Three easy steps to Protect Your Military Family’s Finances
By: Josephine Maltsberger
What comes to mind when you think about July? Independence Day? Fireworks? Vacation?
While many of us are planning holiday celebrations and summer travel, July is also Military Consumer Protection Month, a reminder that financial readiness includes knowing how to protect yourself from predatory practices and make informed financial decisions.
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.
Josephine Maltsberger, MSM, AFC®, PMP®, has worked in personal finance for 26 years, including 23 years of supporting the military community through both professional roles and volunteer service. She is passionate about helping individuals improve their financial literacy and confidence so they can make informed decisions and achieve financial freedom. A graduate of the Military Spouse Fellowship Program, Josephine holds the Accredited Financial Counselor® (AFC®) and Project Management Professional (PMP®) certifications, as well as a Master of Science in Management (MSM).