Sponsored by: First Command Financial Services 

Military spouses are essentially household ringmasters, keeping all the events running smoothly, spinning all the plates, often simultaneously. They are magicians, pulling resources out of metaphorical hats at, well, the drop of a hat! 

Consider the perennial “Where are my shoes?” from the distressed teen who is late for soccer practice (or PreK tyke on their way to school). They’ve (allegedly) looked everywhere for these shoes, and they can’t go to practice without them. After petitioning other members in the household, the youth approaches the keeper of all things HH6, The One that “holds down the fort…” The military spouse. 

Without missing a beat, that military spouse says, “They were caked with mud after your last practice, so I scrubbed them up and put them in your bag” or “Did you try in the laundry room beside the hamper?” Abracadabra, problem solved. 

This example is just one way that the military spouse has an eagle eye on almost everything in their household, often in a way that others in the family may not. Numerous research studies (and personal experiences!) indicate that military spouses are the cornerstone of the military household, meaning a vast majority of home operations responsibilities fall to the spouse.

Military family financial planning is vital for the success of the military family mission. Although it is a partnership between the service member and the spouse, it often works best if one person is the “point person” to manage the everyday financial activities. Given that the military spouse is the person who is always “around” and has a pulse on the family happenings, like the case of the missing shoes, they are the one making the magic happen. However, managing finances on home front can be quite a tall order. Thankfully, First Command Financial Services can offer empowering support! 

Four out of five First Command financial advisors are veterans or military spouses, so they fully understand the military lifestyle. So today, they are here to share some first-hand tips for HH6 financial health and wealth from military spouses themselves. 

1. Build an actual to-the-cent budget, and stick to it.

Don’t guess. Sit down with your service member, their LES, and any other W-2s and income statements. Compile your family’s receipts of every expenditure from the past month. Write out the exact amounts coming in and going out.  Start with non-negotiable bills and work your way through each of the numbers. Put them in a spreadsheet or another system that makes sense to both of you. When you finish both, add up the income. Add up the expenses. What is the overage?

2. With these numbers (totals and the itemized list) consider where you can reduce spending.

Could you reduce your drive-thru coffee from daily to once a week, and find the specialty recipes online to make at home on the other days? Consider date night at home after the kids are asleep. Don’t eliminate everything that makes you smile for the sake of the budget though, as that can lead to impulsive overspending. Budget for things you enjoy. Leave things out that are force of habit or unnecessary.

3. Consider using military discounts.

Retailers, restaurants, parks, even schools offer military discounts! Sometimes the discount applies only to the service member or may be offered only on a particular day. But some discounts can be used by anyone with a valid military ID. All you have to do is ask! On certain federal holidays (Memorial Day and Veterans Day especially), master lists of military discounts are posted online; free coffee, meals, desserts, etc. are offered. If you need to cut flexible spending down extensively, consider saving your “meals out” for days like these, when your spending may be minimal. 

4. Leave cards at home on the weekend.

Maybe not literally, because emergencies can happen. Instead, create a weekend plan and budget for it, like the above monthly budget. Take out that amount of cash from your account, and only use the cash for your weekend activities. If you under-budgeted, adjust your plans accordingly. You may need to save an activity for another weekend. On the other hand, don’t feel compelled to spend any “extra” money. Call it a win and put it back in your account.

5. Create an emergency fund.

Murphy rears his ugly head whenever a service member leaves. It’s practically fact. The washing machine or the car will need maintenance. Someone will get sick and you, the one holding down the fort, will take a trip to the ER or heaven-forbid, need to take a non-PTO day. It’s for reasons like these and the unexpected things when the service member is home that it is essential to have cash set aside. How, you ask? Budget. Make it a non-negotiable item when you create the family budget. It doesn’t have to be a huge amount right away; if it’s just 10 dollars at first, that’s great. It’s a start, and that’s what is most important. You can always adjust the amount as your circumstances change.

6. Save for goals outside of the emergency fund.

The emergency fund should usually be covered first, but once you have the agreed upon amount, breathe. And now consider your long-term goals, both personally and as a family. Do you want to help your kids pay for their higher education? Do you and your spouse want to finally have a honeymoon, since military life didn’t allow for it when you first got married? Do you have dreams of a forever home and retirement? Whatever that goal is, write it down. Create a separate bank account from your emergency fund and start putting money away for it. And don’t take it out until you are ready to use for that specific purpose!

7. Foster a healthy “finance mindset” within your family.

Focus on saving money, rather than having the nicest things. One such example to consider is hand-me-down furniture and décor. Military families move so often, and each home they have differs from the last. As a result, that fancy artwork or heirloom dining room set may not fit (literally) in every home you inhabit. Rather than investing in high-end (and high-priced) items, you might consider the couch you saw in the local Buy/Sell/Trade group on Facebook, or the kids’ shoes with the tags still on at the thrift store.

Also consider quality time over expensive experiences. It can be hard to say no to going to the movies if you’re looking forward to a particular flick. But if you wait to watch it on a streaming service you already use, it pays for itself, and the $50+ you would have spent for family tickets and snacks can go toward the surprise Disney trip instead.

The team at your local First Command knows the ins and outs of an LES, benefits, and all things a military family may need to consider when creating a financial plan. But wait—there’s more! They offer them complimentary to active-duty service members and military families E5 and above. Empower your family financially by connecting with First Command Financial Services 

©2022 First Command Financial Services, Inc. parent of First Command Brokerage Services, Inc (Member SIPC, FINRA), First Command Advisory Services, Inc., First Command Insurance Services, Inc. and First Command Bank. Securities products and brokerage services are provided by First Command Brokerage Services, Inc., a broker-dealer. Financial planning and investment advisory services are provided by First Command Advisory Services, Inc., an investment adviser. Insurance products and services are provided by First Command Insurance Services, Inc. Banking products and services are provided by First Command Bank (Member FDIC, Equal Housing Lender). Securities are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met. First Command Financial Services, Inc. and its related entities are not affiliated with, authorized to sell or represent on behalf of or otherwise endorsed by any federal employee benefits programs referenced, by the U.S. government, or the U.S. armed forces.