Soldier's Wife, Crazy Life

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Super Smart Tips For Building Up Your Savings During the Holiday Shopping Season

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The holiday shopping rush is upon us. If you’re worried this means you’ll need to risk going into debt, think again. Going all out on everyone’s Christmas gifts doesn’t mean you have to go into the red, instead, you can save your money by using the following tips.

Build a List & Do Your Homework

Santa checks his list twice, and you need to do the same. One of the best ways to make sure you don’t overdo it during the holidays is by writing down everything you have to purchase or everyone you will be giving a gift. That way, you can refer back to it and check things off as you buy them.

Once you have a list together, then it’s time to start your research. One item can be sold by a variety of companies for a different price. It’s easy to get overwhelmed by trying to play the find the absolute best price game. But there are a lot of sites out there that simplify your search. Also, sales are constantly popping up during this time of year, so sign up for e-blasts from your favorite stores and follow them on social media to get notified.

Consider D.I.Y. or Second Hand Gifts 

Sometimes, it’s a personal touch that gets the biggest response. So rather than going big with a fancy store-bought gift, make your own present. Whether it’s baked goods or a DIY project, these options will save you some money. While you do pay some money to buy the components for the gift, you can save the money that you would have spent on higher-priced items.

If you’re not the craftiest person, visit second-hand stores to purchase some unique finds. Thrift stores are full of a wide variety of items at low prices, so even finding something for the pickiest person on your list is possible. Buying used items at markdown discounts will save you a lot of change. Clearance racks, discount bins, and sale sections are all full of hidden treasures worth seeking out. 

Remember, Technology is Your Friend

Since your phone is most likely nearby right now, it’s time to put it to good use. Look into rewards programs at the stores you frequent or online retailers. Yup, getting paid to shop does add up when you have lots of gifts to buy. Sites like Rakuten or Swagbucks allow you to accumulate points to get cash back or gift cards. 

As mentioned before, signing up for emails is another great way to find the best deals. Creating a separate email account for these notifications ensures your regular account doesn’t get over-flooded with offers. Plus, it reduces impulse buying tendencies for whenever you see a sale item. Price matching tools and coupons can be tracked down online as well. A simple Google search can pull in codes to use and deal sites for sale items.

Examine Your Payment Options

In addition to hunting for gift deals, seek out the best payment option too. If you overspend a lot, having a cash envelope system can curb this tendency. Using cash will give you a good idea of what you have to spend, and when all your money is gone, that’s it.

However, in today’s world, credit, and debit cards are popular options for online shopping. Although they make payments easier and give you a larger spending range, they can come back to bite you if you’re not careful about the fees that are associated with using them. When looking for financially-friendly options, whether it’s a bank account or an app that helps you stay on track with your savings, find options without hidden costs and that make it possible to rebuild your financial status. That way, if you have a lower credit score or you’re looking to prioritize financial wellness during the course of your holiday shopping, you won’t feel stressed or overwhelmed when purchasing gifts for your friends and family.  

While achieving savings during the holiday shopping season seems tricky, it’s possible with the proper planning! By creating a shopping list, rethinking what gifts you can make yourself or buy second hand, using technology to track deals, and finding the right payment option for you. Following all of these tips will help you stay in the green, rather than the red this holiday season.

Super Smart Tips For Building Up Your Savings During the Holiday Shopping Season

21 Budgeting Tips for Military Families For a Better Financial Life

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21 Budgeting Tips for Military Families For a Better Financial Life

Money money money! Money can be quite a hot topic. When it comes to our finances, we want our money to work for us but sometimes that is a difficult thing to do. As a military family, you may be feeling pressure from a PCS that cost you a little too much, or the loss of a job or other source of income you were depending on.

Although there is a 5.2% pay raise coming in 2024 for members of the military, having and sticking to a budget is super important. It is the best way to know where your money is going, and how much you actually have to spend.

Here are 21 budgeting tips for military families for a better financial life:

1. The #1 budgeting tip would be to of course have a budget. You need to know exactly how much money you and your spouse are bringing in and exactly what you will be spending your money on, including how much you will put in savings. This will give you a clear picture of your finances.

