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SUBJ: FAMILYGRAM 01-13  FAMILY FINANCES
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NAVADMIN 096/13

MSGID/GENADMIN/CNO/WASHINGTON DC/N1/APR//

SUBJ/FAMILYGRAM 01-13 - FAMILY FINANCES//

RMKS/1.  THIS NAVADMIN PROVIDES INFORMATION ON FAMILY FINANCES AND REFERENCES MANY 
USEFUL AND VALUABLE TOOLS INCLUDING WEBSITES AND LINKS.  ALL HANDS SHOULD USE THE TOOLS 
LISTED TO PLAN AND PREPARE FOR FINANCIAL ISSUES THAT IMPACT NAVY FAMILIES.  AS TAX SEASON 
COMES TO A CLOSE, IT IS A GOOD TIME TO REVIEW YOUR OWN PERSONAL FINANCIAL SITUATION AND 
SET GOALS FOR THE FUTURE.  THE FOLLOWING SIX RECOMMENDATIONS CAN ASSIST IN DEVELOPING A 
SOUND FINANCIAL PLAN AND
GOALS:
    A.  KNOW YOUR NUMBERS.  DEVELOP A BUDGET THAT WORKS FOR YOU AND YOUR FAMILY AND 
THAT HAS BUY-IN FROM EVERYONE INVOLVED.  TWO BASIC
PRINCIPLES:  SPEND LESS THAN YOU MAKE AND BUILD MONTHLY SAVINGS.
LOOK AT YOUR FINANCIAL PRIORITIES AND DETERMINE WHAT EXPENSES ARE NEEDS AND WHICH ONES 
ARE WANTS.  DO YOU REALLY NEED THE CELL PHONE PLAN WITH ADDITIONAL COSTLY FEATURES AND 
UNLIMITED DATA FOR YOUR TEENAGER?  OR THE FIVE DOLLAR CUP OF COFFEE EVERY DAY?  THESE ARE 
EXAMPLES OF WANTS AND NOT NEEDS.  EITHER YOUR COMMAND FINANCIAL SPECIALIST OR PERSONAL 
FINANCIAL MANAGEMENT (PFM) COUNSELOR AT YOUR LOCAL FLEET AND FAMILY SUPPORT CENTER 
(FFSC) CAN ASSIST IN COMPLETING A FINANCIAL PLANNING WORKSHEET.
    B.  START AN ALLOTMENT NOW.  PAY YOURSELF FIRST.  MAKE A MENTAL COMMITMENT TO SAVE 
AND INITIATE A SAVINGS ALLOTMENT FOR THE YEAR AHEAD.  DECIDE HOW MUCH TO SAVE AND 
INCREASE IT WITH EACH PROMOTION.
IT IS EASY TO START AN ALLOTMENT THROUGH YOUR MILITARY OR CIVILIAN ACCOUNT AT 
HTTPS://WWW.MYPAY.GOV.  EVEN AS LITTLE AS $25-$50 PER MONTH WILL ADD UP OVER TIME AND 
BRING YOU CLOSER TO YOUR FINANCIAL GOALS.
    C.  PAY-OFF DEBT.  SINCE YOUR PAYCHECK HAS ITS LIMITS, USE IT WISELY.  THE BIGGEST OBSTACLE TO 
FINANCIAL GROWTH IS TOO MUCH DEBT AND THE DEBT CAN BE CONSIDERED EITHER GOOD OR BAD.  
GOOD DEBT IS AN ASSET THAT WILL GROW IN VALUE OVER TIME, SUCH AS A HOME.  BAD DEBT IS 
CONSUMER DEBT SUCH AS HIGH-INTEREST CREDIT CARDS OR CAR LOANS.
CREDIT CARD DEBT AND LATE FEES CAN ADD UP SIGNIFICANTLY OVER TIME AND CAN NEGATIVELY 
AFFECT YOUR CREDIT SCORE AND ABILITY TO BORROW MONEY WHEN YOU NEED IT.
    D.  PLAN FOR RETIREMENT.  SAVING FOR RETIREMENT IS ESSENTIAL.
2013 TRADITIONAL AND ROTH IRA CONTRIBUTION LIMITS HAVE INCREASED TO
$5500 PER INDIVIDUAL AGE 50 AND UNDER AND $6500 FOR INDIVIDUALS OVER
50 YEARS OLD.  CONTRIBUTE TO THESE PLANS THROUGHOUT THE YEAR FOR INCREASED SAVINGS 
RATHER THAN WAITING TO CONTRIBUTE IN A LUMP SUM AT THE END OF THE YEAR.  REMEMBER THAT 
PREMATURE WITHDRAWALS FROM CERTAIN RETIREMENT PLANS CAN TRIGGER "EARLY WITHDRAWAL 
PENALTIES", THUS CREATING AN UNEXPECTED TAX BILL.
    E.  KNOW YOUR CREDIT REPORT.  THIS IS THE PRIMARY TOOL THAT LENDERS USE TO EVALUATE THE 
RISK OF LENDING YOU MONEY.  BOTTOM LINE, IT IS YOUR PERSONAL FINANCIAL REPORT CARD.  YOU 
CAN OBTAIN A FREE CREDIT REPORT ANNUALLY FROM EACH OF THE THREE MAIN CREDIT REPORTING 
AGENCIES (EXPERIAN, EQUIFAX, TRANSUNION) AS WELL AS VERIFY, UPDATE,
OR DISPUTE ENTRIES AT WWW.ANNUALCREDITREPORT.COM.   TAKE THE TIME TO
DISPUTE INACCURATE DETAILS AND PROVIDE EVIDENCE TO SUPPORT YOUR CLAIM.
    F.  SEEK ASSISTANCE.  IF YOU NEED HELP, DON'T HESITATE TO ASK FOR IT.  EDUCATE YOURSELF AND 
REMEMBER THAT FINANCIAL SUCCESS IS SIMPLE AND REQUIRES PERSONAL DISCIPLINE!

