5 Finance Tips for Military Families During COVID-19

Editor’s note: This post is sponsored by First Command. 

By Mark Steffe, President/CEO of First Command

In this unprecedented time in our country, many of us are taking closer look at our personal finances. A global pandemic is new to us all, but First Command has experience coaching military families through the most volatile times. There’s a tendency at times like this to feel a bit helpless, but there are steps you can take now to organize your financial life and ensure that you are on track for your long-term goals.

Here are some suggestions for how to make the most of the current environment:

1. Update your budget.

With many people sheltering at home and working remotely, now is a great time to update your budget with your spouse. Schedule time without distractions when you can sit down together and estimate your expenses. You want to work together to determine how you will track everything and stay on top of a budget on a weekly basis. 

2. Save when you can.

While you’re spending less on gas, dining out, and entertainment, consider allocating those dollars to a savings account or long-term investments.

3. Find a use for your CARES Act check.

If you are fortunate and don’t need your CARES Act check to pay bills, make a plan for your family that includes saving, paying down debt, or investing. It may be tempting to splurge on a high-ticket item, but make sure you use at least some of the money to pay yourself first.

4. Get organized.

While you have some extra time at home, it’s a good opportunity to get financial documents organized. Make sure that you and your spouse know where important documents are, like your will, your life insurance policies, and your investment statements, along with the passwords to any accounts. Make a book or create a digital folder in which to safely and securely store this information. In case of an emergency, you will want it to be readily accessible. Then, set an appointment on your calendar to update the information every six months.

5. Pass the knowledge on to your children.

Now is a great time to teach your children about saving. Talk to them about how they should set aside a portion of the money they earn from jobs or birthday gifts. You may want to set up an individual savings account for them. Encourage them to set short- and long-term goals so that they will gain an understanding of the benefits of saving money.

Ready to get your financial life squared away and begin planning for a brighter financial future? We’re ready to help. First Command waives all financial planning fees for active duty military and their families, and there is no minimum net worth required to work with us. 

I encourage you to visit our website to learn more about our long history of helping military families pursue financial security. Schedule a complimentary consultation with your local First Command Financial Advisor, who is well-equipped to provide personal financial coaching through secure video conferencing, phone, or email for as long as social distancing remains necessary.

Mark Steffe is the President/CEO of First Command. Mark earned a Bachelor of Science degree in finance from the University of Illinois, graduating with high honors. He holds series 7, 8, 23, 63, and 65 securities registrations, plus life and health insurance licenses.

©2020 First Command Financial Services, Inc. parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Advisory Services, Inc., First Command Insurance Services, Inc. and First Command Bank.  Securities and brokerage services are offered by First Command Financial Planning, Inc., a broker-dealer.  Financial planning and investment advisory services are offered by First Command Advisory Services, Inc., an investment adviser. Insurance products and services are offered by First Command Insurance Services, Inc.  Banking products and services are offered by First Command Bank. Securities products 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.