2. Keep a detailed record of all of your spending. Those little trips to Target can add up. Keeping track of what you are spending your money on is a must.

3. Set some financial goals. Talk with your spouse about what you want to do in the future. Do you want to save for a house? A new car? Pay off debt? Talk about what your focus will be.

4. Compare the cost of housing. While you might want to live off post, would living on post save you more money in the future? Is that savings worth it? Would living on your military instillation allow you to save for your house that much sooner?

5. Remember your budget when shopping for groceries. The food budget can get quickly out of hand without proper planning. What are your options for grocery shopping? Can the Commissary save you money? What about clipping coupons?

6. Watch the eating out. While eating out can be a lot of fun, it’s also really expensive. Even fast food can cost a family $50 a trip. Yikes!

7. Use military discounts. Yes, you can save between 10-30% at places that offer military discounts. Check out my Big List of Military Discounts for ideas.

8. Shop thrift stores and consignment shops. You can find all sorts of things from clothing to books to toys at thrift stores and consignment shops. You can also take your old items to consignment shops to make a little extra money. Check and see what is available in your own city and plan a shopping trip.

9. Look for low-cost and free things to do at your duty station. Most duty stations have events going on throughout the year. They can be a lot of fun and you can find some free things to do with your kids.

10. Is your spouse deployed? Are they bringing home extra money? Make sure you make a plan of what you will do with it. Ideally, you can save and pay off debt. However, you may need to budget for extra expenses such as having a baby or getting ready for a PCS. Talk things over so you are on the same page.

11. Coupon. Use coupons at the grocery store, when you go out to eat, and at different stores you need to go to. Most people get coupons in the mail. See which ones work for you and your family and trade with friends.

12. Learn new skills. When it comes to keeping up your home, see what you can do yourself. Use Youtube to get ideas on affordable projects.

13. Review your subscription services. Did you sign up for one when it was only $5.99 a month and now it’s double that? Are you paying $15 a month for a streaming service your family doesn’t really watch anymore? Do an audit of your all your subscriptions to see if you can cut any and to make sure you are only paying for the ones you really want.

14. Save a bit from each paycheck for birthdays, Christmas, and other holidays you may need extra money for. When the time comes you will have money to spend and won’t have to stress as much.

15. Check into side gigs. Can you Door Dash? Drive for Uber? Mow lawns? There are lots of little side jobs you can add if you are able to in order to make some extra money.

16. Look into Financial Readiness classes at your duty station. For example, the Army’s Financial Readiness Program (FRP) is available at every Army post. It provides classes and counseling on saving money, investing, getting out of debt, and more.

17. Look into The Servicemembers Civil Relief Act. Because of the act you may reduce some of your debt’s interest rates to 6%, postpone a foreclosure, defer your taxes, get protection against eviction, and more.

18. Work to get out of debt. Pay more than the minimum and avoid using credit cards when you can.

19. Use banking tools for extra savings. If you bank with USAA, they have a fun savings tool where they take a random amount from your checking account between $1-$9 a few times a week and put it in your savings account. This adds up and before you know it you will have $100 saved. They also send your text messages with updates, and little fun facts and jokes.

20. Use your library. Libraries have so much to offer the community. From books, to movies, to free events. Don’t sleep on what your local library has to offer.

21. Have an emergency savings fund. $1,000 is a good amount to shoot for. You want to have something you can use in case a car breaks down, something needs to be fixed in your house, or any other extra expense comes up.

As military families, we are used to the unknown. But, we should know where our money is going and how we are spending it. That way we can work to achieve our goals and live the life we want to live.

What are your favorite budgeting tips?

47 Ways to Save Money in the New Year

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47 Ways to Save Money in the New Year

New year, new goals? Right? We all have them and for a lot of us, our goals include saving more money, paying off debt, and just being smarter about how we spend the money that we make. I know I always feel much better when I save a little money here and there and have a little bit extra to spare each month.

This post contains affliate links!

