Whether you are just starting out on your financial journey or looking to improve your existing knowledge, we have resources and tools to help you succeed.
If you are interested in budgeting please click create a new budget in the navigation bar.
Key Terms
Individual Retirement Account (IRA)-a common way for self-employed individuals and small business owners to save for retirement
401K- an employee sponsored retirement savings plan that allows workers to save and invest a portion of their paycheck before taxes are taken out
Roth IRA- a type of individual retirement account that allows you to withdraw your contributions at any time without penalty
Mutual Funds- investment program funded by shareholders that trades in diversified holdings and is professionally managed
Dividends- periodic payments made to shareholders from corporate profits
1099-Int: this tax form is related to accounts when they gross more than $10 in interest income during the year
Principal- the original amount borrowed (loaned to you) or amount invested (you put the money into the bank or credit union)
Certificates of deposit (CD) a form of investing money with a specific interest rate and target end date (ie minimum balance to start is $20,000, interest is 3.90% for 12 months results in earning $780 of interest in one year)
Good practices for budgets
1. track your spending on a regular basis
2. eliminate multiple subscriptions of same category
3. plan for emergencies
4. avoid unnecessary use of credit cards
5. limit the number of credit cards you have
Preparing for major purchases
1. thoroughly research the item you want to purchase
2. have an independent inspector review the item
3. compare prices from multiple sellers
4. negotiate the price to get the best deal possible
For Military Members
1. Prepare for retirement as early as possible
2. Determine if utilizing the TSP in addition to your retirement is financially feasible
3. Plan for PCS moves as far in advance as possible
4. Set aside savings that accounts for government shutdowns