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When it comes to successful financial management, military members and their families qualify for multiple well-deserved opportunities.
Whether you’re an active service member or a retired veteran, embracing a strong financial future is the ultimate goal. Not only can you achieve financial wellness by understanding and following basics like building a budget, tackling debt and setting up emergency savings; you can also experience prosperity simply by being aware of seven advantages that have been earmarked specifically for you.
Key Financial Benefits for Military Members:
Dining out. Shopping for clothes. Purchasing supplies. Whenever you’re patronizing a business, remember that it’s OK (and often encouraged) for you to ask if they offer a military discount. From percentages off your total bill to unexpected inclusions, businesses often look for ways to support your service, which can really add up to significant savings!
The U.S. Department of Defense offers its Savings Deposit Program, which helps deployed service members build their savings by earning a higher interest rate than they would have access to otherwise.
If you receive military compensation in the form of Hazardous Duty Incentive Pay, Hardship Duty Pay or something similar, consider putting it in a high-interest savings account at your local bank, especially when interest rates are generally higher than they have been previously.
If you’ve served following September 11, 2001, you may have access to the Post-9\11 GI Bill, which could help cover the cost of tuition. Additionally, your spouse may be able to receive assistance through the Military Spouse Education and Career Opportunities (SECO) Program.
Service members may be able to utilize the Thrift Savings Plan (TSP), an investment option that features multiple funds. Contributions to a traditional TSP can potentially lower taxable income and grow tax-deferred.1
Did you know that, as a military member, you and your family members could qualify for special life insurance? This is thanks to Family Servicemembers’ Group Life Insurance (FSGLI), which is available if you meet the requirements.
The Servicemembers Civil Relief Act (SCRA) is a law that provides legal and financial protection to those who have answered the nation’s call to serve. It was created in the event that legal or financial transactions adversely affect military members' rights during service.
Given the fact that many service members have to move frequently (and with short notice), they often have access to a tax-free housing allowance. They may also qualify for certain Veterans Administration (VA) loans, which can be helpful in obtaining a home with little or no money down – and no private mortgage insurance (PMI).
When it comes to navigating various military benefits for financial planning, it helps to work with a bank that proudly backs the brave. By being aware of the opportunities we’ve outlined above, you’ll be in a great position to set your financial trajectory and pursue prosperity – For a Better Way of Life.®
Achieving financial well-being is easier than one might think. We’ve laid out some helpful tips to reach money goals in a way that’s healthy and productive!
These seven smart money hacks will help you achieve financial success and gain peace of mind! (Especially during uncertain economic times.)
Looking to embrace healthy financial habits? You’re in the right place! Let’s take a closer look at your finances and think about your goals for the future.
1 Ask your tax consultant about possible benefits and tax advantages.
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