Conversation Starters For Military Families
MARCH 1, 2018 (LINCOLN, NEB.) — This week is Military Saves Week, which encourages members of the military and their families to save money and build wealth. The Nebraska Department of Banking and Finance (“NDBF”) proudly supports our service members and understands that they have unique challenges.
Military life changes quickly with deployments, relocations, promotions or changes in dependents. NDBF is issuing conversation starters to help military families prepare themselves to make safe and wise financial decisions.
Budgeting
- How much income goes toward fixed expenses (e.g. rent, insurance) versus flexible expenses (e.g. entertainment and investments)?
- Have you created a financial plan to show where your money goes?
- Have you taken advantage of military resources to help develop personal finance skills?
- Are your family members aware of all financial accounts, bill deadlines, investments, etc. in case of deployment or an emergency?
Saving
- What are your short and long-term financial goals (e.g. buy a home, start a family)?
- Do you have an emergency fund for unexpected financial hardships?
- How could you spend less and save more?
- Are you aware of the special savings accounts and financial programs available to military personnel on deployment?
Investing
- What are the risks and benefits of investing compared to saving?
- What investments are appropriate now (e.g. securities, real estate, education)?
- How do you balance immediate financial needs with long-term financial goals?
- Do you understand basic investing strategies (e.g. diversification and dollar cost averaging)?
- Who can help you make informed financial or investment decisions?
- Are you taking advantage of all government-offered investment and retirement plans?
Scams and Frauds
- How do you identify and report suspected fraud?
- Where can you verify the background of financial professionals or firms?
- How can you effectively monitor your investments?
- How can you stay aware of current investment scams and fraud?
Additional information about Military Saves Week and a list of resources and events is available at www.militarysaves.org.
More information about the laws governing the securities industry in Nebraska can be found on NDBF’s website at www.ndbf.nebraska.gov. If you have questions about any investment matter, call NDBF’s Consumer Hotline toll free at (877) 471-3445 in Nebraska, or (402) 471-3445 if you are out of state.
