Step 1: Understand Your Military Benefits
Many military families don't realize how many financial benefits are available to them.
💡 Key Military Benefits That Can Help Your Finances:
✔ Basic Allowance for Housing (BAH) – Provides monthly housing allowance based on rank, location, and dependents.
✔ Basic Allowance for Subsistence (BAS) – Helps cover food expenses for service members.
✔ Tricare Healthcare Benefits – Free or low-cost medical, dental, and vision coverage for spouses and dependents.
✔ Military Discounts & Commissary Savings – Base commissaries and exchanges offer tax-free shopping and lower grocery prices.
✔ VA Home Loans – Allows military families to buy a home with no down payment and lower interest rates.
✔ Free Financial Counseling – Available through Military OneSource and on-base support offices.
🛠 Money Tip: Understand and use these benefits to reduce expenses and save more each month.
Step 2: Build a PCS-Proof Financial Plan
A new PCS move can throw your finances off track—especially with moving costs, temporary housing, and career disruptions.
📌 How to Financially Prepare for a PCS Move:
✔ Start Saving Early – Put aside at least $1,000–$2,000 in a PCS emergency fund.
✔ Track Your Moving Expenses – Many costs are reimbursable through the military (DLA, PPM reimbursement).
✔ Update Your Budget – Housing, utilities, and taxes vary by location—adjust accordingly.
✔ Avoid New Debt During the Move – PCS transitions are stressful, but don't make big purchases on credit unless absolutely necessary.
✔ Plan for Career Changes – If you're working, research remote job options or job transfer opportunities ahead of time.
🛠 PCS Money Tip: Always check if your new duty station qualifies for Cost of Living Allowance (COLA)—this extra pay can help offset higher living expenses.
Step 3: Create a Military Family Budget
A strong monthly budget is key to financial success—especially when income fluctuates due to deployments, TDYs, or career changes.
📌 How to Budget as a Military Spouse:
✔ Use the 50/30/20 Rule:
- 50% on needs (rent, food, insurance, bills)
- 30% on wants (entertainment, hobbies, dining out)
- 20% on savings & debt payoff (emergency fund, retirement, credit cards)
✔ Track Expenses With Budget Apps: Use Mint, YNAB, or EveryDollar to monitor spending and savings goals.
✔ Set Up Automatic Bill Payments: Avoid late fees by automating rent, utilities, and loan payments.
🛠 Money Tip: Revisit your budget every time there's a major life change (PCS move, deployment, pay raise, new baby, etc.).
Step 4: Save for Emergencies & Retirement
Unexpected expenses can wreck a budget, so military families need strong savings strategies.
🚀 Smart Military Saving Strategies:
✔ Emergency Fund: Aim for 3–6 months of expenses in a separate savings account.
✔ Thrift Savings Plan (TSP): A military retirement savings plan similar to a 401(k). Contribute at least 5% to get full government matching.
✔ Savings Deposit Program (SDP): Earn 10% interest on up to $10,000 in savings while your spouse is deployed.
✔ Use Military-Friendly Banks: USAA and Navy Federal Credit Union offer higher savings rates and lower loan interest rates.
🛠 Money Tip: If your spouse is eligible for Blended Retirement System (BRS), make sure they're contributing to the TSP—this is free retirement money!
Step 5: Maximize Military Spouse Career Opportunities
One of the biggest financial struggles for military spouses is career instability due to frequent moves.
💡 Ways to Build a PCS-Proof Career:
✔ Remote Work & Freelancing – Find online jobs in writing, graphic design, virtual assistance, and tech support.
✔ Military Spouse Employment Partnership (MSEP) – Connects military spouses with portable careers and military-friendly employers.
✔ Military Spouse Fellowship Programs – Hiring Our Heroes offers paid fellowships to help spouses transition into new careers.
✔ Education & Skill Training – Use MyCAA Scholarships for free college courses, certifications, and career training.
📌 Where to Find Remote Jobs for Military Spouses:
- FlexJobs.com (Military spouse-friendly remote jobs)
- Upwork & Fiverr (Freelancing & side gigs)
- Military OneSource Spouse Education & Career Services
🛠 Career Stability Tip: If traditional employment is challenging, consider starting your own online business that moves with you.
Step 6: Plan for Life After the Military
Whether your spouse retires at 20 years or separates after a few, it's never too early to prepare for post-military life.
📌 Key Financial Moves Before Transitioning Out of the Military:
✔ Save for Relocation Costs – The final move isn't always covered 100%.
✔ Understand Post-Military Healthcare Options – Will you use TRICARE Retired or switch to private insurance?
✔ Check Your Spouse's VA Benefits – Disability compensation, education benefits, and home loans can help.
✔ Plan Career Moves Ahead of Time – If your spouse is leaving the military, start job searching at least 1 year before separation.
🛠 Transition Tip: Connect with Veterans Service Organizations (VSOs) for financial transition support and job placement assistance.
Final Thoughts
Managing money as a military family isn't easy, but with smart financial planning, you can reduce stress, build wealth, and create long-term stability—even with the challenges of military life.
KEEP TAKING STEPS!
- Taurus
➡️ Join the Conversation! What's your biggest financial challenge as a military spouse? Drop a comment below!
🔗 Looking for more financial planning tips? Visit MaleMilitarySpouse.com!
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