Health & Wellness: Finances for Military, Veterans and their families

An 8-hour course designed to increase your knowledge and practices of basic finance in order to promote long-term financial fitness. This course provides a solid foundation for building stronger money management skills while recognizing the unique financial realities and stressors faced by military personnel.

Throughout the course, discussions, examples, and practical activities are tailored to military life and the financial decisions service members may face throughout their careers. Participants will learn how to create and use a spending plan, prepare for unexpected expenses, save for retirement, understand credit reports and credit scores, and build a personal financial toolkit. The course also considers military-specific factors such as rank and pay grade, allowances, deployments, permanent changes of station, separation from family, frequent moves, security clearance requirements, and preparing for transition from military to civilian life.

Financial difficulties can create significant stress that can affect personal relationships, family well-being, readiness, and professional responsibilities. Poor money management may also contribute to problems with credit, property ownership, security clearances, and long-term financial security. This course provides practical tools and military-relevant activities to help service members strengthen their financial habits, reduce financial stress, plan a workable budget, and prepare for a more secure financial future.

By the end of this training session, participants will be able to:

• Identify the elements of a budget and assemble a budget for your home using the Budget Toolkit
• Define the differences between simple and compound interest and make informed decisions about credit decisions
• Identify credit score, total debt, and debt-to-income ratio from a sample credit report
• Identify the differences between Chapter 7 and Chapter 13 bankruptcy 
• Define the purpose of the Fair Debt Collection Practices Act
• Identify the signs of compulsive debit and execute steps to recovery
• Identify and de-escalate financial stressors and combat their negative effects on the student’s health
• Discuss the differences and benefits of 401(k) and 401(a) programs, and establish investing goals