The military does so much for our country, so it’s only right that we thank them for their service by offering tips to achieve financial freedom. In light of Memorial Day, here’s our top financial advice for our men and women in uniform!
How Military Members Can Achieve Financial Freedom
- Establish an emergency fund. Eliminate credit card debt by sticking to a monthly budget. Use our budgeting worksheet to prepare yourself and your financial overseer for saving money. Aim to save 6-9 months’ worth of living expenses for your emergency fund. Start saving 5-10% of every paycheck and allocate any extra money to your fund. Don’t touch it! If you need further assistance, contact American Consumer Credit Counseling.
- Budget for deployment. Deployment can be an extremely stressful and emotional experience. In light of deployment, prepare for all three stages of deployment and control your financial destiny! Choosing a financial overseer, tracking your payments, and reviewing your financial protections under the Servicemembers Civil Relief Act are all vital steps in the process. Check out our resources on budgeting for deployment.
- Take advantage of resources. There are numerous resources available to military members, veterans, and their families. Some examples include the National Guard Financial Management Awareness Program and grants from non-profit veteran service organizations. Online communities like Military Saves and America Saves offer financial literacy for military personnel. You should also take advantage of your earned military benefits, such as Special and Incentive Pays and the Thrift Savings Plan.
- Use military discounts. Many companies offer military discounts on a variety of items. These range from clothing to car repairs, amusement parks, and more! These discounts are usually only extended to the military on major holidays like Veterans Day, Memorial Day, and Independence Day. Also, always ask if you’re unsure whether or not a company offers a military discount. You can also visit websites such as Military.com for a complete list of deals and discounts.
Achieving financial freedom for service members is totally doable. Asses your financial situation and military benefits. Furthermore, by equipping yourself with the right tools and financial literacy, you are well on your way to a healthy financial future!