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The Smart Military Spouse’s Guide to Travel Insurance

November 22, 2016 By Katie Phillips 1 Comment

You spent months planning the ultimate family vacation. Then, the unexpected happens. Your whole family comes down with a mystery virus 24 hours before you’re supposed to hit the road. Instead of feasting on Dole Whips at Disney, your family is slurping chicken broth and Gatorade at home.

All that time and money spent on vacation, wasted!

Or is it?

If you purchased travel insurance, you may be able to recoup some or all of your lost vacation costs.

The Smart Military Spouse's Guide to Travel Insurance

How Travel Insurance Works

Travel insurance is exactly what it sounds like: financial protection in the event that you are unable to complete your trip. If you’ve booked a vacation through a travel company, they may offer different trip protection packages as an optional add-on.

If they don’t, you can purchase individual travel insurance policies through most financial institutions, even USAA.

What Is Covered

Military families know the unexpected can happen and frequently does. If you’ve paid for a vacation in full and are unable to go due to work or a medical emergency, travel insurance can help you get that money back.

Coverage can also include reimbursement for lost or delayed luggage. If you’re traveling abroad and get sick, some policies even offer overseas medical coverage.

What’s Not Covered

Of course, travel insurance is not without caveats. Most policies require 30 days notice of your vacation cancellation to start a claim. Also, most insurance policies do not cover cancellations due to extreme weather, like hurricanes, that prevent you from getting to your destination. For example, if you live in Miami and a hurricane has grounded your flight, your vacation in Maine may not be covered, since the hurricane didn’t affect that state.

Is Travel Insurance Worth It?

Savvy military spouses know how to budget every penny. And since travel insurance isn’t cheap, it’s hard to know if it is worth the cost.

I was in the travel industry for more than 5 years and I worked with a lot of military families in that time. I always recommended going with a “Cancel for Any Reason” policy.

While slightly pricier, this type of policy is worth the cost. As its name suggests, it’s more flexible when you have to cancel a trip last minute.

Most cancellations for military families fall under ‘Work Conflict,’ which covers revoked leave, permanent change of station or being called into service for disaster or conflict.

What Should I Ask My Travel Insurance Provider

Now that you know the travel insurance basics, ask these questions before purchasing a policy. You’ll know exactly what you’re getting, in the event that you’re unable to travel.

When does coverage begin and end?

You’ll want to know exactly what the coverage dates are. For some policies, the coverage begins the moment you get in your car or on the plane. For others, coverage doesn’t begin until you reach your vacation destination. Knowing exactly what your coverage dates are can save you a lot of headache if you have to file a claim.

What costs are paid up front, and what will I be reimbursed for?

When you start a trip insurance claim, the policy may require you to cover costs for things like lost luggage or medical costs up front, and reimburse you later. If you’re on a tight budget, this could pose a problem, so be sure to know what costs you will incur before signing up for a policy.

Ask About Pre-Existing Medical Condition Clauses

If you do have a pre-existing medical condition, make sure to ask about that before signing up for a policy. Unless there is a waver or a clause written into your contract, canceling a trip due to a pre-existing condition may not be covered under some travel insurance policies.

Put It in Writing

Just like any other paperwork, there is a lot of fine print on a travel insurance policy. If anything seems unclear, ask to see where it is written specifically in the contract. While your agent may be very knowledgeable, it is always a good idea to get things in writing. You never know when you may need to refer back to the fine print.

We’re about to enter the holiday travel season. Whether you plan to spend the holidays at Grandma’s house or on the beach in Mexico, travel insurance can be a lifesaver in the event you’re unable to go.

Any other tips or hints about travel insurance? Sound off in the comments below!

Filed Under: Articles, Military Lifestyle, Money, Slider, Travel, Winter Holidays Tagged With: holiday travel, Making It Work, travel insurance, traveling

52 Goals Week 46: Have a Buy Nothing Week

November 14, 2016 By Lila Quintiliani Leave a Comment

Buy Nothing Day was invented in 1992 by the Canadian-based activist group Ad Busters. In the United States, the day takes place on that traditional shopping holy day – Black Friday – the Friday after Thanksgiving and is exactly what you think it is: a day when you buy nothing.

Week 46 Challenge: Have a Buy Nothing Week

Challenge Details: For 7 days  you won’t buy anything that isn’t considered essential. This means no ordering take-out, no clicking on the Amazon Deal of the Day and no picking up Starbucks holiday drinks on your way into the office.

Your Deadline: November 21

52 Goals Week 46: Have a Buy Nothing Week

Alarmed by our mounting credit card bills following our PCS from overseas, I decided that I needed to immediately enact a Buy Nothing Week ahead of the official celebration.

A week – how hard could it be?

Here’s how my Buy Nothing Week went down:

H minus 2 Weeks

In preparation for my plan to buy nothing, I read the book “Not Buying It: My Year Without Shopping” by Judith Levine. I found it in a pile of books my sister was getting rid of and was relieved that I didn’t have to live through the irony of buying it. While a bit dated, the book is an entertaining account of a New York writer who went a whole year without buying anything.

I read this book to figure out the actual mechanics of the whole buy-nothing concept. Could people really go a whole year without buying a single thing? I live in suburbia and while I have some herbs growing on the back porch, it isn’t feasible for me to have chickens or a vegetable patch.

