Being a part of a military family comes with its fair share of perks and headaches. There’s the steady paycheck and healthcare benefits, but also the frequent moves, deployments, and other twists that seem tailor-made to keep you on your toes.
So, let’s talk about money for our beloved military families.
Relocation & Deployment
Relocating every two to three years can be difficult. This is not just about finding new friends. Every move can send your budget into a tailspin. Packing up, temporary housing, and finding the nearest place to get your morning caffeine fix – it all adds up.
Before you get your orders, make a Permanent Change of Station (PCS) budget. Factor in everything: packing supplies, travel expenses, deposits for new utilities, and, yes, the inevitable impulse buys for stuff you swear you didn’t already have. Secured Advantage can also help with loans or budgeting tools to make the financial shock less… shocking. Plus, check out military allowances like Dislocation Allowance (DLA) that can help cover some moving costs.
Meanwhile, when a family member is deployed, it’s not just the emotional strain that ramps up. You might end up spending more on childcare, convenience meals, or indulge in other things. If you’re the one staying behind, don’t be shy about seeking advice. Secured Advantage can help you review your savings plan or set up an emergency fund, so you’ve got some peace of mind when your partner is away.
Military Families & Debt
Military families aren’t strangers to debt. In fact, research shows the rate of missed credit card payments in military households is 2.5 times higher than in civilian households.
It’s tempting to put everyday expenses on a credit card when money is tight, but it can quickly snowball into bigger debt. If you find yourself regularly relying on credit to make ends meet, it might be time to reassess your budget or speak with Secured Advantage.
Life moves fast when you’re in the military, and it’s easy to miss due dates. Automate your bill payments so you don’t have to think about them. Set up auto-pay options for credit cards, utilities, and other recurring bills.
Think of your budget like a mission plan. Track every expense and allocate funds to necessary categories like housing, food, and savings. Consider using budgeting tools or apps offered by Secured Advantage.
While the military keeps you ready for anything, your finances should do the same. So, don’t be afraid to seek advice, make a plan, and remember that Secured Advantage is here to help. Because, honestly, we’d rather see you spending your money on things you love (and that aren’t stress-induced) than letting it slip through your fingers.
Wanna chat? Reach out today.
