3 Tips to Help Military Spouses Maintain Their Financial Well-Being

Military life can be marked by frequent moves and deployments, which can make achieving financial stability challenging. In many military families, spouses often take the lead on managing both day-to-day responsibilities and long-term planning, juggling everything from budgeting, paying bills, and tracking income, expenses, and savings to navigating career changes, coordinating moves, and raising children. And while taking all of this on as a military spouse can seem overwhelming, there are some practical tips and resources you can incorporate into your life to take care of both your financial well-being and personal success.

Tip #1: Prioritize Your Career, Too

Employment can be difficult with frequent relocations; the US Department of Labor reports that it takes approximately 19 weeks for military spouses to find employment at a new duty station. It’s therefore a good idea to start applying and interviewing for positions about four months before your next relocation. Not sure where to start? Take a look at the Military Spouse Employment Partnership (MSEP), which lists companies that want to hire military spouses. You can also check out My Career Advancement Account Scholarship Program (MyCAA), which can provide opportunities to build career skills or certifications.

Tip #2: Take Advantage of Military Benefits

Your family makes sacrifices to serve your country, and that dedication is rewarded by a number of different military benefits. Take the time to research all the ways you can maximize your military benefits — such as TRICARE, Basic Allowance for Housing (BAH), and commissary access — all of which can reduce costs and stretch household income.

If you’re preparing for an upcoming PCS move, stay organized and keep track of your expenses so you can apply for reimbursement. You can also be proactive by saving for unexpected out-of-pocket expenses, such as those for pet relocation, utility setup, and more.

Not sure you're maximizing your military benefits? See which benefits you've earned and how to make the most of them.

Tip #3: Protect Your Family from the Unexpected

Life insurance is essential to protect against uncertainty and can help ensure the ongoing financial stability of your family, should the worst happen. The right coverage ensures that funds are available to cover everyday living expenses, childcare, education, and outstanding debts. If you’re interested in learning more, including what kind of coverage might best meet the unique needs of your family, speak to an Armed Forces Mutual Membership Coordinator today at 877-398-2263.

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Maintain Stability During Major Life Events

Military life can also strain relationships, making communication and financial planning critical — especially during major transitions like marriage, relocations and deployments, the birth or adoption of a child, and other events that can significantly impact income, benefits, and long-term stability. If you and your spouse decide to separate, consider how military retirement pay may be treated under the Uniformed Services Former Spouses’ Protection Act (USFSPA), as well as how a divorce may impact your eligibility to receive benefits such as TRICARE, commissary access, or survivor benefits.

We’re Here for You

In the unpredictability of military life, knowledge is power. As a military spouse, it’s important to stay informed and use available resources, including financial counseling or workshops, which can help your family remain resilient and financially prepared. To gain access to more resources and helpful information, including articles focused on financial readiness, subscribe for full access to our Resource Center today.