It’s a common struggle for families across the country: making sure there’s not too much month left after the paychecks are spent. For spouses of Green Berets, it can be especially challenging because they are often left alone to handle family finances while their Soldier is deployed — and Green Berets deploy more often than those in the regular Army. Also, the various allowances (housing, family separation, etc.) can change the size of the paycheck month-to-month, making it difficult to plan and stick to a budget.
This is why we make financial literacy a part of what we do for Special Forces Families. From sponsoring a Financial Peace University series to making sure we cover financial security and planning at Family Resiliency Retreats, we are a resource for those who’ve chosen this dangerous mission to be part of our nation’s defense.
The fundamentals of money management for any family include tracking expenses to know where the money goes and budgeting enough for living expenses, an emergency fund and savings. Military members have distinct challenges — and opportunities, particularly during deployments.
If you know a Special Forces Family, please consider sharing this article, which offers some good suggestions for managing family finances during a deployment. For instance, it suggests that families not overspend before — and after — a deployment.
Here are three more gems from the article:
Live off your pre-deployment income, and use any excess to pay down debt or put more into savings.
Always keep some amount of money in savings for emergencies.
Take advantage of these unique savings plans during deployment:
Our upcoming family resiliency retreats will include a speaker who focuses on financial security and planning for military families. Won’t you help us offer more of this kind of programming for our Special Forces Families? Donate here!