Three easy steps to protect your military family’s finances

Financial readiness means understanding how to protect yourself from predatory practices and make confident, informed financial decisions. Here are some helpful steps to get you started:

1.      Start with Research

One of the best ways to protect your finances is to do your homework before making a purchase. Whether you’re shopping for a new car, applying for a loan, or making another major financial decision, take time to research your options.

Review your budget, understand what you can realistically afford, and learn about the businesses and lenders you’re considering. Are they military-friendly? Do they have a strong reputation for customer service? Have other consumers reported concerns or complaints? A little preparation can help you avoid costly mistakes and make decisions with confidence.

2.      Stay Vigilant

Service members and their families are often targeted by aggressive sales tactics and predatory financial practices. These may come from lenders, retailers, or even individuals who claim a military affiliation.

That is why it is important to stay vigilant. If someone is asking you to spend your hard-earned money, take the time to understand who they are and whether their offer is truly in your best interest. The more informed you are, the better equipped you will be to recognize red flags and avoid financial pitfalls.

3.      Know Your Rights and Resources

In addition to the consumer protections available to all Americans, service members and their dependents may be covered by laws such as the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA).

You do not have to become an expert on consumer law, but it is important to know where to find reliable, unbiased information. Resources such as the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) offer valuable guidance on consumer rights, financial products, and common scams.

You also do not have to navigate financial decisions alone. Service members and their families have access to free, confidential support on the Department of Defense Financial Readiness (DoDFINRED) website. Counselors can assist with budgeting, credit management, and consumer education.

Additional assistance is available through Military OneSource and your installation’s legal assistance office.

Consumer Awareness Supports Financial Readiness

Being an informed consumer puts you in control. By researching before you buy, understanding your rights, and taking advantage of available resources, you can make confident financial decisions and better protect your financial future.

Make consumer awareness part of your financial readiness strategy. Taking a few extra steps before making a financial commitment can help ensure you are making decisions that support your goals, protect your finances, and safeguard the resources you have worked hard to earn.