While we are in the midst of a global pandemic, it may feel daunting and exhausting to have to manage your finances. However, it’s important now more than ever to use this experience to learn how to budget and take advantage of helpful resources available to you so you feel in control of your current situation. Not only is learning to manage your money during a crisis important, but it will also help you be better prepared for future circumstances. Luckily, being in the military does carry special benefits to help you feel financially stable.
Use Helpful Resources
Military families have an abundance of resources available to help thrive throughout COVID-19. These resources provide answers to any questions that you may have during this unprecedented time. If you have specific financial questions, Military Saves is committed to ensuring that you and your family feel taken care of. Military families run into unique problems that civilian families may not, so utilizing military resources to your advantage during this time is important.
Take Advantage of Your Options
It’s vital to note that life is still continuing to move along, even if COVID-19 is making things a little more difficult. You may be in a situation where you need to make a big change or spend in your life right now and luckily, there are options to make financing current ventures easier for you.
For example, you may be in a situation where you need to buy a home and there are VA loans for military home buyers. Or if you already own a home but you want to tackle renovations during any downtime you may currently have, look into home equity loans to get cash for the updates. Buying a car is another unavoidable spend, no matter what crisis the world may be in. Car shopping may look a little different right now, so don’t forget to take advantage of military discounts when you’re purchasing a car online.
Create a Monthly Budget
If your pay is currently fluctuating due to COVID-19 or your military status, it’s important to reevaluate your monthly budget. Setting a budget will help you feel in control of your current financial situation and it will make you more prepared in the future. Meeting with a financial advisor is a great first step to take, especially if you can find one that has military experience or has worked with military families in the past. Of course, working with an advisor costs money, but it is well worth it to feel comfortable and prepared during this crisis and any future circumstances, like retirement.
If working with an advisor doesn’t appeal to you, then call up a trusted and financially-savvy friend to get tips on how to start better managing your money. Something as simple as this can help keep your mind at ease throughout difficult financial situations.
Managing your money is never an exciting task, but right now, it’s important for the wellbeing of you and your family to ensure you’re staying in control of your finances. These tips combined with the military resources available to you are a sure-fire way to stay on top of your money throughout the current crisis.