It turns out there are a lot of different definitions of what “not buying” is: for Levine, it was not buying anything unnecessary or ready-made. So she wouldn’t buy pre-packaged or processed foods, wine, fancy toiletries and the like.

Toothpaste and toilet paper were OK, but not fancy lavender soaps imported from France and anti-wrinkle eye cream. She made all of her foods from scratch, and by the end of the year her partner had started brewing beer and making his own wine.

Other writers had a much more lax view of what was permissible, such as the blogger at One Empty Wallet, who didn’t count any of her groceries as non-necessities and didn’t count digital downloads either.

I decided to adopt from both camps.

I wasn’t going to buy anything other than strictly necessary groceries and toiletries and I was definitely not going to eat out, download books or go to the movies.

I was going to try my best to make things from scratch rather than buying processed or pre-made (it’s a lot healthier too). The alcohol part I had covered because we shipped some wine back from Germany in our household goods shipment.

H Minus 2 Days

I am kinda-sorta cheating because I am making a big grocery run ahead of my buy-nothing week. I planned my meals for the entire week, something I’ve gotten kind of lax about since the move. I know not buying anything will be a lot easier if I can cut down on shopping trips as much as possible.

My Buy Nothing Week Is Here

The first day of my Buy Nothing Week is here and I’m feeling pretty confident. I have a full pantry. Last night I made granola bars from scratch for the kids to take in their lunches. Dinner is in the crockpot. I’ve got this under control.

The kids come back from school. They didn’t like the homemade granola bars. There is a PTA fundraiser coming up, but thankfully it doesn’t have to be turned in this week.

My Buy Nothing Week, Day 3

The kids are boycotting the granola bars (my husband and I think they are fine). They have found a box of Trader Joe’s cookies at the back of the pantry and are satisfied for the moment.

I “cheat” and buy a bag of popcorn from the vending machine at the garage when I am trapped there unexpectedly for hours waiting for my car to be serviced, another expense that I count as necessary.

My Buy Nothing Week, Day 4

Thanks to a story I wrote months ago about online shopping, I’m still subscribed to several online deal sites and I’m getting amazing deals in my inbox. I actually have items in my online shopping cart and have to force myself to take them out.

I realize that a lot of my expenditures fall under what is called “spaving” – spending in order to save. You can’t save money if you don’t spend it, right?

My Buy Nothing Week, Day 5

Had a bit of a crisis – my husband had to unexpectedly wear his dress uniform to work and wanted to press it. Unfortunately, our old ironing board disappeared during the move. I realized this a few days ago, but held off buying it because well, it was Buy Nothing Week and I only iron twice a year. So he had to make due with putting a folded towel on top of the dresser. He is not pleased.

My Buy Nothing Week, Day 7

I made it through to the end of the week without any major missteps, but it was difficult. I don’t think I could keep it up for a year. My overall spending was down, making me realize how much I do spend on groceries.

Lessons Learned from My Buy Nothing Week

Stay away from big box retailers. While they do have some great deals on grocery items, they also have a lot of tempting non-essential stuff (Target Dollar Spot, I’m looking at you!). If you have to shop at a super store, stick to the grocery side.

Have a list and stick to it. If you are serious about having a Buy Nothing day/week/month/whatever, figure out your ground rules ahead of time.

Don’t window shop. You’ll end up feeling either very tempted or very frustrated.

Don’t window shop online. It’s too easy to buy without thinking about it.

What do you think of this week’s challenge to buy nothing for 7 days? Could you do it? 

Filed Under: Articles, Make 2016 Your Bitch, Money, Slider Tagged With: 52 Goals in 52 Weeks, Holiday Shopping, Make 2016 Your Bitch, spending less, spending plan

How to Make Your Holiday Budget Work for You

November 8, 2016 By K.C. Hastings Leave a Comment

A few years ago my husband was deployed, I was pregnant, money was tight, and it was Christmas.

I was stressed to the max at Thanksgiving when everyone was writing their Christmas lists and passing them around. One side of the family was doing Secret Santa, but I was really worried about how I would afford gifts for everyone else I wanted to buy for.

After some serious brainstorming, here are the 3 ways I have cut down on the cost of Christmas gifts over the years.

How to Make Your Holiday Budget Work for You

Spend Time, Not Money, on Gifts

That first year I made rice heating packs or tins of cookies for everyone. I barely knew how to sew, but I pulled out the sewing machine and started reading the instructions.

After Christmas I tallied up the cost of materials and it came to $150 TOTAL for gifts for all my friends and family.

Also, on top of saving money, the gifts were a HUGE hit. My brother refused to share his cookie tin with anyone, and I still get requests for new rice heating packs every few years. Since then, I’ve made blankets, hand warmers, stuffed animals, and shawls.

People love homemade gifts and cherish the time you invested in making them. Homemade gifts take a little more time, but between saving money and seeing the smiles on everyone’s faces, you won’t regret it!

Limit Your Gifts to Need, Want, Wear, Read

This is a great rule for the kids when it comes to your holiday budget. I can make homemade gifts for my extended family and friends but my own kids are a little trickier. I know they want the coolest and newest toys around, so this is a great way to limit the possible spending spree that would happen if I purchased everything on their wishlists.

