As a mother of a servicemember, I understand some of the financial challenges that many military families face, including crippling debt, eviction from their home and food scarcity.
Financial insecurity is one of the more unacknowledged hurdles that many current and former members of the armed forces experience. Between frequent deployments and unpredictable pay, some servicemembers struggle with everyday living expenses, such as groceries, utility bills or unexpected car repairs.
The transition into civilian life brings realities such as the loss of active-duty benefits, housing needs and the search for employment. Furthermore, it is only compounded with having to navigate an unfamiliar and complex financial system, adding to high levels of stress that many veterans encounter.
While every person’s financial journey is unique, being equipped with financial knowledge can help members of the military better prepare and manage through financial situations. There isn’t a one-size-fits-all approach to tackling life’s financial challenges. That’s why it’s important that servicemembers and veterans seek out tools and resources to take control of their financial future.
Here are 5 tips that can help servicemembers and their families get off on the right financial foot.
1. Create a budget. It might sound basic, but a good budget is the foundation of managing finances. A realistic budget allows servicemembers and their families to better understand where their money is going and live within their means.
The good news is that there are a myriad of free budget apps that allow you to track your expenses, review spending habits and plan for the next month.
2. Cut back on the non-essentials. Discipline is needed to identify extraneous expenses that can be redirected towards paying down debt or contributing to…
Read the full article here
