How To Improve Your Credit Score in the Upcoming Year

The Personal Financial Management Program (PFMP) offers education, training, counseling, and financial information and referrals to assist Marines and their families in achieving and sustaining personal financial readiness.

The Consortium for Health and Military Performance offers these tips for getting your finances in order:

• Track daily spending. Create a budget and use it to track what comes in (income), what goes out (expenses), and what’s left over (your savings) each month. Make a financial plan for you and your family to help create financial security for every stage of life.
• Reduce some spending. Simple and small changes can really add up. For example, before making a purchase, ask if the item will be on sale soon. Also, use coupons, buy in bulk (check the price per unit to find the least expensive option), and evaluate your subscriptions (for music, movies, etc.).
• Figure out a plan for paying off debts. Meet with a Personal or Command Financial Management Specialist for strategies you can use.
• Plan a family meeting. Discuss financial dreams, how you and your partner will plan to make money decisions, and who will manage money matters in your family. Service members don’t always have access to accounts, banking institutions, or bills while on duty or when deployed. Even if one of you takes charge, consider having regular check-ins so you’re both on the same page about your finances.
• Set up an emergency fund. Ideally, you want to have at least 6 months’ worth of your income to cover total monthly expenses or for emergencies. Set small goals at first, with saving a little bit (more) each month.