You can limit your gift ideas to one thing they need, one thing they want, one thing they can wear, and one thing they can read. It also cuts down on the toy avalanche that seems to happen every time we open the playroom door!

Make the Case for Secret Santa for Your Extended Family Members

As I mentioned, one side of my family does Secret Santa. This means buying only ONE gift instead of one for every person. Then you get to sit around the gifts, and one at a time, each person gets to choose a gift and unwrap it. If they like a gift someone else has already opened, they can trade for it. It’s a fun game, gets the whole family involved with each other and putting their phones down, and saves everyone money.

After all, the holidays are about family time, thankfulness, and mindfulness, not how much money you spent on gifts.

This holiday season, don’t stress about buying everyone that expensive gift. Focus on enjoying the season, and being mindful about the gifts you give.

A gift from the heart is the best gift of all.

What are your tips for making your holiday budget work for you? Share them on the NextGen MilSpouse’s Facebook page. We’ll share your best holiday budget tips in an article in December. 

Filed Under: Articles, Money, Slider Tagged With: budgeting, Holiday Season, Holiday Shopping, Making It Work, spending plan

52 Goals Week 44: Make a Holiday Spending Plan

October 31, 2016 By Rachel Leave a Comment

I cannot believe New Year’s Eve is less than 3 months away.

Before we ring in 2017, we have to get through the holidays first and now is the time to start getting you and your family squared away for the gift giving season.

Week 44 Challenge: Break out your calculator and make a holiday spending plan

Challenge Details: Review your spouse’s LES and your pay stub. Then, grab your monthly spending plan, so you can create a special worksheet that will detail your potential budget for the holiday season. Use this worksheet to keep track of your spending throughout the season to make it a fun-filled and debt-free holiday.

Your Deadline: November 7

Ready to make your holiday spending plan?

  1. Add up all your income.
  2. Add up all your bills.
  3. Subtract #2 from #1 to figure out your monthly disposable income.

We deal with our disposable income month-to-month already, so my small exercise is most likely something you already do at home. But I’m going to encourage you to do a little more with that figure to get a good meaty holiday spending plan for you.

Figure out how much money you can spend this holiday season

What other costs come your way each month that you typically spend money on? Be sure you take that figure into account when you are locking everything in.

As you are assessing your disposable income, this might be a good chance to cut down on erroneous spending. My husband and I are guilty of eating out when we don’t want to fix dinner.

Pro-tip: Instead of hitting a restaurant when we don’t feel like cooking, we hit up the commissary for easy, cheap and quick fixes.

Once you get a grasp of your disposable income for the next couple months, use a percentage to save for any emergency spending and the rest can be counted as holiday money. Don’t forget to account for holiday travel, if that’s on your agenda this season!

Set a holiday spending limit (and stick to it!)

You’ve figured out your monthly contribution for holiday gifts. Multiply that by how many months you have until you need to open presents and voila, that’s your limit and you should stick to it!

Divide your limit between each member of the family and if you are like me, I set limits within each individual as well because that will help me with putting together the shopping list later on.

If you set aside money now for your holiday spending, it’s already there for you and you can avoid going into debt during the holiday season.

Shop in small doses

After you put together your budget, start your list right away. Getting ahead on holiday shopping keeps you accountable and on track with your holiday spending plan.

Of course, there might be bigger gifts that would be worth the wait for sales coming up in November. Do your research on those items when putting together your holiday spending plan.

Shopping early and in small doses will help you stay on track with your budget and avoid going into debt.

Be selective when shopping

I love giving gifts during the holidays and tend to put a ton of people on the “nice” list, but it’s impractical to buy something for every single person you know. That’s why it’s key to keep your list selective as well.

Our immediate family members tend to get the brunt of the budget. Once you start branching out, consider what you would want to do to show your affection this holiday season. A thoughtful card with a personalized message might be enough.

Consider giving homemade gifts to friends

Homemade gifts are a great way to add more people on your list without breaking the bank because you can include the supplies in your overall holiday budget.

A beloved friend of mine sends baked goods to my family during the holidays every year. Because I used to live with her, I know the simple steps she would go through to put together a thoughtful cookie box.

She grabbed holiday boxes at the dollar store and ingredients at a grocer. All that is left is time spent to bake and then shipping costs to those that live far away.

Remember time together is worth more than any gift

My husband and I keep our home pretty simple for the holidays because we focus our efforts (and funds) on holiday travel.  What matter to us is being able to enjoy our family’s company when we can or each other if it is challenging to go “home” for the holidays.

What tips do you have for making and sticking to a holiday spending plan? 

Filed Under: Articles, Make 2016 Your Bitch, Money, Slider Tagged With: 52 Goals in 52 Weeks, Holiday Season, Make 2016 Your Bitch, Spending Habits, spending plan

What Your Spending Habits Say About You

October 4, 2016 By Lila Quintiliani Leave a Comment

Everyone has that friend or neighbor. The guy who always buys something just a bit better than everyone else, who doesn’t just keep up with the Joneses but one-ups them.

My husband had a fellow soldier in his unit, a guy who happened to live around the corner from us. If someone got a new digital camera, this guy got one with more megapixels. When we traded in our old car for an SUV because it wasn’t big enough for 2 car seats and a passenger, this guy got a ginormous, fully loaded Chevy Suburban.

