The military life can sometimes wreak havoc on finances—whether it's a move to a new duty station that results in unexpected out-of-pocket expenses, or other issues that come up.
No one joins the military with the expectation of getting rich, but if you manage your money responsibly, you might be able to do pretty well financially. It's never too late, or too early, to start taking steps to improve your finances; doing so provides peace of mind – especially if you see some wealth building, even $5 at a time.
Military Times put out a call once again this year for volunteers to have their finances reviewed by financial professionals, and a variety of service members of different ranks, and in different financial circumstances, responded. Their willingness to undergo the process shows they have a sense of responsibility regarding money management.
But they also bring something else: They want to help other service members learn through their examples.
Throughout the week Military Times will be sharing these service members' stories at militarytimes.com.
One of our participants, Marine 1stSgt. Ethan J. Mahoney, is concerned about younger service members who are not educated about finances and "just do not know what they should or shouldn’t be doing."
He's complimentary of the free resources the military offers for financial expert advice, such as Military OneSource and the financial counseling
through Marine Corps Community Service and the other services' family centers.
"We're quick to send a Marine there when they get in financial trouble," he said, "but as far as setting them up for success, I don't think we do that as much as we should."
Through a mandate set in motion by law a year ago, the Defense Department and the services are required to strengthen their financial literacy
training offerings and will be required to provide this training at key points during service members' careers. They're working on those programs now.
Another participant, an Air Force chief master sergeant, wishes he'd listened to some financial advice he'd received more than 10 years ago. If he had, he might have doubled his investments, which are currently about $500,000. His review is a bit different, looking at how working with an expert over the last year has helped him make the most of the time he has left to sock away money.
Yet another, a Navy ensign is new to the military and wanted advice on keeping his "financial ship afloat" – not an easy task in the expensive Washington, D.C., region. The move from Utah has resulted in expenses not easily absorbed into the young family's budget.
Financial advisers from USAA, Navy Federal Financial Group and First Command reviewed the volunteers' finances and offered recommendations. These are not extensive financial planning evaluations, but serve as tools that might be a starting point. These advisers are
from companies that have long histories of working with the military community and understand the benefits available to service members, but there are plenty of other excellent financial planners out there, too.
FINANCIAL RESOURCES
This Defense Department portal offers a wide range of financial resources to help service members and families, including face-to-face financial counseling, tip sheets, calculators, CDs and DVDs. Troops and families can receive free financial counseling sessions with a counselor in their area, or be connected to a counselor or tax professional over the phone. Call 800-342-9647.
Financial counseling may also be available on military installations through personal financial management services. To find the office at your closest installation, visit www. militaryonesource.mil, scroll down to the Installation Program Directory and search for "personal financial management services."
Financial readiness programs. Each service offers its own ( Army) ( Air Force) ( Navy) ( Marine Corps)
Military banks and credit unions. Check with your on-base financial institution to see what personal finance assistance is available. These institutions have agreements through the military that require them to provide financial education.
Saveandinvest.org/military. The Financial Industry Regulatory Authority Investor Education Foundation maintains several programs, with ad-free content geared to helping troops and families with financial tips and information. For example, through FINRA, troops and families can get free FICO credit scores, by way of their personal financial management services office on base.
Karen has covered military families, quality of life and consumer issues for Military Times for more than 30 years, and is co-author of a chapter on media coverage of military families in the book "A Battle Plan for Supporting Military Families." She previously worked for newspapers in Guam, Norfolk, Jacksonville, Fla., and Athens, Ga.