As a military spouse, know that your military service member will be getting a 4.6% raise in the New Year. You should see this on the 2nd paycheck in January. BAH might have also gone up for you too. You can check the new BAH rates here. If your BAH rates went down, don’t worry. You will be grandfathered in with the old rate. Until you, PCS or your spouse moved up in rank. But if they do move up in rank and the BAH is lower for that new rank, you still get to keep your old BAH. Thank goodness for all of that!

When it comes to budgeting, you want to make sure you do so on a daily or regular basis. One of the first things I do every morning is check our bank account and pay any bills that need to be paid that day. I even check on Sundays because once we found out that someone had hacked our account and charged up some things on a Sunday. You have to always be aware of what is in your account.

If you are looking at 2023 and wondering how to save a little extra each month, this post is going to be for you. Here are 47 ways to save money each month in the new year:

  1. Shop sales- Let’s face is, you save money when what you buy what is on sale.
  2. Shop at the Commissary- In some areas, you will save more than in others but usually, shopping at the Commissary can save you money. Do some of your own research to see where certain products are the best price in your area.
  3. Shop thrift stores- A pair of pants for just $2? Score! Thrift stores have the best stuff!
  4. Hand me downs- I have 3 boys so there is always stuff that I can save for the next kid.
  5. Meal plan- When you plan ahead you will be less likely to eat out or pick something up on the way home.
  6. Make coffee at home- I love grabbibg a coffee out sometimes, but making coffee at home is a lot cheaper.
  7. Skip the fast food- For our family of 5 to eat at McDonald’s it is at least $40. Eat out less and save some money.
  8. Skip the soda- If you do go out to eat, skip the soda. Some places can charge up to $4 for one soda. If you and your spouse go out and skip it, ordering water instead, you could save between $6-$8 on your meal. That adds up over time.
  9. Have a yard sale- Either plan one at your house or use the yard sale sites and Facebook groups.
  10. Don’t buy because you feel bad– Feeling sad? Don’t go shopping. You are more likely to buy something just to try to make you feel better.
  11. Be honest about what you can spend– Friends going out for the 2nd time in a week? Let them know you can’t and plan some coffee dates instead.
  12. Get your books from the library- I love book deals but the library is free! Yes, you might have to wait sometimes but there are so many books to read you can usually always find something good without spending a dime.
  13. Look for deals on books- Look for book deals. If you have a Kindle, check out the Kindle Deals page to see what is currently on sale.
  14. Go to free events- See what is going on in your community, both on and off post.
  15. Set a budget for food at free events- Even at free events, you might want to eat. Set a budget ahead of time and stick to it.
  16. Buy passes- Love the zoo? Think you will go often? Get a yearly pass! Love the movies? Get a yearly pass! Find places you love to go and save money by getting that annual pass.
  17. Use the passes- If you get a pass, make sure to use it. At least figure out how many times you need to use the pass to break even.
  18. Use coupons- Cutting coupons can be a pain to cut coupons but using them will save you money.
  19. Take advantage of military discounts- Take a look at military discounts in your area. That 10-20% can help.
  20. Watch your boxes- Monthly boxes are in right now and there are so many good ones to choose from but be careful. Don’t keep paying for a box if you don’t like most of what comes in them. You can skip months too.
  21. Set up automatic savings- Set this up with your bank. Then money will automatically go to your savings accounts. And trust me, you won’t even miss it as you build up your savings. USAA has a great way to do this.
  22. Drop cable- What do you use cable for? Think about if you could do without. You could save yourself a lot of money by dropping cable and using Hulu and Netflix or other streaming services.
  23. Make lists before you shop- Making a list will always save you. Just make sure to stick to the actual list.
  24. Try a “buy what you need” challenge- See if you can go a month or two without buying anything you don’t need.
  25. Adjust your heat/ac settings- Adjust your settings just a little bit. You might see a change in your monthly electric bill.
  26. Cancel what you don’t use- Go through your monthly bills and cancel what you no longer use. These random costs can add up.
  27. Save all loose change and cash in- Put all loose change in a bottle. Cash in the bottle every 6 months or so. Use the money for some family fun.
  28. Fly Space-A- Living overseas and want to visit home? Try Space-A. Space-A isn’t for everyone but can save you money, especially when flying home from overseas.
  29. Stay in Military hotels- Staying in military hotels can save you quite a bit of money and they are all over the place.
  30. Exchange babysitting with a friend- Find a friend you trust and swap babysitting.
  31. Use Parent’s Night Out– There are a few churches in the area that offer a regular parent’s night out. Use these. For date nights or just to have some time for yourself.
  32. Bring your lunch to work- Try to bring your lunch to work most days. Cook a little extra for dinner and bring the leftovers in.
  33. Watch your ATM fees or use USAA- Watch those ATM fees. Now if you have USAA, they will pay you back once a month which is super handy.
  34. Put your tax return to good use- Getting a tax return? What is the best way to spend it this year?
  35. Downsize- Feel like you have too much space? It’s okay to downsize and move into a cheaper home.
  36. Use Rewards cards- Use rewards cards or apps for the stores you shop at the most. The rewards can add up.
  37. Shop around for big purchases- Need to buy a new washing machine. Shop around for the best deals. The PX is tax-free but Lowe’s and Home Depot offer a 10% military discount.
  38. Shop with a purpose- Shop with what you are looking for in mind. Always have a purpose and you can avoid spending extra money.
  39. Dollar Spot- Check out the Dollar Spot at Target. They always have things cheaper there, especially when it comes to office supplies and small toys for the kids.
  40. Keep driving that car- Don’t give up your car just yet and buy a new one. Try to get as many miles out of it as you can.
  41. Drop your home phone- Do you need your home phone? Most people don’t anymore. Think about if you still need to be paying that extra amount each month.
  42. Use your leftovers- Have a leftovers night where you use up any extra food you have made. Don’t let it go to waste.
  43. Eat before you go- If you can, eat your meals before you go somewhere. That way you won’t be as tempted to buy there.
  44. Garden, cheaply- You can spend a lot of money on gardening supplies but you don’t have to. Shop around and create a simple garden growing veggies you would normally buy.
  45. Gas Rewards- Use gas rewards. Kroger rewards works well for us.
  46. Ask for gift cards for Christmas and birthdays- Receiving gift cards for Christmas and birthdays means you have places to go without having to spend any money.
  47. Shop or save for Christmas- Plan out your Christmas, even in January. Shop sales during the year and stick to your budget.

