Financial Planning
Money and Your Military Marriage
This is it.
The lights are turned down low and a few candles throw shadows across the room. A quiet, gentle tune wafts through the air. Fresh flowers are sweetly arranged in a vase on the counter. The kids are at the neighbor’s house for a sleepover. Your spouse gently brushes your cheek and pulls you close. You can feel your heartbeat in your chest as your spouse leans over and whispers quietly into your ear:
“Let’s talk about the budget, baby.”
Read moreShow #678: Finances as a Couple
This episode is all about finances and relationships. We will discuss the challenges of maintaining relationships while one or both spouses are serving in the military, and how finances can impact a relationship both negatively and positively.
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Read moreFreshen Up Financially with First Command
As military spouses, “new” experiences, aren’t always new to us. It seems like every other day we’re facing something new: a new plan, a new duty station, a new season of milspouse life.
And, because military spouses are resilient to the core, we know how to embrace new opportunities and make the absolute best of it.
The same can be said for this new year.
Read moreRetirement Planning: Beyond the Boots
Editor’s note: This post is sponsored by First Command Financial Services
It’s no secret… life is full of choices. Hot or iced? Spicy or mild? Original or extra crispy?
But as military spouses, not all of our choices are as straightforward as the food-focused options above. Sometimes we have to make decisions that can impact, well, everything.
Do we stay at our duty station during deployment or move home?
Read moreFree College Money is Good College Money
Repeat after me: “Free college money is good college money.”
There are many scholarships out there for military spouses, dependents, and service members who want to attend college and other training… and some of them are just waiting for you.
Yes, you can use the Post-9/11 GI Bill or the Forever GI Bill if you have access to it, but you can also compete for scholarship money to support your education and training needs. Doing so will enable you to use the GI Bill later on or save it for a dependent.
Read moreDon’t Overlook Your Renters Insurance—Ever
February always reminds me of the most challenging experience my family has had as serial military renters.
Since arriving at my husband’s first duty station in 2010, we’ve always chosen to live in on-post housing or rent a home off post, and before that, we rented apartments. We aren’t yet sure where we’ll settle in the end, so we hesitate to purchase a home.
One of the most important things you can do as a renting military family is purchase renters insurance. With a military bank like USAA, it’s a very inexpensive monthly fee, but it protects you much more than you might imagine.
I found this out the hard way.
Read more4 Tips for the Blended Retirement System
At first glance, the military’s new blended retirement system (BRS) looks like a win for military families. With lump-sum bonuses and 401(k)-style automatic and matching contributions, even service members who don’t serve to retirement will walk away with some savings. Unfortunately, career service members and their families will have to shoulder increased financial decision-making which could leave them facing a much less secure future.
Read moreAWTR Show 589: Teaching Children About Money
Amanda van der Gulik owns Clever Dough Kids, a company devoted to increasing the financial intelligence of kids and teens everywhere, teaching them how to make their money work hard for them so they won’t have to work as hard for their money.
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Read more5 Things to Know About Opening Custodial Accounts
As parents, you want to get your children set up on the right path. You want to ensure that, should rough times fall upon you or your career, your child’s future is protected. It’s a scary thought, but one you no doubt must consider. It is one of your only means of protecting your child from the trials and tribulations that could potentially come your way, and you don’t want your children to suffer negatively as a consequence of your misfortune.
The problem is, some people set up custodial accounts for flagrant uses. For instance, some parents have used their children’s accounts to qualify for a lower tax bracket. However, most people use custodial accounts as they’re meant to be used; which is to say, they put money aside for their child for when they come of age—like a preemptive savings account. That’s a good thing!
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