(News USA) – Given the unique challenges and frequent unpredictability of a military lifestyle, financial planning is especially valuable and necessary for military families. There are several opportunities for military families to achieve their financial and savings goals, such as low-cost investments, loans, insurance, and legal protection.
Applying the same mission mindset to managing finances that you bring to managing your military career can be especially helpful, says Steve Repak, CFP,® an Army veteran who pursued a career as a professional CERTIFIED FINANCIAL PLANNER™ after 12 years of military service.
“If I had done a little planning and executed what might have been a bit of a taxing budget when I joined the military, I wouldn’t have had so much credit card debt,” he admits.
To get the most out of your finances, plan a savings and investment strategy like you plan a military maneuver. Here are some helpful tips to help you achieve your financial planning goals:
* Identify your goal. First, identify where you are and where you want to be, then outline the steps to get there. Start by determining your monthly income and expenses, and create a budget with the amount you want to save each month. Have a plan in place to reduce or eliminate expenses in order to reach your goal.
* Turn to your team. Military families can consult a range of resources for assistance in developing a financial plan, including Army Community Services (ACS) for Army personnel. Additionally, a CFP® professional can help clarify financial goals and objectives and provide strategies for achieving them.
* Be determined and take action. What you know about financial planning is less important than what you do with it, says Repak. Adopt a “warrior spirit” and do what is necessary to accomplish your mission. Whether it’s saving money, reducing debt, or building wealth for retirement, taking specific steps to money management now will pay off with financial freedom in the future.
Visit LetsMakeAPlan.org for more tips and tricks to help military families achieve their financial goals.