GENERAL MONEY MANAGEMENT

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Presentation transcript:

GENERAL MONEY MANAGEMENT ELEMENT 45 ADC Schinke, Scott

GENERAL MONEY MANAGEMENT PURPOSE Creates financial readiness upon transition Outlines awareness of financial stability Provides resources to aid in budgeting and planning

REQUIREMENTS AND RECOMMENDATIONS Must produce a 12-month post military budget Good rule is to have at least 3-6 months of living expenses in savings See a financial specialist for counseling Be honest and realistic

BUDGETING Budget is a financial statement to reach financial goals Balance sheet describes a financial condition showing assets, liabilities, and net worth Cash flow is income and expense transactions that have taken place over a period of time

DEBT MANAGEMENT A systematic way to help individuals if they are in debt become debt- free Debt management programs can only help to a certain extent Typically offered through the Family Support/Service Centers

RESOURCES Family Support/Service Centers Command Financial Specialist www.millitaryonesource.mil www.nmcrs.org www.annualcreditreport.com www.feedthepig.org www.inchargefoundation.com www.bbb.org/us/Military https://www.dfas.mil https://www.mint.com https://www.saveandinvest.org/militay

SUMMARY Discussed the purpose of general money management Reviewed requirements, recommendations, and good practices Explained budgeting and debt management

QUESTIONS ?