Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses
before you take on debt
Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses
Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses

Before You Take on Debt

Debt isn’t something you jump into blindly. To make sure you consider all the variables, grab a pen and paper, and analyze its RIFF (Repayment Terms, Interest Expense, Future Income, Future Situation).

Repayment Terms

How long will it take to pay off? Will it travel with you to your next duty station? If you need to stretch out the repayment terms just to afford the payment, it’s probably not a good idea. Usually, the longer you pay, the more you pay.

Interest Expense

What’s the total cost of the debt going to be by the time it’s paid off? Compare the purchase price to the total of your future payments and you will probably be astonished at how much interest you’re actually paying.

Future Income

Even if you can afford your payments today, you should be fairly certain that you will be able to continue making them until the debt is paid off. What will you do if you can no longer afford the payment some day?

Future Situation

What looks like a good decision today might not look so good three or four years from now. For example, before taking on loans for cars, motorcycles, ATVs, boats, etc. as a military family, think about how you might handle a PCS to a location where the vehicle isn’t practical; especially if you might owe more on it than it’s worth at that time.

Before You Take on Debt

Debt isn’t something you jump into blindly. To make sure you consider all the variables, grab a pen and paper, and analyze its RIFF (Repayment Terms, Interest Expense, Future Income, Future Situation).

Repayment Terms

How long will it take to pay off? Will it travel with you to your next duty station? If you need to stretch out the repayment terms just to afford the payment, it’s probably not a good idea. Usually, the longer you pay, the more you pay.

Interest Expense

What’s the total cost of the debt going to be by the time it’s paid off? Compare the purchase price to the total of your future payments and you will probably be astonished at how much interest you’re actually paying.

Future Income

Even if you can afford your payments today, you should be fairly certain that you will be able to continue making them until the debt is paid off. What will you do if you can no longer afford the payment some day?

Future Situation

What looks like a good decision today might not look so good three or four years from now. For example, before taking on loans for cars, motorcycles, ATVs, boats, etc. as a military family, think about how you might handle a PCS to a location where the vehicle isn’t practical; especially if you might owe more on it than it’s worth at that time.

Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses

MilLife Milestones

Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses

Financial Readiness

Financial Readiness Quiz
Primary Text Separator for Milspouse Money Mission, Financial Education for Military Spouses

Our Blogs

Lead Your Family to a Stronger Financial Future

February 1, 2021

Lead Your Family to a Stronger Financial Future!  Your household is like a small business in many ways. The first quarter of the year—January, February and March— is a great time to close out the previous year, assess your family’s financial health, and plan for upcoming milestones, just like a business. Be the Chief Financial…

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Military Relief Societies: Lending a Helping Hand

December 10, 2020

Military Relief Societies With Thanksgiving leftovers finished, it’s time to take out holiday decorations and prepare for the season of giving. If you find yourself reeling from the uncertainty of 2020 and need some financial support, remember the four military relief societies stand ready to help. Types of Support Army Emergency Relief Society, Navy-Marine Corps…

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Reduce Strain on Your Family Spending Plan

October 13, 2020

Tips to Stretch Your Spending Plan This Fall You may have noticed the days are getting a little shorter, and there’s a crispness to the air. Fall is officially here! Under normal circumstances, military families often welcome the change in seasons, as they settle into school and extra-curricular activities. But this year is anything but…

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What You Need to Know About the Payroll Tax Deferral

September 22, 2020

Payroll Tax Deferral Military spouses, have you heard? To help provide relief during the COVID-19 pandemic, the Presidential Memorandum issued on August 8, 2020 temporarily defers Social Security — Old Age, Survivors, and Disability Insurance (OASDI) — tax withholdings for some Service members. This is known as the payroll tax deferral. What Does This Mean…

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5 Tips for Avoiding Employment Scams

July 8, 2020

Beware of Employment Scams While this year’s permanent change of station (PCS) season is off to a slow, uncertain start, it is beginning to take shape. These moves will transplant military families around the country and even the world. As a result, many military spouses may be looking for jobs in a challenging job market.…

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How to Protect Your Personal Finances Now

April 20, 2020

The COVID-19 pandemic sweeping the country and world is having a dramatic impact on how we live our lives and function within our communities. Many of us are affected by school and work closures and possibly even stay-at-home orders. Military families may also face additional uncertainty with the Stop Movement order impacting future assignments and…

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2019 Tax Prep: Back to Basics

March 23, 2020

It’s tax time again. And while the federal income tax filing deadline for 2019 has been extended to July 15, 2020, that date will be here before you know it. Whether you’re preparing your own taxes or seeking professional assistance, here’s some guidance on what documents you need and where to get additional support to…

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Staying on Track with Your Financial Goals

February 4, 2020

You Can Do It! Stay on Track with Your Financial Goals Did you set any financial goals or resolutions for the new year? If so, the end of each month is the perfect time to see if you’re staying on track with your financial goals. Set SMART goals Hopefully, you set goals that were SMART:…

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