Planning for your financial future is a lot like planning a vacation. Financial plans, much like vacation plans, must begin with research and an itinerary. Without a destination in mind, you’ll be lost the entire way.
Just like there are different vacations for everyone — camping in a National Park, cruising through the Atlantic Ocean, or sightseeing in New York City — not all financial plans will look the same. Especially for a Military Family. With unique challenges and situations to consider, a strong financial plan may be most valuable to a MilFam.
1) Perform a Budget Check
Before your do anything, take the time to figure out where you stand. What does your budget look like? What are your spending habits? What about those recurring expenses and subscriptions?
Getting an idea of where you currently stand will help you figure out what to reasonably and realistically expect as your continue along your financial journey.
2) Define Your Goals and Anticipate Possible Needs
Once you have an idea of where you are, it’s time to figure out where you want to go.
Make a list of all your financial goals. If you know where you want to go, it makes it easier to create a concrete and effective plan for achieving it. And you’ll be able to accurately track your progress. Lofty goals are great, but make sure you’re thinking reasonably and realistically. Setting goals should help you along your financial journey, not frustrate you.
3) Tap into Your Tools and Resources
Whether you’re creating a full financial plan or just a weekly budget, managing your money can often be overwhelming. But as a Military Spouse and family, there are more resources at your disposal than you might realize.
In addition to all the on-base help you can get to tackle your finances, military-friendly advisors and organizations often know the unique needs of Military Families and can help them navigate the frenzied world of finances in ways others cannot.
Information provided by AAFMAA Wealth Management & Trust LLC is not intended to be tax or legal advice. Nothing contained in this communication should be interpreted as such. We encourage you to seek guidance from your tax or legal advisor. Past performance does not guarantee future results.
More on Money Tips for Your MilFam:
Solutions for Your Military Family:
Life Insurance, Wealth Management, Home Mortgages, Survivor Services, and more.