Conspicuous consumption, by its very nature, sends out a message to everyone. Most people aren’t like my old neighbor, but all the same, whether you realize it or not, the way you spend your money says something about you.

Our spending habits can be both complex and highly irrational. According to MIT’s Sloan School of Management professor and neuroeconomics pioneer Drazen Prelec, they often defy economic theory. Why do people buy lottery tickets *and* insurance at the same time?

And while our spending habits are formed by watching our parents and those around us, they are also based on a complicated internal set of rules. For example, if we have an internal rule that we won’t buy expensive coffee drinks and then we splurge on a Trenta Pumpkin Spice Frappuccino with an extra shot, we may not enjoy that drink quite as much as we would have otherwise.

What Your Spending Habits Say About You

You Are What You Spend

But surely you can’t tell much about a person from their purchases beyond their being a tightwad or a spendthrift, right?

To test this out, I pulled out a deck of cards I got at a financial literacy conference a few years ago. Called Money Habitudes, these cards claim to “Target Your Habits and Attitudes About Money.” At the time, it sounded a bit gimmicky, but I forked over the cash thinking it could be a useful tool for financial counseling sessions or perhaps as an icebreaker in financial education classes.

The cards pose a series of seemingly innocuous questions about spending and ask you to sort your responses into 3 piles: That is Definitely Me, That Is Absolutely NOT Me, and Maybe….Sometimes…It Depends. There’s no scoring, no points, no winning and no losing. But after you go through the pile of cards, you turn them over and get to see the type of money personality you have.

Hey, Big Spender

Do you like to pay extra for brand names?

Do you turn up your nose at thrift shops and yard sales?

Do you always buy a round for your friends when you go out?

Do you buy expensive gifts for friends or family when you can’t really afford it?

Then you might be what Habitudes terms a Status money personality. Status spenders make great first impressions, are generous and have high-quality possessions, but can also come off as being shallow and dissatisfied. They may be deeply in debt from their spending habits.

Secret Secret, I’ve Got a Secret

Do you see something and just have to buy it?

Do you buy something when you’re having a bad day…or a good day…or just any day?

Do you buy a lot of stuff that you never actually use?

Do you gamble a bit with your money on your favorite sports team or play the slots at Vegas?

Do you sometimes hide purchases or say that they cost less than they actually did?

Then you have a Spontaneous money Habitude. People may view you as fun and outrageous, but you can also seem irresponsible and erratic. Spontaneous people often have no savings, are maxed out on their credit cards and keep their debts secret.

Better to Give Than Receive

Are you so generous with gifts or money that you sometimes don’t have anything left over for yourself?

Do you always make sure you pay your fair share when you go out to eat with friends?

Are you more comfortable spending money on others than yourself?

Are you a bit disappointed when others don’t share your values?

Then you might be a Giving or Selfless spender. You may try to take the whole world’s problems on your shoulders and encourage others to become dependent on you while not really taking care of yourself.

Neither a Borrower Nor a Lender Be

Do you pay off your credit card bill in full every month?

Or maybe you pay cash for everything?

Do you buy the less expensive or generic brand of something rather than something you really want?

Do you start to freak out if your savings account takes a nosedive?

Do you hate to take risks with your money and avoid loaning it to others?

Then you are someone who has a Security money personality and you use money to feel safe and in control. You may be over cautious and cannot enjoy anything that involves spending money. You are so focused on the future, you may not be living in the present.

I’m Free

Do you rely on other people to tend to the financial details, pay the bills or make decisions involving money?

Do you just think that your money problems will all work themselves out?

Do you not know how much money you have?

Are you completely uninterested in learning about finances?

You may have an easygoing, Carefree money personality. You have a positive outlook, but may be overly dependent on others and consequently they may take advantage of you.

It’s All Part of the Plan

Do you go to the store and buy only what you need?

Do you comparison shop and read reviews before buying big ticket items?

Are you interested in managing your own money and have goals for the future that you are actively saving for?

Then you have a Planning money personality. You use money to reach your goals, but may also be inflexible and resent other people who aren’t as goal-driven as you are. You may be so focused on your dreams that you miss out on fun or new opportunities.

Forewarned Is Forearmed

Most people are a blend of these money types. When I had my unsuspecting and slightly skeptical husband go through the cards, he found out that he actually had several traits of the Status spender, because he definitely is in to high-end electronic gadgets. He is also a bit Giving and Carefree.

I myself display aspects of the Giving, Security, and Planning personality traits, and so it’s not surprising that occasionally my husband and I will butt heads over spending decisions.

But I like to think that forewarned is forearmed: being aware of my weaknesses allows me to try and overcome them while playing up my strengths. And talking over your money personality quirks with others can be helpful and illuminating.

What do your spending habits say about you? What’s your spending habit personality? 

Filed Under: Articles, Money, Slider Tagged With: budgeting, credit card debt, Express Yourself, money talk, saving money, Spending Habits, talking money

How to Start Saving Money (Again)

September 20, 2016 By Adrianna Leave a Comment

One year.

That’s how long it’s been since our rental home was struck by lightning simultaneously destroying our rental house and our emergency savings account.

Even though we didn’t stop our retirement savings, we put the break on regular deposits to our emergency savings account during, what we called “Lightning Gate.”

