National Guard of the United States - Financial Management Awareness Program (FMAP)
United States Department of Defense, National Guard of the United States
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Description of Service
The National Guard Financial Management Awareness Program (FMAP) provides training and education, counseling/consulting, and information and referral to commands, to Service members, and to their Families.
FMAP assists Service members and their Families in increasing personal and family financial knowledge and readiness and provides counseling on financial issues such as basic budgeting, money management, debt consolidation (including coaching to help people contact their creditors and negotiate late fees, interest rates, and affordable payment plans), and assistance with housing issues (being behind on mortgage payments or facing potential foreclosure). The National Foundation for Credit Counseling (NFCC) can also help you develop a debt-management plan at no cost. Should you choose to enter into an arrangement with NFCC to manage a debt-management plan on a long-term basis, a nominal monthly fee may apply.
Focusing initially on first term Service members, the mission of FMAP is to impart knowledge and skills in all facets of basic financial management to include managing monthly income, expenses, savings credit, and consumer rights and protections, with the goal of the Service member achieving important individual and family financial goals and objectives.
In addition, FMAP provides Service members knowledge and insights in the basics of purchasing or leasing a car, renting or buying a home, managing personal risks through insurance products, understanding the potential for return and risk in investments, and the financial implications of transition to civilian life.
FMAP is especially sensitive to the situations and needs of the Service member experiencing financial hardship. FMAP is well-integrated with other key programs in the Family Program operations, specifically in the areas of, Readiness; Transition Assistance; Family Member Employment; Children, Youth and Teens; Exceptional Family Member Program and Educational and Vocational Programs.
To arrange for financial counseling, call Military OneSource at 800-342-9647 and ask for it. You must go through Military OneSource in order to access the sessions at no cost.
Financial counseling can assist with basic money management. Financial planning (telephonic counseling with Certified Financial Planners) can help with reviewing savings plans, investing plans, stocks, bonds, and retirement plans. Financial planners can help inform you about the advantages and disadvantages of different savings plans and methods, but they won't provide advice or recommend one over the other.
Active duty Guard and Reserve members (regardless of activation status) and their families located in the continental United States.