I hope your 2023 is off to a great start! Have a good year and have some fun saving money 🙂

What is your best tip for saving money in the new year?

Veteran Homebuyers: A Guide to the Home Buying Process

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Veteran Homebuyers: A Guide to the Home Buying Process

The transition from military life to civilian life can be difficult, especially if you’re looking to buy a home for the first time. However, the government has provided options that will make your home buying process easier and cheaper. Here are a few tips to guide you through buying your first property as a veteran.

Consider a VA Loan

A Veteran Affairs (VA) loan is a type of military loan that mortgage lenders give to qualified veterans, active service members, and spouses. This loan is sponsored by the Department of Veteran Affairs. A VA loan offers flexibility and lower requirements such as little to no down payment, lower requirements on credit scores, low-cost mortgages, and lower interest rates. Since they make credit requirements lower, they’re considered non-conventional loans. The VA doesn’t issue this loan, but they decide if you qualify for it and determine who is the best lender for you. 

Even though the benefits are great, you may not qualify for a VA loan. It’s important to know the qualifications for it and prepare your finances if you don’t align with the requirements qualify. Below are the qualifications you need to apply for this loan:

  • Served 181 days of active service during peacetime.
  • Served 90 consecutive days of active service during wartime.
  • Served more than 6 years of service with the National Guard or the National Reserve or 90 days under Title 32 with at least 30 of those days being consecutive.
  • Are the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.

