Military Caregivers: Call (888) 503-1168 and take charge of your financial future!
As military caregivers, putting the needs and welfare of others over ourselves is natural. For me, the care of my loved one has taken precedent over every other thing in my life — including credit and my financial welfare. Obviously, it is important to take care of our finances timely, but who has time for paying bills?!! I am too busy calling doctors, transporting and accompanying my loved one to appointments, refilling medication dispensers, scheduling and maintaining appointments, … you know… wearing and juggling the many hats that we as caregivers wear. It’s sometimes hard to find time for handling our finances, but it is absolutely crucial! Thank God for online bill pay!!!
Tips to Understanding Credit (Click here to view USAA’s info-graphic “Give Yourself Credit.”)
Graphic Obtained from: Boundless. “Obtaining Credit.” Boundless Business Boundless, 8 Aug. 2016. Retrieved from https://www.boundless.com/business/textbooks/boundless-business-textbook/the-functions-of-money-and-banking-21/credit-124/obtaining-credit-573-3196/
Knowing the credit score is a key part of having financial security. Not only can a good score help lock in the best interest rate on a home or car, credit history can impact other financial goals, from security clearance to employment opportunities. Here are a few tips from USAA shared with permission:
- Understand factors that impact your credit score. Payment history. Credit history. Amount of credit owed. It is important to consider the balance remaining on an account vs. the amount of credit given.
- Look for opportunities to establish credit. One suggested way to establish credit is to open a secured credit card. I will talk about ways to find the credit card that may work for you in another blog.
- Stick to your budget to avoid overspending and unnecessary debt. I must constantly remind myself to assess what is a need versus a want before making the purchase.
- Check your credit report every year for discrepancies. One way to get you free credit report is by visiting annualcreditreport.com.
- Avoid making some common mistakes. Cosigning for someone else. Maxing out credit cards. Opening too many new accounts. These are all common, yet can be costly.
Recap to Military Caregiver Financial Hotline (Click here for a full post about the hotline)
The Military Caregiver Financial Hotline is a tool designed to help military caregivers overcome financial challenges that we face as a result of the chaotic twist of events that occur in our lives after adjusting our careers to care for a loved one injured, ill, or wounded in military service. Most of us were dealt a devastating blow that affected the outlook of our financial futures. However, the Elizabeth Dole Foundation has stepped up to offer another means that gives relief to military caregivers.
USAA has teamed up with MOAA and PsychArmor to provide free financial education assistance for military caregivers. Call (888) 503-1168 from 12:00-6:00 pm EST M-F. Visit hiddenheroes.org/USAA link to more info.
Here are the specific details:
- Military Caregiver Financial Hotline — (888) 503-1168. Lines are open and available 8am to 6 pm, Monday through Friday, Eastern time.
- A call center representative screens the caregiver with questions to determine the best organization to refer him/her to: USAA, MOAA, or Psych Armor.
- Caregivers are asked if they are a member of MOAA, as well as a series of other questions. Again, as a military caregiver, you are not required to be a member of MOAA, USAA, Psych Armor, or any other organization in order to receive support. The questions are only to help the call center recommend the best option for you to support your needs.
Each caller will benefit from learning about which of the organization s suits their needs best: MOAA, USAA, or Psych Armor – as each of these organizations offers solid advice and assistance to military caregivers in search of help. I highly recommend that all caregivers use the Military Caregiver Financial Hotline to gain helpful guidance on their financial needs, whatever they are.
Military Caregivers:
We must take time to care for our financial future! Please call the hotline today!
