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

Prepare for Major Purchases

October 5, 2021

Big ticket items can come up at any time of the year. Some we can predict and plan for and others we don’t see coming. For those unexpected expenses, experts recommend having a separate cash account to cover emergencies. Ideally, you should have three to six months of living expenses set aside. If that seems…

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Taking Ownership of Your Budget While Owning a Pet

September 13, 2021

Owning a pet can be a rewarding experience for the entire family. A pet provides companionship throughout all types of life changes, including moving or deployment of a Service member. Families with children experience the benefit of owning a pet to help teach children about compassion and responsibility. But it also comes with a price…

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Tackle the expenses of kids’ sports and activities!

August 30, 2021

Registration for fall sports and activities is in full swing! Kids’ activities can be pricey and add up quickly! Play offense and make plans to avoid blowing your budget. The key is to do your homework, ask good questions up front, and factor everything into your spending plan – even some extra laundry detergent for…

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New DoD Child Care Pilot Program Offers Options for Military Families

August 17, 2021

You just got orders for a permanent change of station (PCS). What do you do first? Do a quick search to see how long it takes to get to the nearest coffee drive-thru? Probably. But next, you start investigating schools and child-care options. You begin crowdsourcing on social media to learn all you can about…

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Plan For Vacation So Debt Doesn’t Follow You Home

August 5, 2021

Planning a vacation after a deployment? Learn how Joderle saves for their trips! Joderle, a MilSpouse from Grissom AFB, Indiana has done a great job planning ahead for their annual couple’s vacation. After her husband’s first deployment, she saved up and planned a surprise trip to Greece! Read more about some of her great tips…

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Guard Yourself Against Identity Thieves: Top Tips from MilSpouse Money Mission

July 16, 2021

Coffee shops, along with other public Wi-Fi network locations, can make you vulnerable to identity theft so use these tips to be vigilant and protect your personal information. Brittany, a MilSpouse from Fort Carson, Colorado discovered errors on her credit report during a credit check several years ago. At that point, she took advantage of…

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7 Warning Signs You May Be a Victim of ID Theft

July 9, 2021

Mariah, a MilSpouse from Camp Roberts, California was diligent about checking her financial accounts. One night she checked, and all was good. The next morning, there was a $300 fraudulent charge on her credit card from a shoe store. This literally happened overnight! Read more about her situation. Have you ever noticed an erroneous charge…

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Celebrate The “Why” of MilSpouse Money Mission

May 6, 2021

Adapt and use this sample blog to help spread the word about MilSpouse Money Mission. Let’s Celebrate Our “Why” May is a very special month for MilSpouse Money Mission. This month, we celebrate our “why” – our commitment to serving you, the amazing military spouse. A Mission to Serve MilSpouse Money Mission is marking one…

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