Chose the VA Loan that Suits You

There are several types of VA loans that you can qualify for. It’s important to choose the one that is the best fit for you and your family. Here are a few types of VA loans and their benefits:

VA Purchase Loan

A VA purchase loan is the most common type of mortgage that can be obtained through a VA loan. This loan helps you purchase a home with no down payment, and has better terms and interest rates than other loans offered by private lenders like mortgage companies, banks, or credit unions. However, terms vary by lender, and this type of VA loan is not available from all lenders.

VA Cash-Out Refinance

A VA cash-out refinance loan allows you to take cash out of your home equity, and use it to pay off your debt, medical bills, school fees, home improvements, or refinance a non-VA loan into a VA-backed loan. This option is available to both borrowers with and without present VA loans, and it can be used as a rate-and-term refinance if desired.

VA Interest Rate Reduction Refinance Loan (IRRRL)

A VA IRRRL, also known as “VA streamline refinance,” helps you reduce your monthly mortgage payments or creates stability by switching to a fixed interest rate rather than one that changes over time. When deciding whether or not to pursue this option, borrowers should evaluate their closing fees.

VA Native American Direct Loan (NADL)

If you are a Native American veteran or happen to be married to a Native American, you may be eligible to obtain a Native American Direct Loan. This loan allows you to buy, build, or improve a home on federal trusted land. Qualified borrowers can also refinance a current NADL loan to obtain a lower interest rate. Some benefits of this include, limited closing costs, and private mortgage insurance.

It’s imperative to consider which VA loan suits your household needs before investing in your loan. Also, make sure you obtain this loan with a lender that understands these options and can provide favorable rates.


Prepare All Required Documents

As a veteran, you will need certain documents ready before applying for your loan and mortgage. These documents include the Certificate of Eligibility (COE), DD Form 214, and other general information.

The COE document verifies the length of your service to confirm that you qualify to your mortgage provider. It’s important to get this document from the VA through eBenefits early, even though you won’t need to show it at the beginning of the loan process. It’s best to have this document ready to make this process go as swift as possible.

DD Form 214 is a document that confirms your military discharge. Using the eVetRecs filing system, you can request your DD Form 214 electronically.

The General Information you may need for this includes tax returns and W-2s from the past two years, recent pay stubs, bank and investment statements, any rental history you may have, an employment verification letter, and a copy of your driver’s license.

To further expedite this process and reduce stress, we recommend getting pre-approval on your mortgage and all loan-associated documents organized ahead of time. The earlier you start these preparations, the less stressed and more excited you will be throughout this milestone achievement. From there, you can finally start house hunting to find the best home that fits your budget and your preferences.

Purchasing a home is a significant investment toward your future and can lead to some anxiety within a family. It can be challenging for anyone, but especially for veterans if they don’t entirely understand their potential benefits. Make sure you take advantage of all available benefits and resources. This is a huge commitment that will always be remembered so make it worthwhile.

Becoming Financially Ready When Your Spouse Leaves the Military

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Becoming Financially Ready When Your Spouse Leaves the Military

No one stays in the military forever. That can be an exciting, but also scary thought, especially if you have spent your adult life in military service, or married to a military member. Transitioning to an after military life is a big change, logistically, emotionally, and financially. Preparing for those challenges can make it easier – but how do you prepare for so much at the same time?

The first step is to recognize that it is a big change. Many military families are so excited for the next chapter of their life that they sometimes forget that there are a million little steps along the process. Communication and organization are key.

Spouses need to talk to each other. A lot. Figure out a way to gather the details of your transition, whether that is a notebook or a spreadsheet, or a checklist. (I have a retirement checklist, and it can be used for ETSing, too.) Take some time regularly to review your list together, and discuss how things are unfolding.

The next step is to identify the big changes that will happen in your unique transition. For some, the biggest parts are moving their family and kids starting a new school. If you’re not moving, the biggest changes for you might be a new job and/or going back to school. Consider the logistical, emotional, and financial aspects of each item.

