Four Financial Tactics for Military Families
Zions Bank’s Military Banking offers an arsenal of financial services and resources for servicemembers.
From frequent moves to potential deployment, military families face unique challenges that can make saving and financial planning difficult. A recent survey found that military families tend to have higher debt and fewer assets than their civilian counterparts.
In honor of Veterans Day, following are four strategies to help military families tackle financial obstacles:
Military Family Financial Tactic #1: Teamwork.
Cooperation is crucial to any military operation and teaming up with strong financial experts is mission critical to financial success. Zions Bank’s SCRA Servicing Unit advises military personnel on benefits offered through the Servicemember Civil Relief Act, including interest rate reductions and limits on debt accrual. Zions Bank’s military checking accounts include free and discounted services.
Military Family Financial Tactic #2: Semper Paratus (“Always Ready”):
The U.S. Coast Guard’s motto is “Semper Paratus,” Latin for “Always Ready.” Prepare for deployment by mapping out a financial plan for your family while you’re away. Who will take care of paying bills and following through on other financial obligations?
Whether you’re stationed stateside or overseas, enroll in automatic bill pay to save both time and hassle. Online Bill Pay, which is included with all Zions Bank personal accounts, may be especially helpful for those deployed in areas without reliable internet access and mobile banking options.
Military Family Financial Tactic #3: Systematic planning and organization:
It’s necessary to plan for suboptimal scenarios in military operations as well as in the household budget. Because the relocation cycle for military families can make it nearly impossible for non-military spouses to establish stable careers, plan to operate on a single-income household budget. This will help your family weather employment status changes.
A variety of personal finance software exists to help you create and update a personalized budget. You can also find a variety of free online financial calculators and budgeting tools on the Zions Bank website.
Military Family Financial Tactic #4: Long-term vision:
The U.S. Navy Seal motto reminds us that “The only easy day was yesterday.” As servicemembers work tirelessly to secure our nation’s future, remember to protect your family’s financial future with adequate savings. Military members have access to the federal Thrift Savings Plan, a low-cost retirement savings and investment plan that is similar to a 401(k) plan. You can opt to have automatic contributions withdrawn from your paycheck.
If you have questions about any of the four financial tactics or military family banking services, please contact a Zions Bank representative today.