.

Set a savings goal. People save more when they have a goal in mind. Whether it is saving for retirement, an emergency or a child’s college education, one should keep a savings goal in mind.

Use a savings checklist. America Saves offers a free savings checklist to help track progress at bit.ly/savingschecklist.

Save automatically. Contribute to the Thrift Savings Plan (TSP) and have a portion of every paycheck transferred into a retirement account, prior to being paid. Military members can set up allotments through an online myPay account and designate a specific amount to a separate account from basic checking – preferably a savings account. 

Extra Tip: Tax time is a great opportunity to save for those who receive a refund. Visit SaveYourRefund to learn how saving at least $50 of your tax refund could win ones $25,000 in 2019!

Supporting Military Saves Week, BBB’s Military Line reminds military communities of free resources available through BBB’s across the United States, Canada, and Mexico.

Scam Awareness and Prevention Education – BBB teaches financial readiness classes at various military installations and veteran-resource centers.

Military Community Outreach – BBB attends and supports community fairs, conferences, and events, connecting with service members and veterans.

Data Collection – Via BBB Scam Tracker, BBB analyzes data received to help identify threats and the needs of our military community in the marketplace.

Complaint and Dispute Resolution – BBB helps military consumers resolve disputes by taking complaints at bbb.org/complaints and sharing issues affecting the military community at large.