Military Families Share their most Precious Financial Advice
Earlier this year, before the world was forced to deal with the grueling havoc that is the pandemic, all over the United States of America, the MilspouseFest was taking place.
MilspouseFest is a special event organized for and exclusive to military personnel and their families across the USA. The event provides an opportunity for these families to network, find new friends, and genuinely have a good time.
So, with so many brilliant military heads gathered together, you just have to take advantage and make the most of the situation. There would be no better time to rack their brains to uncover the treasure that is their precious financial advice- how do these couples make their finances work?
Here are some of the tips that these mil-heads shared with us:
1. Spend less than you earn
Essentially, you would be required to “work both ends” of your budget. By no means do these couples suggest cutting back on your expenses or trying to save a lot actively. Most of these spouses suggested having a side hustle: a secondary job, a small business, selling off unnecessary belongings, to make a little extra on the side. You just have to be creative about your income sources and make sure that you don’t fall for the credit card trap.
2. Start planning asap
Most, if not all, military couples strongly believe in the importance of planning. They suggest sitting down with your spouse and discussing the amount you’re looking to save for retirement. Even you’re starting with $5 per day, just start.
From experience, military couples are well aware of the uncertainties of life- from dealing with income disruption, unexpected PCS moves, and deployments, you never really know what’s coming. In times like these, having some savings on the side can really help the family stay afloat.
3. Raise financially savvy children
It’s surprising how many military couples think that it’s absolutely vital to instill financial knowledge in their kids. Starting from piggy banks to shopping lists, these couples realize the importance of nurturing lifelong skills and habits in their children.
All this advice was given before the pandemic took over and sent us all into lockdown. How many of these military couples do you think were unprepared for this dilemma? Our guess is- none of them. With financial practices and advice that they revealed, we’re sure that most of these military couples’ tips helped them get through the economic recession in a better and more stable condition than the rest of us.
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