Military service members face unique financial challenges with the nature of their work. In honor of Military Family Month and upcoming Veterans’ Day, Franklin Savings Bank is highlighting five financial tips for military families to assist with managing their money.
- Contribute automatically to a Thrift Savings Plan. Military members have access to the Federal Thrift Savings Program, which offers a low-cost retirement savings plan. Have automatic contributions withdrawn from your paycheck.
- Plan for deployment. Have a family conversation about managing the household budget. Consider granting power of attorney to your spouse or family member, should they need to make any urgent financial decisions while you are gone. It is also a good idea to schedule an appointment with your banker to see what other ways they can help coordinate your financial obligations during your deployment.
- Set up automatic bill pay. Whether you’re stationed stateside or overseas, automatic bill pay will give you and your family one less thing to worry about each month. It can be particularly helpful during deployments in regions where internet access is unreliable and mobile banking isn’t an option.
- Consider housing options. Homeownership may seem like the next step you need to take; however, service members should consider their options. Frequent relocations and deployments can make owning a home challenging and expensive. Renting may be a smart option for short-term assignments. Decide what’s best for your family and your finances.
- Consult a financial advisor. Schedule a visit with a local financial advisor. They offer one-on-one planning, as well as other financial education resources.
Source: American Bankers Association