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Personal Financial Tips for Military Families

Military mother with childrenMost military families will experience numerous moves, job changes, and deployments, leaving them with their own unique set of financial challenges. Here are a few tips that can help your military family save and budget:

  1. Take Advantage of Any and All Military Benefits You May Receive—Being in the military can come with some pretty great benefits... For instance, service member's pay is technically tax-free; therefore, they receive a reimbursement check with the taxes taken out later... There are also benefits to military members, such as healthcare and education benefits. Be sure to take advantage of all military benefits your family may receive.
  2. Stay Up-to-Date on All Bills—It's important in any family for both spouses to be up-to-date on what bills need to be paid, for how much and when, however it is especially important in a military family in case of deployment. Try to create a time to sit down and catch each other up with your financial obligations.
  3. Create a Budget—A budget is your financial roadmap... Try creating a budget to help you control any spending impulses and to overall better manage your finances.
  4. Be Sure to Save—Remember that setting financial goals is important no matter what your circumstances are... Consider opening a savings account to help your family reach these goals. Having a savings account, and ultimately an emergency fund, can help give your family peace of mind for any emergencies on "rainy days" that may arise.
  5. Focus on Chipping Away at Your Debt—If your family has any debt, try to focus on reducing it as much as you can. Try using a tool like CB&S Bank's Credit Card Re-Payment Calculator and make it a regular habit to pay more than the minimum payment.
  6. Track Your Spending—Use a service like CB&S Bank's Mobile Banking or MobiMoney to help you track your spending. Once you know what you spend the most of your money on you may be able to make wiser financial decisions.

 

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