Military families face the same stress of financial insecurity that millions of civilians endure, but life in the service comes with unique expenses and extra stress due to frequent moves, unexpected deployments, erratic pay, spouse career changes, and childcare costs; just to name a few.
In fact, servicemembers and their spouses ranked financial stress as their greatest concern, even over deployment, according to Blue Star Families’ annual military family lifestyle survey. For these reasons, military couples and families need to be particularly careful when it comes to budgeting, saving, and planning for the future.
Recently, AAFMAA Wealth Management & Trust (AWM&T) shared some tips for saving money in the military:
- Don’t overspend.
- Create a budget.
- Avoid getting into debt.
- Use credit cards wisely.
- Create a savings account.
- Ask about military discounts.
- Shop on base.
- Use a VA home loan.
- Take advantage of the GI Bill.
- Save for retirement.
- Fill the gaps in your life insurance coverage.
Experts such as AAFMAA Wealth Management & Trust can work with you to develop personalized, comprehensive plans to help ensure you’re covered for life’s major milestones and unexpected hardships.
Keep reading to learn more.
Financial Planning, Investment Management, and Trust Services provided by AAFMAA Wealth Management & Trust, a North Carolina Limited Liability Company wholly owned by AAFMAA. Physical address: 639 Executive Place, Suite 200, Fayetteville, NC 28305. Information provided by AAFMAA Wealth Management & Trust LLC is not intended to be tax or legal advice and we encourage you to seek guidance from your tax and legal advisors. Past performance does not guarantee future results. Investments are not FDIC or SIPC insured, are not deposits, nor are they insured by, issued by, or guaranteed by obligations of any government agency or any bank, and they involve risk including possible loss of principal.
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