May 17, 2012

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Finances and The Military Family

 

military family

photo credit besthomealarms.com

 

Military families give their all for their country every day. Their financial needs are similar in many ways to everyone else, but they also have a unique set of circumstances and considerations that need to be taken into account. Sometimes the resources available to assist military families are scattered and it may be intimidating to know where to start.  We created a list of some of the resources that can help military families manage their finances and be better prepared for the future. These resources, while certainly not a comprehensive list, are some of the best resources we found to assist the military family along their financial journey.

One of our favorite resources is a guide titled “Personal Finance for Military Families” created by Kiplinger Personal Finance and the BBB. It’s a fantastic resource that covers many of the unique life circumstances military families may face (such as deployment) and how to manage personal finances in the midst of these circumstances. It’s a fantastic resource!

A great place to start with finding resources available for military families, veterans and active duty military is the Department of Veterans Affairs website. There is a lot of information available on the site and a comprehensive list of resources to get you started.

Some of the resources specifically geared to finances for the military family are:

  • The GI Bill – an excellent starting point for all the information you will need to explore your options with regard to education
  • VA Loans – everything you will need to know if you are considering a VA loan including specific eligibility requirements.
  • USAA – Banking, Savings, Insurance, Investments for Active Duty Military, Retired Military, Veterans and their dependents.  Check out this blog post titled Why Military Should Bank With USAA for more information.
  • The Soldiers and Sailors Act -  Provides a wide range of protections for individuals entering, called to active duty in the military, or deployed service members. This act covers areas such as Mortgage payments, Credit Card Debt, Taxes and early termination of Leases. An excellent overview!
  • For Veterans, here is an A-Z list of the resources available to you and your families! There are some great resources on this list. One of our favorites was the link to the Armed Forces Vacation Club.
  • It’s important to curb your impulse to overspend as you move up the ranks in military life. Read more about how here.