As grateful as I am that we made emergency savings a priority, actually watching your savings account drain to nothingness is sobering and the idea of rebuilding your stash is, frankly, irritating, annoying and overwhelming.

Regardless, we knew that we had to get back into the swing of saving money for our emergency fund as soon as we could. Here’s how we did it.

How to Start Saving Money (Again)

How to Get Back into the Swing of Saving Money

Give yourself time to bitch about starting over again. And then get over it.

No, seriously. This is part of the process. Think about it…when something crappy happens or when you’re sad or mad or feeling things, one the most cathartic things you can do is vent about it.

Forget the silver linings, forget the kumbayah and spare yourself the it-gets-better speech. Sometimes adulting sucks and now is the perfect example.

Once you get the bitching about it out of your system, take a deep cleansing breath and…

Dust off your budget and examine your current spending to get a better idea of what you’re working with.

When you and your finances are operating in crisis mode, you’re just trying to make everything work. You’ve got transfers coming from savings to checking and from checking to crisis-related expenses.

Things are NOT business as usual. Your spending patterns aren’t normal and your mindset is operating in high alert.

Take time to reevaluate your budget and set new goals that include rebuilding your savings account. Going back to budgeting basics will help you rebuild your confidence. It will also make you better informed and better positioned to make smart decisions to move your financial situation forward.

Need a helping hand? We’ve got you covered. Check out our articles and printables on budgeting here and here.

Look for opportunities to accelerate your progress toward your savings goal.

Rebuilding your emergency savings account is obviously going to take time. Are there any opportunities for you to look for a quick win?

Can you tackle a financial Whole30 where you cut out all unnecessary spending for a month or stop your coffee or restaurant habit for a few weeks?

Or maybe this is the perfect time to do the garage sale you always wanted to have?

Getting an early win can help jumpstart your motivation to get back into the swing of saving money.

Put your savings plan on autopilot.

One of the easiest ways to force yourself back into saving money is to put your savings on autopilot. Set up an allotment from your paycheck and/or your spouse’s LES (Leave and Earnings Statement). You can also schedule a regular automatic transfer to your savings account on paydays (read: before you have time to spend it).

Accept that rebuilding your savings takes time and there’s nothing wrong with that.

Emergency savings accounts are always a work in progress. Always. They exist to help you help yourself during a time of crisis.

You got there once, you’ll get there again.

One step at a time.

Have you had to rebuild your savings account after a crisis? How did you get back into the swing of saving money?

Filed Under: Articles, Money, Slider Tagged With: emergency savings, financial advice, Financial Crisis, In the Swing of Things, money saving tips, spending plan

The Smart MilSpouse’s Guide to Understanding Credit Reports

June 2, 2016 By Guest Contributor Leave a Comment

by Alex Hopkin, Guest Contributor

Most people have heard of a credit score and probably even know what their score is. Your credit score rates your ability and likelihood to repay debt and is often used by creditors to determine if they will take a chance on you and what interest rate they will grant you.

Most people skip directly to their credit score, but their credit report is just as important if not more important!

Thankfully, it became mandated by law in 2003 that consumers should have free access to their credit reports at least once annually from the 3 major credit bureaus (Experian, Equifax and TransUnion). To accommodate this, AnnualCreditReport.com was born.

So why is your credit report important?

Your credit report is the meat behind your credit score. Creditors voluntarily report their relationship with you to the credit bureaus, whether it is good or bad. This information can make or break your credit score, so it is important to make sure the information is correct. If there is a discrepancy in your credit report, you can file a dispute with the credit bureau to have it corrected.

Your credit report also may be your first indication of identity theft. Any debt taken out in your name will likely appear on your credit report. If you see a debt taken out in your name that you did not initiate, file a police report immediately and contact the credit bureaus to begin the mending process.

Military members and spouses are especially prone to identity theft, so be sure to check your credit report regularly.

The Smart Military Spouse's Guide to Understanding Your Credit Report

What information is on a credit report?

Personal Information

Your credit report will have quite a bit of personal information listed, including a number of names associated with you. They might have your full name with and without your middle initial, a shortened version of your name, previous names used and even misspellings of your name.

This is your information as reported by creditors.  You may also note your current and previous addresses, social security number, phone number, employer’s information and spouse’s information.

Public Records

This section contains information obtained from court records such as court judgments, bankruptcies and tax liens.  This information negatively affects your credit score and can stay on your credit report for 7 to 10 years depending on the type of public record.

Collections

Here you will find information about any bill you have had that was sent to collections. This can be anything from an old medical bill to a cellphone bill that you forgot to pay. This information will also negatively affect your credit score and can last up to 7 years.

Credit History

Next you will find your credit history broken down into separate categories: accounts with negative information, installment accounts in good standing and revolving accounts in good standing.

  • An installment account is a debt with a specific payoff date (such as a student loan).
  • A revolving account is one that you can borrow against over and over up to a specific limit (like a credit card).

In each of these categories, you will find the name of the creditor, the date the debt was established, the current balance, the available credit and the number of times there was a late payment.

Credit Inquiries

You will see a new credit inquiry listed for each time your credit information was reviewed in the past 2  years. This will also be broken down into separate categories. There will be one area of inquiries most likely initiated by you to take out new credit (for a vehicle loan or mortgage for example). There will be another category for credit inquiries made by third parties seeking information about you for various offers and promotions. Credit inquiries for new credit will briefly and negatively affect your credit score while credit inquiries made by others will not impact your score.

