Servicemembers are often thought of as having discipline, strength, and precision. While people in the military do exemplify those qualities, it’s also important to remember that they, too, are humans with their own challenges and struggles. Just like the general population, some of the most common struggles servicemembers face are financial.   

According to the 2023 Military Family Support Programming Survey, 24.9% of respondents indicated they had less than $500 in emergency savings or no emergency savings at all. And while financial insecurity includes the obvious and logistical complications — such as the inability to cover an unexpected cost or pay off existing debts, it can also cause distraction, anxiety or, in the case of military families, relationship issues or divorce. 

Military life is full of unique financial challenges, including frequent relocations, complex pay systems, early access to benefits, and the constant uncertainty of deployments. Yet many servicemembers are never formally taught how to manage their money effectively.  

According to the 2024 Blue Star Families Military Family Lifestyle Survey, active-duty family respondents’ financial situations are challenged by military pay concerns, relocation, and spouse unemployment. Relocation expenses may take 12 or more months to recover from financially.    

But with the right tools and mindset, financial literacy can become a powerful weapon, both in uniform and beyond. 

How to Achieve Financial Stability as a Military Family  

Financial literacy is a critical part of your toolkit for success. Here’s where you can start: 

• Create a simple budget. There are plenty of resources online, including the Armed Forces Mutual Financial Readiness guide, our Building Budgets worksheet, and other helpful tools. Make sure your budget includes PCS planning and irregular expenses.  
• Establish an emergency fund. Aim for 3-6 months of expenses on standby. This is especially important in case of sudden relocation or transition to civilian life. 
• Build and protect your credit. A good credit score can save you thousands on auto loans, mortgages, and even insurance.  
• Invest early and consistently. Even small Thrift Savings Plan (TSP) contributions can grow significantly over 20 years, especially with government matching.  

Financial literacy isn’t just for Wall Street professionals or future millionaires — it’s a daily necessity for every military servicemember. Whether you’re Active Duty, in the Guard or Reserves, or preparing for retirement, understanding how to manage your financial resources is one of the best ways to make sure you’re prepared for anything. You’ve already mastered discipline, leadership, and service. Now, it’s time to take command of your money and start creating a future of freedom and financial stability for yourself and your family.  

We Can Help 

To gain access to more resources and information, including articles focused on financial independence like this one, become an Armed Forces Mutual Subscriber.