Now, start to make a list of the things you need to do. Here are some ideas to get you started:

LogisticalEmotionalFinancial
Finding a new jobWriting a resume
Buying interview clothes
Practicing skills
Traveling for interviews		The process can be discouragingLack of income
Cost of interviewing (clothes, travel)
Delay for first paycheck
Moving houseFinding new home
Preparing to move		Balancing loss and excitementSetting up new home
Down payment/security deposit
Starting a new educational programWhat course to takeYou may feel both excitement and anxietyTuition and fees
Childcare
Lost income
Changing your state of legal residencePaperwork
Vehicle inspections
Rewriting wills		Hopefully none, but some people do feel a loss at leaving their “home” stateRegistering vehicles
New drivers licenses
Kids changing schoolsGet transfer packets
Find immunization records
Gather proof of residence		Help kids with sadness, anxiety, and trepidationNew uniforms
Sports team fees


Your list will be different, and probably a lot longer. But you don’t have to do it alone, and you don’t have to do it all at one time.

Start as early as possible in the transition process. Most of us know that we’ll be leaving military life a few years in advance, even if we don’t have an exact date. Take one step at a time, chipping away at your to-do list.

Bring in help whenever possible. Help might be:

  • Your best friend to help you weed through closets and drawers.
  • A family therapist to work through the emotions that come with life changes. (Your installation probably has a Military and Family Life Counselor, or Tricare has very good mental health coverage.)
  • The on-base personal financial educator to help you create a post-military budget.
  • A babysitter to give you time to do things.
  • One of the many military and civilian programs to help veterans create a resume.
  • A home stager to get your house ready to sell

Lastly, I can not emphasize enough: Make sure the service member attends the Transition Assistance Program classes. Twice if possible. If you’re the spouse, try hard to attend also! 97% of the frustrations I hear during transition are things that are covered in TAP. COVID space restrictions have made it hard for spouses to attend in many locations, but the situation seems to be improving. If you can’t get into a physical class, utilize the online version.

Most of all, give everyone some grace in this truly once-in-a-lifetime situation. While you are working through all of this, your spouse is processing their own set of concerns and challenges. Kids may be feeling the pressure, too. If things are tense, step away and let them cool down before tackling the issue in a productive way. Practice self-care, and encourage your loved ones to take care of themselves, too.

For most people, leaving the military is a big project. Just like any other big project, it will go a lot more smoothly if you plan carefully, work with your teammates (aka your spouse and kids), and bring in help when necessary. Then you can get started on your next big adventure!

Kate Horrell is an Accredited Financial Counselor® and personal financial educator who helps the military community make the most of their pay and benefits. She shares the most up-to-date information in understandable terms, and highlights how rules, programs, and laws will directly impact your personal finances. With over 10 years working with thousands of military families, she understands the concerns of currently serving, retired, and veteran families. You can find her at KateHorrell.com.

Want to write a guest post for Soldier’s Wife, Crazy Life? Please email me at Julie@soldierswifecrazylife.com and let me know! I take pieces on anything milspouse related, from deployment tips to duty station reviews.

Military Spouses and Money: What We Should Be Thinking About

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The topic of military spouses and money can get pretty heated

The topic of military spouses and money can get pretty heated

Despite the fact that life does cost money, asking about money, your service member’s pay, or anything to do with how much money you are making can get a lot of different responses. From those who help you figure out what you need to know about money issues to others who seem to take the slightest question about finances and blow things out of proportion.

The truth is, as military spouses we need to be aware of the money coming into our homes. It doesn’t matter if we have a job and make more than our service member or if we stay at home with the kids and don’t bring in any income. Finances are important, and we need to pay attention to them.

Military spouses should have a say

When money comes into a household, that money is spent on your rent or mortgage, utilities, food, home repairs, cars, children, and more. In some marriages, both partners work. They both bring in a regular income.

For some, this means all money goes into the same account. For others, this means that you each have your own account and decide who will pay what.

The problem is when one spouse does not work for any pay, and they feel like they don’t have a right to say where the money goes. This is BS right here. You are a married couple, and you should have a say where the money goes.

If your spouse isn’t allowing you to have a say about any money simply because you don’t bring in an income at the moment, something isn’t right.