2.  RESOURCES FOR PERSONAL FINANCIAL MANAGEMENT.
    A.  INFORMATION AND COUNSELING.
        (1) COMMAND FINANCIAL SPECIALIST.
        (2) NAVY FLEET AND FAMILY SUPPORT.  GO TO WWW.FFSP.NAVY.MIL AND CLICK ON THE 
PERSONAL FINANCES LINK.
        (3) MILITARY ONESOURCE.  WWW.MILITARYONESOURCE.MIL OR THE MOBILE SITE 
HTTP://M.MILITARYONESOURCE.MIL.  SELECT FINANCIAL COUNSELING ON THE COUNSELING TAB OR 
MONEY MANAGEMENT ON THE MILITARY LIFE TOPICS TAB.
    B.  TOOLS AND RESOURCES.  THESE WEBSITES PROVIDE WORKSHEETS, CALCULATORS, CHECKLISTS, 
AND A WEALTH OF OTHER RESOURCES TO ASSIST IN IDENTIFYING YOUR GOALS AND SETTING YOUR 
FINANCIAL PLAN IN MOTION.
        (1) MILITARY AND MONEY.  GO TO WWW.MILITARYANDMONEY.COM.
        (2) MYMONEY.GOV.  GO TO WWW.MYMONEY.GOV OR CALL THE HOTLINE AT 1-888-MYMONEY.
    C.  THE CONSUMER FINANCIAL PROTECTION BUREAU (CFPB).  CFPB IS A FEDERAL AGENCY WHO 
PROTECTS CONSUMERS BY PREVENTING FRAUD, DECEPTION, AND UNFAIR BUSINESSES PRACTICES IN 
THE MARKETPLACE.  IT PROVIDES INFORMATION TO AID CONSUMERS IN MAKING SOUND FINANCIAL 
DECISIONS, AND PROVIDES AN AVENUE FOR REGISTERING COMPLAINTS.  THOSE AVENUES ARE:
        (1) THE OFFICE OF SERVICE MEMBER AFFAIRS (OSMA), IS A DIVISION OF THE CONSUMER FINANCIAL 
PROTECTION BUREAU, AT WWW.CONSUMERFINANCE.GOV/SERVICEMEMBERS/.
        (2) THE FEDERAL TRADE COMMISSION AT WWW.FTC.GOV.
    D.  SAVING, INVESTING, INSURANCE AND RETIREMENT PLANNING, UTILIZING THE FOLLOWING 
SOURCES:
        (1) THE THRIFT SAVINGS PLAN, AT WWW.TSP.GOV.
        (2) MILITARY SAVES - TAKE THE SAVER'S PLEDGE, START SMALL- THINK BIG AT 
WWW.MILITARYSAVES.ORG.

3.  THE INFORMATION ABOVE, INCLUDING WEBSITE LINKS, IS OFFERED AS A CONVENIENCE AND IS FOR 
INFORMATIONAL PURPOSES ONLY.  REFERENCE TO THESE RESOURCES DOES NOT CONSTITUTE AN 
OFFICIAL ENDORSEMENT OR APPROVAL BY THE DEPARTMENT OF THE NAVY OF ANY PRODUCT, SERVICE, 
OR OPINION OF THE RESPONSIBLE EXTERNAL AGENCY.  THE DEPARTMENT OF THE NAVY BEARS NO 
RESPONSIBILITY FOR THE ACCURACY OR THE CONTENT OF EXTERNAL SITES.

4.  POINT OF CONTACT IS MS. BETTY TALLEY, N135F, AT COMM (901) 874- 4299/DSN 882 OR VIA E-MAIL 
AT betty.talley@navy.mil.

5.  RELEASED BY VICE ADMIRAL S. R. VAN BUSKIRK, N1.//

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