How often should I check my credit report?

Thanks to AnnualCreditReport.com, you can receive a free credit report from each of the three credit bureaus once every 12 months. You can either check all 3 reports at the same time every 12 months or you can check one report every 4 months or so.

You should not go longer than 12 months without seeing your credit report.

If you have ever been a victim of identity theft, you should check your credit report more often as you are more susceptible to identity theft in the future. There are credit-monitoring services available that will alert you when changes are made to your credit report.

Service members can place an Active Duty Alert on their credit reports to minimize the risk of identity theft. With this alert, businesses will have to take extra measures to open credit in your name. This alert lasts up to a year and can be renewed.

If you have any questions regarding your credit report and how to access it or read it, check in with your personal financial specialist at the nearest military installation.

Alex HopkinAlex Hopkin is a candidate for the CERTIFIED FINANCIAL PLANNER™ certification with a Bachelor’s degree in Finance from Florida State University. She is the cofounder of MilitaryPlanners.com, a financial planning website specializing in service family financial topics. Her favorite area of personal finance is helping families plan for life events such as marriage, babies and the dreaded PCS.

Filed Under: Articles, Money, Slider Tagged With: credit report, credit score, financial resources, identity theft, Living La Vida Local, student loan debt

Random Shit You Never Realized Your Renters Insurance Might Cover

April 21, 2016 By NextGen MilSpouse Staff Writer Leave a Comment

I used to give part of the financial briefing to first term airmen and I would generally get the stunned mullet look when I asked them:

If your iPad is stolen out of your car, does your auto insurance cover it?

The answer usually was “Of course!” (with an implied “idiot” in there at the end). But it turns out it’s not so simple: if your personal belongings are stolen out of your vehicle, your auto insurance does NOT in fact cover the loss, it’s your renters (or homeowners) insurance that does.

A 2015 poll by the Insurance Information Institute revealed that some 95 percent of homeowners have homeowners insurance while less than half of renters have renters insurance.

Why should you have renters insurance?

For starters, according to an article in Forbes magazine, not having renters insurance is a mistake that could cost you $5,000 or more. In reality, the average renter has more than $35,000 in property that is not covered by a landlord’s policy. If that doesn’t make you sit up and pay attention, here are 6 more reasons to convince you to get it pronto:

6 Reasons Why Every Renter Should Have Renters Insurance

6 Reasons Why if You Don’t Have Renters Insurance You Should Get a Renters Insurance Policy Pronto

It covers random shit you never realized.

The aforementioned iPad in the car, the laptop stolen out of a hotel room, those are all personal items that are covered by your renters policy (not auto). So is the damage that junior causes when he throws a baseball through the neighbor’s window. Oh, and if Rover bites a guest, liability and medical payments cover it. Ditto if your grandma’s golfing buddy falls down the stairs and tries to sue you.

Your crap is probably worth more than you think it is.

You might think you don’t have enough high-value items to warrant a renters policy, but if you start tallying up the value of your stuff, you might be surprised.

If you couldn’t easily cover the purchase price of all your stuff (and who would want to have to re-buy a laptop, TV, tablet, cell phone, military gear, clothing and washer and dryer all at once?), then you should really consider renters insurance.

Your crap is worth more than you think. Get renters insurance. #military

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Pro-tip: The Insurance Information Institute has a handy online program and phone app you can use to create, store and update the contents of your home inventory.

It can help you in an emergency.

Many renters policies cover hotel stays and other out-of-pocket expenses if your rental suddenly becomes uninhabitable due to circumstances like flooding or fire.

You probably aren’t covered if you live in government housing.

While many service members believe that their possessions are automatically covered if they live on a military installation, this is not necessarily the case. A 2015 BAH change means that most on-post privatized military housing does not cover renters insurance the way that it may have in the past.

Your landlord may require it.

More and more leases are requiring tenants to provide their own coverage. While a landlord may have a rental policy covering the structure you live in, everything inside those 4 walls (unless it’s something like a stove that was there when you moved in) is yours to deal with.

Renters insurance is cheap.

The average renters insurance policy costs between $15 and $30 per month. Premiums can be less expensive if you “bundle” the insurance with your auto or other policies. And you may be given discounts for alarm systems, sprinklers, deadbolts or other safety and security features.

Renters insurance is cheap. Like dirt cheap. #milspouse

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But before you buy a policy, you will have to read the fine print.

There are 2 kinds of policies, ones that base reimbursement on Actual Cash Value (ACV) and ones that reimburse based on Replacement Cost Value (RCV).

The ACV policies will generally have lower premiums, but will account for depreciation when calculating the amount paid out.

A RCV policy will replace your items with similar items at current market value up to the value of your policy. If you have valuable items like furs, costly jewels, expensive cameras or antiques, your policy may not cover them and may require you to purchase a separate “floater” policy.

It’s important to note that not every policy covers your possessions while you are traveling or while they’re being shipped or stored when you are PCSing.

And not every policy will cover for things like earthquakes and flooding. Sometimes those are included, but other insurers will require you to purchase a separate policy. If you are moving to a state prone to these natural disasters, it would make sense to check into coverage limitations.

