Standards for Military Family Readiness programs

2020 Edition

Financial Readiness Programs (MIL-FR) 3: The Financial Plan

The MFR program works with the customer to complete a financial plan, as appropriate based on assessment results, that identifies methods for achieving the customer’s financial readiness goals.

2020 Edition

Currently viewing: FINANCIAL READINESS PROGRAMS (MIL-FR)

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Purpose

Customers who participate in Financial Readiness Programs gain personal financial management skills, learn strategies to prevent and resolve financial problems, and identify short and long-term actions to achieve financial goals and ensure personal, family, and mission readiness.
1
Full Implementation, Outstanding Performance
A rating of (1) indicates that the programs’ practices fully meet the standard and reflect a high level of capacity.  All elements or requirements outlined in the standard are evident in practice, with rare or no exceptions; exceptions do not impact service quality and/or overall performance.
2
Substantial Implementation, Good Performance 
A rating of (2) indicates that a programs’ infrastructure and practices are basically sound but there is room for improvement. The majority of the standard's requirements have been met and the basic framework required by the standard has been implemented.  Minor inconsistencies and practices that are not fully developed are noted, however, these do not significantly impact service quality and/or overall performance.
3
Partial Implementation, Concerning Performance
A rating of (3) indicates that significant aspects of the programs’ observed infrastructure and/or practices require significant improvement. The program has not implemented the basic framework of the standard but instead has in place only part of this framework. Omissions or exceptions to the practices outlined in the standard occur regularly, or practices are implemented in a cursory or haphazard manner.  Service quality or program functioning may be compromised. Capacity is at a basic level.
4
Unsatisfactory Implementation and Performance
A rating of (4) indicates that implementation of the standard is minimal or there is no evidence of implementation at all. Observed infrastructure and practices are weak or non-existent; or show signs of neglect, stagnation, or deterioration.

Please see Rating Guidance for additional rating examples. 
Self-Study EvidenceOn-Site EvidenceOn-Site Activities
  • Procedures for completing financial plans (MIL-FR 3.01)
  • Interview:
    1. MFR Program director
    2. Relevant staff
    3. Customers

Fundamental Practice

MIL-FR 3.01

An assessment-based financial plan is completed with the customer that:
  1. is tailored to the goals, interests, and needs of the customer;
  2. considers factors associated with significant life events;
  3. focuses on timely resolution of the needs presented;
  4. considers the urgency of the problem and the amount of counseling or assistance needed to achieve appropriate results; and
  5. is provided to the customer with a copy maintained in the customer’s file.

Interpretation

Examples of factors to consider when developing the financial plan include length of military service, promotion, birth or adoption, marriage, divorce, and other changes to life circumstances.


MIL-FR 3.02

The financial action plan contains:

  1. the results of the assessment;
  2. the customer's goals, actions necessary for achieving those goals, and their responsibilities;
  3. a statement describing the array of options available to the customer;
  4. referrals made for others services, as applicable;
  5. a spending plan that prioritizes needs such as housing costs, utilities, food, and transportation; and
  6. a plan to address needs related to military lifestyle changes such as relocation, transition, and deployment, as necessary.