Military spouses should be allowed to work

Jobs for military spouses aren’t always easy to find. There can be a lot of barriers in our way, from where we live to what type of job we are looking for. However, your spouse saying that you can’t, even if you want to, shouldn’t be one of them.

If the couple decides together that one of them will stay home with the kids and the other will be a sole provider, that should be a joint decision. The issue isn’t becoming a SAHM or not, the issue is when a spouse wants to work and her spouse is telling her she can’t.

This can be for all sorts of reasons, but it is something a couple needs to work out. There could be a valid reason not to work for a period of time, but both spouses need to be on board. Yes, the military does come first, but that doesn’t mean a military spouse has to give up on their own dreams. There is so much we milspouses can do, even during military life.

Military couples will go through different seasons

When we got married, we both worked full-time. Over the last 19 years, my husband and I have done different things, and the percentage of how much each of us made has changed over time. While there is the traditional idea that one makes all the money and the other stays at home for all those years raising children, this isn’t quite the norm anymore.

For one thing, living on one income can be difficult, oftentimes impossible, especially when you add multiple kids to your family. There will be food and diapers, then sports and braces and the expenses never truly end.

Life with kids costs money, and having a stay-at-home part isn’t always going to work. In fact, many stay-at-home parents end up making extra money from home or even have a nighttime part-time job.

Over the course of your marriage, who makes more money might change. Not every service member stays in for 20 years and wants to be in the military for a career. Not every SAHM wants to be one forever. There are so many more options out there too, from working from home to going back to school and finding a new career.

Military families need budgets too

Having a budget is a must. That way you and your spouse can get on the same page. You can see what is coming in and what is going out.

Although one of you will probably be the one in charge of the bills and getting paid, both of you should be in on the budget to see what your goals are and how close you are to achieving them. Having a budget will keep your money in line, and allow you to work towards your financial goals.

Sometimes the service member won’t have access

As a military wife, having my husband in charge of the bills while he was deployed wouldn’t have worked. As the military spouse back at home, I could always call a bank or a credit card company. He hasn’t always been in a place where he had access.

This is an important part of getting used to military spouse life. Ask yourself what would work best. Maybe for some, having the service member in this role makes sense, but for most of us, doing so can cause more frustration.

Again, this is something you as a couple need to work out. Like anything financial, find what works best for you and your spouse. Figure out any hiccups you might have when they are away, and work them out before they leave. Financial deployment readiness is important too.

Resources about money and military

Here are some fantastic websites to check out about money and the military:

Military One Source

MilSpouse Money Mission

Military Saves

Foxtrot and Pennies

Kate Horrell: The Military Finance Coach

Military Wives Saving

Military spouses and money can be a tricky topic. There are a lot of different opinions about what you should do and what you shouldn’t do. However, at the end of the day, you have to do what is best for you and your service member.

That might look different than what other people are doing and that is okay. Just make sure that you are working towards the life that you want and not stuck in a place where you are being left behind.

Let AAFMAA’s $5,000 CAP Loan Help with Your Summer Bucket List

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This is a sponsored post by AAFMAA!

Let AAFMAA’s $5,000 CAP Loan Help with Your Summer Bucket List

Let AAFMAA’s $5,000 CAP Loan Help with Your Summer Bucket List

By Charlene Wilde

AAFMAA Assistant Secretary

MilSpouses are nothing if not resourceful. With school out and summer in full swing, it’s time for planning family fun, hustling kids to camps and activities, or tackling projects around the house. Personally, I can hardly wait for a break from the frenetic hum of lunch packing, homework, book orders, and running for the bus so I can enjoy a lazy morning with nowhere to be. 

But money doesn’t grow on trees, and we all know that even summer days become tiresome, giving us a renewed focus to plan activities with friends, family trips, and other ways to fill the longer days. So, what are the options to get the funds needed to fuel your goals and summer bucket list? AAFMAA not only understands the military lifestyle, we’re living it right alongside you — and we can make it even easier than you think. 

