Finances for military families often require a specialized approach. Between deployments, change of duty stations and other issues unique to military families, finances can seem overwhelming. Here are some tips to help these families make the most of their hard-earned income.
1) Work from a budget.
This is foundational to financial success. We have to learn how to control our money instead of the other way around. The first step in that process is knowing where it’s going and when.
2) Establish an emergency fund.
Let’s face it, life happens. And when it does, it costs money. Even if you can only put away a little bit each month, building up an emergency fund is the first step in preparing for whatever may come your way. This should start before savings or anything else.
3) Avoid credit card debt.
Using credit cards as the emergency fund will cost so much more in the long run. By spending no more than what we have coming in, we’ll be able to keep our financial ship afloat.
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4) Set goals.
It’s really hard to get where we’re going when we don’t know where we’re going. Plan where you want to be in a year, five years, 25 years.
5) Keep the financial discussions positive.
Finances rank high on the list of reasons for divorce. If we can learn how to work together—and dream together—we’ll be able to face almost anything. Part of that is setting goals an talking about financial dreams.
6) Use special pay for savings.
Deployment funds can seem like a windfall, but don’t let the money disappear. Plan where it’s going and make sure a large chunk lands in savings.
7) Take advantage of what’s available.
This means shopping on base, using the GI bill for college education, etc. There is so much available to military families, it’s our job to find what works best for our situation.
There’s no reason we can’t plan a financial campaign and find victory with our families.
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