How Military Spouses Can Help Reduce Financial Stress

Military life can be fulfilling, but it doesn’t come without its challenges. Service members often deal with financial stress, which can take a toll on their overall well-being, especially if they have a family to care for. Spouses can help mitigate some of this stress by taking on some of the financial responsibilities, such as budgeting, paying bills, or tracking expenses. Below, you’ll learn more about the unique situations military families deal with that contribute to financial stress and how you can play a role in relieving this stress for your family.

Why Does Financial Stress Occur in the Military?

There are several reasons a military family may experience financial stress. Some of the most common reasons include:

• Deployment: When a service member deploys, they won’t always have access to their accounts or the time available to manage their finances properly. Without the proper support from their family and the proper planning, it’s possible their bills could be paid late, or they could default on loans or other payments that will significantly impact their credit.
• PCSing: Relocating to a new duty station can cause a lot of financial stress since you’ll have to facilitate a move and cover some expenses to make the move a success, though the military will cover a significant portion. Without the proper planning, PCSing could cost you more than expected. These costs can quickly add up if you’re PCSing every few years, making it harder to recover financially.
• Spousal unemployment: Since service members are constantly moving, it can be hard for spouses to find stable employment, especially if they’re trying to climb the ladder in their field. They may be stuck in entry-level positions or find it difficult to be hired after relocating to a new duty station. As a result, military families may miss out on the benefits of a dual income or may not make as much as their civilian counterparts.
• High cost of living: In some areas, the cost of living may be more expensive, leading to an increase in daily and monthly costs, especially if you have children. Even with a dual income, a high cost of living can be difficult to manage and can create stress for military families.

On top of these factors, there may be personal situations that can create additional financial stress in a military family, such as daycare costs, family emergencies, and more.

Tips for Reducing Financial Stress as a Military Spouse

As a military spouse, you have a unique role in a service member's life. You can often help reduce their stress by taking care of the finances on your own, which is especially important when your service member is deployed or otherwise busy with their important work. Below are some tips to help you reduce financial stress as a military spouse:

1. Communicate and Plan

You and your partner need to be on the same page when it comes to your finances. Your service member doesn’t need to be involved in every part of your financial planning, especially if you’re taking on a more involved role to relieve their stress, but it’s important to align on what you both want to accomplish with your finances.

Find a time when you both can sit down and have a discussion about your finances and your goals. Come up with a plan together for your financial future, which should include how you want to pay your bills, debt repayment, and increasing savings.

2. Make a Budget and Track Spending

You will want to create a budget that you and your partner agree to so it’s easier to keep track of where your money is going each month. Your budget should also include any money you allot towards your family savings so you’re making progress toward your family savings each month.

You should also take a look at your spending each month to make sure you’re on track. There may be expenses you didn’t realize you had, such as a subscription service, or you may discover that you’re spending more than you realized on things like takeout or shopping sprees. Cutting some of these costs can help you increase your savings, leave money for emergencies, and reach your shared financial goals with your partner.

3. Take Care of Debt

Debt is often one of the most significant stressors for families, especially if it’s piled up, payments are high, or interest rates are out of control. It’s important for one of your financial goals to be to take care of debt so it doesn’t become overwhelming and cause even more stress. You can help relieve some of the stress for your service member by helping them come up with a plan to tackle their debt payments.

Consider how much they owe. If they have a lot of debt, it might be best to recommend that they start with the smallest debt first and pay it off before moving on to the next debt. With a smaller amount of debt, you can start off paying down the largest debt with the highest interest rate. If your partner’s debt is more than your family can handle, talk to them about considering a debt consolidation loan, which will turn all the debt payments into one monthly payment, usually at a lower interest rate with decent credit.

4. Leverage Military Benefits

As a military spouse, you have access to plenty of military benefits that can help you with your finances. For example, TRICARE significantly reduces medical costs for service members and their families, which is especially important if they have children. You can also take advantage of things like the Savings Deposit Program (SDP), which allows service members to deposit money into a high-interest savings account while they’re deployed.

As a spouse, you can use the My Career Advancement Account (MyCAA) program to find financial assistance for education and training you can use to advance in your career as a military spouse. Doing the research into the different programs available to you and your spouse can help relieve financial stress in your family and help your loved one stay focused on their important work.

5. Find Additional Income Opportunities

If you want to contribute to the finances at home, you can look for employment opportunities that utilize your skills. A supplemental income can help ease the stress of paying your bills and managing your debt at home. There are plenty of resources military spouses can use to find employment, such as the My Career Advancement Account Scholarship or MyCAA.

6. Create an Emergency Fund

You never know what can happen, and you don’t want to try to manage an emergency unprepared, especially if your spouse is deployed or training and can’t help you. Part of your budget should include an allocated amount for emergency savings, which should be separate from your other saving accounts. You’ll want to have enough in your emergency fund to cover any sudden and unexpected expense, such as when your car breaks down or there’s an accident in your family.

7. Find Support When Needed 

It’s not always easy managing the finances, especially when you’re part of a military family and have to deal with the other challenges that come with that life. It’s important to find support when you need it, such as from a support group specifically created for military spouses. These groups allow you to connect with other spouses who understand the struggles that you’re going through. Many of these individuals may be able to offer advice, and you can even build close connections with them so that you have your own support network when things get tough.

Find Savings Here at MLC

Your spouse relies on their gear to help them get through their day, which includes their bags, packs, and cases that help them transport important equipment and other items that make them successful in their careers. Military Luggage Company offers the best selection of bags for our troops, and we even offer a warrior discount to help offset the cost for military families. Check out our impressive selection of tough and rugged gear, or contact us with your questions.