The Insurance Information Institute provides a handy checklist to help you choose the right coverage for your situation.

Whatever you do, if you for some reason don’t have renters insurance right now, go out and get a policy, even a basic policy, ASAP.

For the price of a couple of movie tickets, you can have something more valuable than all your gadgets and gizmos put together: peace of mind.

Do you have renters insurance? What is your “I can’t believe my renters insurance policy covers this, but I’m so glad it did,” story? Share it with us in the comments section. 

Filed Under: Articles, Money, Slider Tagged With: Beyond the Box, Military Housing, money saving tips, renters insurance

Candidates Talk Taxes: What Military Families Need to Know

April 14, 2016 By T.T. Robinson Leave a Comment

Federal income taxes are one of this campaign season’s most heavily debated issues. Read on as NextGen MilSpouse presents the remaining presidential candidates’ tax plans to help inform your vote, as well as provide a tool to calculate your taxes under each plan.

Keep in mind that taxes are only part of the equation. When federal income taxes are cut, we have to find a way to augment that money. And, when taxes are levied, it’s to pay for government programs.

What is the best policy (and in turn the best candidate) for you depends on where your priorities lie: in reducing government spending, creating new programs or somewhere in between?

Election Nerd Alert! The Presidential Candidates’ Federal Income Tax Plans (Because It’s Your Money Before Big Government Takes It)

On the Republican side, Ted Cruz, John Kasich and Donald Trump are still in the race, fighting for delegates and tax cuts. Democrats Hillary Clinton and Bernie Sanders are closer in the polls than they are on agreeing on a tax strategy, yet all five presidential candidates assure the voters that their plan is the best. What does each plan really mean for military families?

Candidates Talk Taxes- What Military Families Need to Know

Ted Cruz

Senator Cruz has what he calls “bold strokes” for overhauling the current tax plan. He intends to abolish the IRS, stating that he wants every American to be able to file their taxes on a “postcard or a phone app.”

His plan is called a “Simple Flat Tax,” because of his approach to take what is currently seven rates of personal income tax (determined by how much you make annually), and instead have one “flat” rate: 10 percent.

Per his website, “the Simple Flat Tax will ensure that low- and middle-income Americans have greater opportunities – not only through minimal taxes, but also through better, high-paying jobs that the Simple Flat Tax will generate. Under the plan, deductions for charitable contributions and mortgage interest payments are preserved.”

Cruz claims the tax plan will “boost Gross Domestic Product by 13.9 percent above what is currently projected, increase wages by 12.2 percent, and create 4,861,000 additional jobs.”

Sounds great…but what’s the catch?

Shawn Tulley from Fortune.com compares the Cruz plan to a VAT (value added tax), and broke it down in an article published on Fortune’s website: “(Cruz) would add new taxes totaling 19 percent. So all prices — for cars, cheeseburgers, bracelets, new houses — would immediately rise by something like 12 percent. According to Cruz, the big price hike would raise sufficient revenue to cover the total elimination of payroll taxes, and fund the shortfall from the big reduction in the federal income tax rate.”

John Kasich

Governor Kasich also proposes tax cuts and wants to limit the number of tax rates from seven to three.

His policy states that, “Lowering income tax rates, reducing the number of brackets, and increasing the Earned Income Tax Credit will allow all taxpayers, especially low and middle income earners, to keep more of their own money and be better able to save and invest for the future.”

How does he plan to do this?

“Lower Income Tax Rates: Simplify and cut taxes for Americans by reducing the number of brackets from seven to three, cutting the top rate from the current 39.6 percent to 28 percent — the same rate President Reagan used in his 1986 tax cut — and cutting the other rates as well. Low-Income Tax Relief: Increase the Earned Income Tax Credit by 10 percent.

A critic of Kasich’s tax plan says it really isn’t a plan at all.

“But here are the two problems with Kasich’s plan. First, we don’t have it all yet. Kasich hasn’t opened the books to show us what those other two tax brackets would be, aside from stating that 28 percent would be the peak marginal tax rate,” Sean Williams wrote for the Motley Fool.

Donald Trump

Trump’s proposal also wants to downsize the number of tax brackets from seven to four. His corporate policy is more in depth than other candidates, although analysts state that his plan could tack on another 10 trillion dollars to the federal debt.

Trump’s plan: “If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50 percent – from the income tax rolls. They get a new one page form to send the IRS saying, ‘I win,’ those who would otherwise owe income taxes will save an average of nearly $1,000 each. All other Americans will get a simpler tax code with four brackets – 0 percent, 10 percent, 20 percent and 25 percent – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.”

Hillary Clinton

Secretary Clinton wants to reform the tax code so that lower income families would receive relief, while the higher tax brackets would pay more in taxes.

Clinton’s plan is to “Create good-paying jobs and get pay rising by investing in infrastructure, clean energy, and scientific and medical research to strengthen our economy and growth. Close corporate tax loopholes and make the most fortunate pay their fair share.”

Director of the nonpartisan Tax Policy Center (TPC) Len Burman says that Clinton’s tax plan isn’t major reform, but admits “[Clinton’s plan] would make the tax code more complex.”

Bernie Sanders

Senator Sanders has the most robust plan for expanding entitlement programs, including but not limited to the Rebuild America Act, College for All, Family Medical Leave Act, and more.

