Category: Financial Security for All

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What is an allotment on a service member’s military pay stub?

An allotment is a designated amount of money that is automatically withdrawn from a service member’s paycheck (this process can be voluntarily or involuntarily). All allotments require the use of Form DD2558, found with the command on base. Reasons for allotments include:

  • court-ordered payments,
  • payment of delinquent federal/state taxes,
  • payment of military loans,
  • payment of rent,
  • deposits in the Savings Deposit Program, and
  • deposits to a financial institution.

Service members are allowed to allocate up to six discretionary (voluntary) allotments …

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Can grandchildren being taken care of by grandparents be on our insurance until age 26 and what if we go on Medicare?

Grandparent

Grandparent

If you are the legal guardian or foster parent, your grandchildren can be added to a healthcare plan you purchase on your own through your employer until they reach the age of 26. If you are not the legal guardian, they will not be covered in your individual or employer plans and you will have to look at other options.

Medicare is and will remain as individual health insurance only for those 65 and over. If you are on …

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A service member cannot afford to pay the minimum payment on a Military Star Card. Can the interest rate be lowered?

It should be noted at the outset that the “real” problem is probably not the interest rate. It is more likely the service member’s spending habits and debt accumulation. Lowering the interest rate may not be enough to help a service member pay the minimum payment.

The only time the Military Star Card will lower interest rates is if a service member is deployed. The Military Star Card will reduce interest to 6% for all current balances plus new purchases …

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Useful Financial Analogies

Useful Financial Analogies

Barbara O’Neill, Ph.D., CFP®

Extension Specialist in Financial Resource Management, Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

 

Research studies have found that people understand food portion sizes better when they are compared to commonly used objects called “portion size measurement aids.” For example, 3 ounces of meat is equivalent in size to a deck of cards and a cup of rice or pasta looks similar to a baseball. Similarly, financial concepts can often be better understood with the use of …

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How do I take on a new cost for health insurance when I can barely pay my bills now?

A spending plan is just exactly that, a plan for how you will spend all the dollars your earn and those given to you (including, hopefully, directing some to savings). To make a change in your spending plan such as adding in health insurance costs or taking on a new car payment, it helps to be as inclusive as possible when calculating all of your monthly expenses. In other words, don’t write in only the premium cost, but include some …

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Personal Finance Webinars

Man watching webinar on a laptop computer

Join us for free webinars featuring experts in personal finance. During our upcoming live webinars, you can interact with presenters and pose your own questions. Or you can watch a recording of any of our archived webinar presentations. Most webinars are 90-minutes in length.

To participate in an upcoming or archived webinar, simply click on the title of the webinar session, below.

Accredited Financial Counselors can earn Continuing Education Units (CEUs) from AFCPE for participating in live or archived …

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How to Obtain Continuing Education Units for Military Families Personal Finance Webinars

The Military Families Learning Network Personal Finance team offers 1.5 continuing education units to AFC-credentialed participants for live and recorded personal finance webinars.

Procedures for obtaining CEUs via live webinars

  • AFC-credentialed participants can earn 1.5 CEUs by attending 90-minute online Personal Finance webinars that are presented online with a live speaker.
  • A link to an online evaluation is shown at the end of the webinar. Visit this link and complete the evaluation.
  • At the conclusion of the evaluation, a second
…
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How much will a $3,000 cash donation to a charity save me on my income taxes?

Assuming that you can itemize deductions because the sum total of all of your itemized deductions, including the $3,000 charitable contribution, exceeds the standard deduction for your tax filing status (e.g., single, married filing jointly), there will  be a tax benefit to making this contribution. To determine the savings on your federal income tax, multiply the amount of your charitable donation by your marginal tax bracket. For a list of federal income tax rates by filing status and income, see …

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How much does an extension cost a home buyer when pushing back a house closing date?

It depends. Key factors will be the cause of the delay, changes in interest rates during the time of the delay, and the terms and conditions of your mortgage approval process and the contract with the seller to buy the house. Check with your real estate attorney and/or mortgage lender for an answer based on the specifics of your situation. Increased interest rates, possible rent payments (to the seller), and/or penalties may apply.

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