Managing your money is always a complicated task, but military families in particular have a bevy of unique situations to navigate. Service members and their families often cite finances as one of their most significant stressors, even more so than deployments and personal relationships. Service members can’t adequately focus on the job at hand if they are concerned about financial problems at home. Military families face unique financial challenges like deployments and relocations, so we stress the importance of planning ahead as much as possible.
Here are some financial tips for Military and Armed Forces service members and their families:
- Contribute automatically to a Thrift Savings Plan. Military members have access to the Federal Thrift Savings Program, which offers the lowest-cost retirement savings plan available. Have automatic contributions withdrawn from your paycheck.
- Plan for deployment. Before deployment, have a family conversation about managing the household budget. Consider granting power of attorney to your spouse, should they need to make any urgent financial decisions while you are gone. Check with your bank to see if they have pre-printed forms you can use for bank accounts. Military personnel also receive additional funds while deployed. Decide on the best use for that extra cash, whether it is paying off debt or additional Thrift Savings Plan contributions.
- Set up automatic bill pay. Whether you’re stationed stateside or overseas, automatic bill pay will give you and your family one less thing to worry about each month. It can be particularly helpful during deployments in regions where internet access is unreliable and mobile banking isn’t an option.
- Consider housing options. With mortgage rates at notably low levels, homeownership may seem like a no-brainer. NJ Lenders Corp is proud to help active military and their families secure the home of their dreams. VA loans are designed to provide long-term home financing to qualified veterans and, in some cases, their surviving unmarried spouses. In many instances, their interest rates can be better than other conventional loans.