In these proposals, Sanders details how he’ll pay for them: largely through increased taxes on the wealthy, Wall Street and corporations.

Here’s what else Sanders says:

“The American people must make a fundamental decision. Do we continue the 40-year decline of our middle class and the growing gap between the very rich and everyone else, or do we fight for a progressive economic agenda that creates jobs, raises wages, protects the environment and provides health care for all?

“Are we prepared to take on the enormous economic and political power of the billionaire class, or do we continue to slide into economic and political oligarchy?

“These are the most important questions of our time, and how we answer them will determine the future of our country.”

According to the Tax Foundation’s Taxes and Growth Model, Sanders’s tax plan “would reduce the economy’s size by 9.5 percent in the long run. The plan would lead to 4.3 percent lower wages, an 18.6 percent smaller capital stock, and 6.0 million fewer full-time equivalent jobs.”

What does each candidate’s plan for taxes mean for military families?

Here are a few tools for you to investigate. One is the tax calculator that the Tax Policy Center created in conjunction with Vox. The calculator projects your additional annual take home pay or what you’ll give back to Uncle Sam, depending on the candidate. Note: Kasich is not included in this tool.

For example, using the 2016 military basic pay charts, an E-3 with less than 2 years and 2 children would be impacted in the following manner:

e3 tax calculator

An O-4 with 10 years and 2 kids would give/receive the following amounts:

o-4 federal income tax calculator

In the interest of presenting more than one side, we are also linking to an opposing calculator the Nation created, that incorporates spending.

While the first calculator was built by TPC, a nonpartisan entity through the Urban Institute and Brookings Institution, the Nation states on their website that they are “often considered the ‘flagship’ of the political Left.”

Both tools give valuable insight into how each candidate’s proposed federal income tax policies may impact your military family’s finances.

While death and taxes might be certain, they certainly don’t have to be confusing when it comes to this year’s election. Being engaged and informed makes you a NextGen MilSpouse.

Which proposed federal income tax plan sounds like the best option to you? Share your political savvy opinion in the comments section. 

Filed Under: Articles, Money, News & Politics, Slider Tagged With: 2016 presidential election, NGMSVote16, taxes

The Smart MilSpouse’s Guide to Filing Taxes

March 11, 2016 By Adrianna 8 Comments

Updated for 2016.

Income tax season is upon us and it’s time to grab out your reading glasses, visor, accounting calculator, coffee (or wine) and that stack of important paperwork you meant to organize to make filing your taxes easier, but just never quite got around to.

Because we totally understand how busy you are and know that you’ll just end up on Facebook/Twitter/Pinterest during your search for tax time tips, we put together a list of resources that every military spouse needs during tax season.

 

Tax kit update

 Military Friendly Tax Filing Resources

Military OneSource is offering a no-cost online tax preparation and filing service!  You’ll need to register with them to use the service, but hey, it’s FREE!

Turbo Tax has two programs running right now for military families:

Turbo Tax Freedom Edition offers free federal AND state filing for individuals who earn $31,000 (AGI) or less per year (great for teens and college students), are active duty military, or qualify for the Earned Income Credit (EIC).

Turbo Tax Military Edition offers online filing specifically tailored to identify tax credits and deductions for  military members and their families. This edition is free for E1-E5 (state filing is free as well) or for E6-Officers receive a $5 discount on  their federal products.

The Volunteer Income Tax Assistance Program (VITA) provides free income tax filing assistance for service members via your installation’s Legal Office. Find your local legal office by using this handy locator!

Tax Information Every Military Spouse Should Know

The IRS compiled a guide specifically to address Tax Information for Members of the US Armed Forces.  And, of course, if you prefer to stay far away from the IRS, Turbo Tax compiled their own article, Serving Uncle Sam-Tax Breaks for the Military.

A much overlooked tax credit by many filers is the Earned Income Credit (EIC). When it comes to military families, this is an important one.  Because pay earned during a deployment to an area designated as a “combat zone” is free from federal income tax, your adjust gross income is much  lower than usual. It’s always worth a check to see if you qualify. Hey, it can’t hurt!

Moving can be a pain in the patootie, but did you know that when you PCS you might qualify for additional tax deductions? Military.com has a great guide to get you prepared if you’re looking to cash in this tax season!

Got kids? Two words: Tax Deductions. Make sure you’re well informed about the Child Tax Credit and the Child and Dependent Care Credit.  The Child Tax Credit is $1,000 per child under the age of 17 and the Child and Dependent Care Credit allows you to deduct up to 35% of your childcare expenses. Do read the articles to learn more about the details, exclusions and limitations.

Are You A MilSpouse Filing Your Family Taxes Alone?

If hubby or wifey is out of the country and you’re handling the taxes solo, know that you can grab an eletronic copy of your spouses’ W-2 via MyPay, the online portal where service members can access their pay stubs, tax information, retirement savings deductions and more. You’ll need to have access to your spouse’s log-in info OR have your spouse set you up with a limited access account that grants spouses and significant others to the MyPay account. Limited access accounts allows registered users access to pay statements and tax statements.

Office image from Pixabay.com

Filed Under: Articles, Money, Slider Tagged With: Child Tax Credit, Income Tax, Internal Revenue Service, military spouse, money, Overlooked Tax Credits, Tax Filing, Tax Resources, taxes

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