AAFMAA offers a $5,000 CAP Loan that lets MilSpouses take control and keep their family finances on track. It’s reliable, affordable, and able to help Active Duty military families achieve that secure financial future we all strive for. With a host of other benefits, you won’t get from any other financial solution, it’s our way of continuing to thank you for being part of our AAFMAA family. 

Here’s how our $5,000 CAP Loan stacks up against other options, such as credit cards and other consumer loans: 

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If you’d like to hear more, check out this video on the $5,000 CAP Loan from AAFMAA’s Chief Operating Officer, Carlos Perez. He discusses how you can use the loan any way you want, with a low 1.5% APR and 5 years to pay it back. There’s no credit check, no collateral required, and no prepayment penalties — making it simple to apply and get started on checking off your summer goals. 

Whatever the season has in store, we at AAFMAA are here to help you make it fun, affordable, and part of your ongoing plans for a secure financial future. 

Ready to get started? Visit us online at www.aafmaa.com/cap or call us at (800) 991-0268 with your servicemember spouse to start their application for AAFMAA’s $5,000 CAP Loan today.

7 Truths About Money and Military Life

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7 Truths About Money and Military Life

Having a career in the military can be a great way to provide for your family with a steady paycheck. In addition to basic pay, your service member will also receive BAH, BAS, and other special pays based on what they are doing during their military career. If they deploy, they might earn extra military pay, and when re-enlisting, they might earn a bonus.

Money can be a sticky subject but there are some things to be aware of when it comes to money and military life. Here are a few things to keep in mind whether you are new to military life or have been a military spouse for some time.

Usaa and NavyFed pay a day early

Both USAA and NavyFed will pay a day early. This can get a little confusing when the 1st or the 15th falls on the weekend or even a Monday. There always seems to be some questions about when you will actually be paid. Here is a list of 2019 USAA Paydays and 2019 NavyFed Paydays.

Raises might take time

Your spouse comes home and tells you they got a raise. You re-do the budget to reflect the raise, but then, the next time they get paid, you don’t see the extra money. Raises are not always going to happen in a timely manner. The good news is, they will receive back pay based on the date they did get the raise, once it goes into effect.

If the military screws up pay, you will have to pay it back

Is your spouse still getting extra deployment pay after they get home? Does it seem like you are getting extra BAH? If you notice anything like that, please know that eventually, the military will figure it out, even if you don’t tell them.

And when they do, they will take that money back quickly. If you or your spouse notice an issue, your service member should talk to Finance, and make sure not to spend any of that extra money or you will find yourself in trouble when the military takes it back.

Saving money is always a good idea

Savings during military life is always a good idea. You never know when you might need that extra cushion. A PCS might cost you more than you think, military pay could get messed up and your spouse might end up with a less than normal paycheck, or you might need to take an emergency trip back home.

Setting up automatic savings is easy. You can usually do so with your bank. Even if you can only save $20 extra dollars a month, that can add up. Take a look at your budget and figure out where you can start saving.

You 100% need a budget

If you don’t already have a budget, start today. Having a budget is going to help you stay on top of your money. You need to take a look at all the income you and your spouse are bringing in and where all of your money goes.

Keeping a budget will also help you stay on track at the grocery store, what you spend on fun, and for clothing and other items your family needs. USAA has free budgeting tools and Mint has some free budget templates you can use.

Moving back to the US can shock your budget

If you have been stationed overseas, and move back to the US, you can be in for some sticker shock. There are a lot of expenses that can come up when you move back to the states from overseas.

You might end up living in a hotel longer than you thought you would, and could be tempted by all the stores and restaurants you have been without during your time in another country. Be smart with that and try not to go too crazy when you first move back. You will also be losing COLA, which you might have gotten used to receiving each month so make plans to redo your budget, even before you arrive back in the states.

Use a bonus wisely

During your service member’s time in the military, they might be able to earn a bonus. If they do, you are going to want to make sure to use that bonus wisely. Think about what would be best for your family.

You can use a bonus to pay off debt, put towards a new home, take a trip, save for retirement, or pad your savings. While spending a bonus upgrading all your electronics or buying a brand new car can be tempting, make sure to make wise choices with any extra money that comes into your home.