Support for Military Wives: Loans and Finances

Military wives have a huge amount of responsibility on their shoulders.  This is especially true when their spouses are deployed overseas.  They have to take care of the entire family, including paying all of the bills each month and handling any sort of financial obligations that come their way.  The financial aspects should be covered before the spouses deploy, but in some cases things will come up that were simply unexpected.  This is true for everyone - military or not.  The good news is that there are a lot of things that military wives can do to help them get through the deployments and even be able to save money.

The truth about deployments is that they are not easy.  While they are tough, there are some things that you can expect financially.  First of all, you will receive an additional income each month for having to be separated from your family.  Also, you will receive a certain amount of income for having to be in a combat zone, which is called hazardous duty pay.  This extra income can really come in handy for military families.

Extra money - such as from a military loan or grant - is extremely helpful.

The problem that some wives face is that they spend the money and live above their means while the soldiers are deployed because they have extra money coming in.  During stressful times in our lives, like deployments, it easy to deal with stress by overspending or not be aware of overspending because of the stress.The smart thing to do is open a savings account each month to help you save money while they are gone.  Instead of spending frivolously, you should take the time to be frugal.  Frugality is something that can be difficult to understand, especially when the money is coming in.

When you do not save money, it is really difficult to get back into the habit of having less money once your soldier is back state side.  If you have made the mistake of not saving, then you can get into trouble. There are different ways to address this. You could take a second job. Make major cutbacks in your person budget.  Or take out a military loan to address specific unexpected expenses, like a car repair. There are a variety of different military loans that you can get but it’s important to research options so you don’t get taken advantage of.

The biggest thing that you need to consider is learning the discipline to save money.  Saving is really important, especially to military finances for families.  From TDY moves and other travel expenses, you may find yourself having to come out of pocket to take care of certain military related expenses.  While you will still be able to get reimburses, you may have to have the money up front.  Savings can really help in these times.  If you do not having savings, this is where a military loan can really come in handy (if used wisely). There are many online support sites that can teach you how to save better. Dave Ramsey and Suze Orman are two popular financial teachers that support healthy money habits by helping others reduce and avoid debt.