Whether you’re a recent recruit, about to leave the serv𝕴ice, or somewhere in between, you know that military service creates unique financial challenges for military families. Unexpected or frequent moves, difficulty spouses have obtaining employment, and transitions to civilian life or retirement are just a few of th𝕴e roadblocks to a stable, financially sound family life.

Fortunately, there are solutions both in and out of the m🧔ilitary infrastructure. Here are a dozen helpful finan﷽cial tips for members of the military and their families.

1. Use Available Tꦍools to Help Deal witꩲh the Pandemic’s Economic Impact

Civilians were urged to hunker down during the worst part of the COVID-19 pandemic. Military personnel and their families were different. Deployment, relocation, and other factors created both personal and financial risks for service members and their families. Many of those problems remain. Fortunately, there are some hel𝓀pful tools available.

The following applies to members of the military or family memb🦄ers of someone who serves:

• The military provides hardship duty pay in increments of $50, $100, or $150 depending on the location. The rate went up to as high as $1,500 per month for service members forced to self-isolate away from home during the pandemic.
• Basic housing allowance for dependents who moved while you stayed behind or vice versa
• Emergency family financial relief for , , or , including interest-free loans or grants
• 澳洲幸运5开奖号码历史查询:Interest-free loans for members of the and their families
• Financial counseling to help with personal finance basics, credit problems, debt repayment, and emergency financial assistance through

2. Take Advantage of the Servicemembers Civil Re♓lꦯief Act (SCRA)

The 澳洲幸运5开奖号码历史查询:Servicemembers Civil R൩elief Act (SCRA) provides special financial and legal benefits🔥 for service members, including a 6% interest rate cap on any loans you took out before you began active duty. You must apply for this benefit through the lender. This is especially helpful to members of the Reserve or Nationalไ Guard who may take a significant pay cut when activated.

The SCRA also gives you as a service member additional rights, including postponement of foreclosu♒re and civil court matters, deferred income taxes, eviction, and default judgment protection, protection of small business assets, and the right to terminate a residential lease, automobile lease, or phone service.

Other provisions include protection from repossession of property, life insurance coverage protection, the ability to suspend professional liability insurance, and protection of voting rights in your home state. All this is contingent on orders for a permanent change of station or temporary deployment of 90 days or more.

3. Sign Up for Free Credit Monitoring

If you are in the National Guard or on active duty, a recent Federal Trade Commission (FTC) rule lets you receive free credit monitoring to provide protection from fraud or identity theft. To enroll in the program, go to the military monitoring webpage at one of the three major credit agencies, , , or .

When you sign up, you will be notified by mobile app, email, or text if certain changes occur in your credit file, including a change of address, payments that are more than 30 days late, bankruptcy information, foreclosure, liens, or new accounts opened in your name.

4. Get Help Finding Employment as a M⭕ilita🍨ry Spouse

The Department of Defense (DOD)  program and the  offer educational and job placement opportunities for military spouses to help overcome many of the obstacles your spouse may face finding and retaining employment as well as pursuing a career path of their choosing given the rigors of military family life.

5. Know and Use Available Housing Resources

In addition to protections provided by the SCRA (see No. 2 above), you have access to additional help with housing issues. These include a tax-free housing allowance and the ability to take out a 澳洲幸运5开奖🐲号码历史查询:Department of Veterans Affairs (VA) loan, which lets you borrow with no down payment and no 澳洲幸运5开奖号码历史查询:private mortgage insurance (PMI).

If you are having trouble paying your mortgage, you may qualify for military hardship. This could apply if you received PCS orders, are currently on active duty, or you or your spouse were injured on active duty. Finally, consult the National Resource Directory for a list of 澳洲幸运5开奖ꦕ号码历史查询:housing resources for members of the military.

6. Take Adv🉐antage of Inexpensiv𝔉e Life Insurance and Survivor Benefits

Active-duty service members and family members have access to low-cost life insurance through  and , respectively. Coverage of up to $500,000 for service members, $100,000 for spouses, and $10,000 per dependent child is available at low monthly rates or, in the case of dependent children, free.

When you separate from service, you may be eligible to switch to Veterans’ Group Life Insurance (VGLI) and keep it as long as you pay the premiums. Your spouse, covered under FSGLI, can convert their FSGLI policy to a permanent individual life insurance policy when you separate or retire. Some veterans and family members may also be entitled to burial benefits, death benefits, and memorial items. The rules are complicated, but a phone call to USA.gov at 1-844-872-4681 (8 a.m. to 8 p.m.) Eastern, Monday through Friday, can get you an answer.

