Military families have a new resource to help them save, plan for retirement, track their credit and avoid financial predators: an online program from the Military Family Advisory Network (MFAN). The program, MilCents, is a 10-week financial literacy program designed specifically for military families.
“There are thousands of financial resources — so many that it can be difficult to know where to start. MilCents makes understanding finances easy, interactive and actually fun,” said MFAN’s executive director, Shannon Razsadin. “This program will empower military families to take control of their finances, one step at a time.”
The goal of MilCents — available at MilitaryFamilyAdvisoryNetwork.org/MilCents starting Monday, Oct. 12 — is to connect military families to some of the best tools available for understanding their current financial situation, managing and protecting their money, and planning for the future.
During the program, participants will:
- Learn how to read a leave and earnings statement (LES).
- Get their credit score and learn how to improve it.
- Categorize their spending and saving.
- Create a budget.
- Find out how to avoid predatory lenders.
- Join a social community where they can interact with other program participants and financial experts, sharing their successes and asking questions.
MFAN has partnered with the Better Business Bureau Military and Veterans Initiative, the Financial Industry Regulatory Authority Investor Education Foundation and the National Foundation for Credit Counseling in developing the MilCents program. Its industry-validated resources are part of an online platform that fosters collaboration based on social learning principles that are particularly effective among adults. Google Hangouts and Twitter chats will be used for Q&A sessions with experts on specific topics.
“MilCents will resonate with military families — it is user-friendly and conducive to the busy military life,” said Bruce McClary, vice president of public relations and external affairs at the National Foundation for Credit Counseling. “Participants take a little time each day to read about best practices, apply them and then talk about it, reinforcing what they’ve learned.”
MFAN is proud to partner with AFCPE and the FINRA Foundation Military Spouse Fellowship, a program that empowers military spouses by giving them the opportunity to become an AFC® (Accredited Financial Counselor). AFCs will be available to support participants throughout the program by answering questions and offering one-on-one financial support. AFCs will receive continuing education practicum credit for their participation.
How do you participate?
Just visit the MilCents website for a few minutes each day to learn, apply, and talk about information that will empower you to get your finances in gear. We know you’re busy, so we tell you how much time each activity will take in advance to help you plan (Most activities will take less that five minutes!).
Attend and Win an iPad!
Did we mention that MilCents graduates (participants who complete 75% MilCents) have a chance to win an iPad?
What are you waiting for? Join us today: MilitaryFamilyAdvisoryNetwork.org/MilCents.
About Guest Author Military Family Advisory Network
The Military Family Advisory Network (MFAN) is a 501(c)(3) dedicated to building a community of military and veteran families at home and abroad who are well-informed about resources designed to serve them; equipped with tools for success; connected to leaders who serve the military family community; and embraced by the general public. We translate the needs of military families in a way that service providers can understand, and translate services in a way that speaks to our families. To learn more about MFAN, visit MilitaryFamilyAdvisoryNetwork.org.