Personal Financial Management Resources for Military Leaders

Service members must take responsibility for successful personal financial management.  Leaders, however, also have a responsibility to ensure that service members receive the appropriate training and education to enable them to become financially aware and secure. 

DoD Initiatives

DoD has several current initiatives that will ultimately benefit both service members and mission readiness.  In 2003, DoD began the Financial Readiness Campaign (FRC).  Working with partners throughout the government and private sector, DoD is developing a strategic plan with the goal of increasing personal readiness by reducing stressors related to financial problems.  This objective will be reached by:

• increasing awareness of personal finances and improving the ability of service members and their families to manage their finances,
• helping service members and their families increase their savings and reduce dependence on unsecured debt, and
• enhancing efforts by the Department to protect service members and their families from predatory practices.

The campaign primarily focuses on the young enlisted service member and spouse, E-1 through E-4. 

The Military Saves Campaign is one facet of the FRC.  Many young enlisted service members find themselves in financial stress when unexpected expenses exceed the money they have readily available in savings.  This campaign encourages service members to build their savings and helps them develop the skills necessary to save successfully.  Check out the Information Papers section of this site to download Military Saves 2011 posters.

In an effort to help financially protect young service members, DoD and its installations team with the Council of Better Business Bureaus to ensure that car dealerships treat their military customers fairly.

Pay-day lending institutions can drive service members into an irrecoverable spiral of debt.  DoD is working with different states to address this issue and with military affiliated credit unions to develop an alternative option.  DoD is also recommending that the Armed Forces Disciplinary Control Board place pay-day lenders who are causing problems off-limits.   

Installation Resources

When service members experience financial difficulties, commanders should direct them to speak with the Command Financial Specialist within the unit or a Personal Financial Management Counselor on the installation.  Both of these individuals can provide basic financial counseling to service members and help them access resources they need to develop sound personal financial management skills.

• Links to Branch Support Services
• Links to Additional Resources