7. Learn About Low-Cost Investment Opportunities💫

The 澳洲幸运5开奖号码历史查询:Thrift Savings Plan (TSP) lets active-duty service members invest at low cost and choose from among short-term U.S. Treasury securities, index funds made up of domestic and international stocks, and several target-date (lifecycle) funds, each of which becomes more conservative as you age.

Contribution limits for 2024 are $23,000 ($23,500 in 2025) in elective deferrals with an additional $8,000 in 2024 and 2025 catch-up limit if you are 50 or older. You automatically receive 1% of your basic pay even if you don’t contribute. You can receive up to 3% matching with up to 3% in contributions and 50% of the next 1% in contributions. There is no agency/service matching after 5%. Contributions can be traditional or Roth. Your spouse cannot contribute to a TSP unless they are also eligible through government employment or are active-duty service members themselves.

8. Earn 10% in a High-Interest Savings Account

The 澳洲幸运5开奖号码历史查询:DOD Savings Deposit Program pays 10% interest, compounded quarterly, on invested amounts of up to $10,000 while you are deployed to a designated ไcombat zone. You must be receivingꦇ Hostile Fire Pay and be deployed for at least 30 consecutive days (or one day in each of three consecutive months) in order to participate in the program.

You can close your account after you leave the combat zone, but interest will continue to accrue for 90 days after you return from deployment, so you might want to leave the money where it is. Your spouse (with power of attorney) can initiate and change savings amounts in your account.

9. Leverage Tax-Free Residency for Longer

You can maintain legal residence in one state, even if you are transferred to another. This could help if, for example, you are stationed in and have established residence in a tax-free state such as Florida or Texas and move to another state where you would be subject to state income taxes. The SCRA protects you and your spouse from being forced to change legal residence when either of you moves. Your (and your spouse’s) state of legal r🧔esid𒐪ence is typically where you:

• Maintain voter registration
• File and pay state income taxes (if applicable)
• Maintain a driver’s license
• Register vehicles

This applies only to your military income. If you have other w🅰ork or income outside the military, that income must be reported to the state where🐭 it is earned. For your spouse, the SCRA applies to any income they earn in the state where you are stationed.

The provisions of the SCRA do not apply to military-dependent children. If your child is required to file state income taxes, they need to file where they physically reside.

ꦅ10. Transfer Your GI Bil༺l Benefits to Your Family

If you have served for at least 36 months since Sept. 11, 2001, you have access to the 澳洲幸运5开奖号码历史查询:Post-9/11 GI Bill. This can cover the cost of in-state tuition and fees for a public college for up to four academic years or up to $27,120.05 per year for a private college or foreign school. Further, you can transfer your benefits to your spouse or children provided the following are true:

• You’ve completed at least six years of service on the date your request is approved, and
• You agree to add four more years of service, and
• The person getting benefits has enrolled in the 

11. Don’t Forget Military Discounts

This one is simple: Just about everywhere you spend money, ask if there is a military discount. Some places advertise; others do not. The only way to find out for sure is to ask. To save time, go online and search forཧ military or veteran discounts by store or brand name. Most businesses that offer a 🍷discount require a military ID or proof of military service. Family members may or may not be able to take advantage of the discount, depending on the individual policy of the business.

12. Makꦇe 🌺the Most of Resources for Life After the Military

At some point you will ETS, otherwise kno♑wn as expiration term of service. Some will separate and move on to another career. Others w♔ill retire and begin collecting their military retirement annuity.

You and your family need not transition alone. Some people find it difficult to translate their military skills to the civilian job market.🌄 Others are unsure where they want to live post-retirement.

For veterans seeking post-separation employment, USA.gov lists several resources for veterans. You should also check out the , which lists important dates and deadlines for various VA benefits as well as where to go to get them.

If you are retiring from ജmilitary service, refer to Military OneSource’s page, which lists important retirement actions and when the🔥y need to be completed.

The Bottom Line

Financial hurdles are common for anyone. If you’re serving in the military, you may face some unique challenges when it comes to your finances. But there are certain resources that you can use to help you overcome these spee💫d bumps. Following the 12 steps we’ve laid out above may help you smooth things out and ensure that your personal financial situation is in🦋 check.