top of page
Money.png

Finances

Let's talk about money...

While in the military, there are several financial advantages; but, what about when you and your family separate from the military?

VA.png

Family Servicemembers' Group Life Insurance (FSGLI) offers coverage for the spouse and dependent children of service members covered under full-time SGLI. 

​

The VA also has a Financial Literacy Program which offers assistance from reducing debt to finding a home loan to creating a family budget and protecting your identity and VA benefits. Some examples include: 

Check Your Credit Report Image.png

Your credit matters! It can greatly affect almost everything you do, such as: buying a home and mortgage rates, buying a car and interest, getting an apartment, or even job applications. Reviewing your credit report can also help you catch signs of identity theft. You can get a copy of your Annual Credit Report every 12 months from each credit reporting agency (Equifax, Experian, and TransUnion) for free. 

​

Many of us have credit score that could use some improvement. Here are some potential ways you could improve yours

  • Attend a free Credit Score VA Workshop.

  • Pay your bills on time.

  • Keep credit balances and utilization low.

  • Avoid collections and missed payments.

  • Use 30% or les of your available credit. 

  • Keep your old accounts open and deal with delinquencies.

  • Track your progress with credit monitoring.

  • ​Ask your landlord or your utility companies to report your on-time payments to the three nationwide consumer reporting agencies, especially if you know you have a positive payment history. 

  • Practice control through baby steps.

  • By debt snowballing

  • Set up payment reminders.

  • Register for billing alerts.

Operation Homefront.jpg

Operation Homefront has a Critical Financial Assistance Program: Need help with overdue bills, repairs, or other critical family needs? They may be able to help. It is designed to provide short-term financial help for military members, Veterans and their families who are experiencing financial hardship. To find out if you qualify, please review their eligibility criteria and if you have any questions, you can check out their FAQs or give them a call at # 877.264.3968.

Military OneSource.png

As you and your service member start looking toward retirement, some individuals have questions about military retirement pay and the Legacy Retirement SystemBuilding knowledge and finding resources, including programs through TAP can help! Preparing for financial success after transition from the military can help you learn how your family's finances may change after transition and what you could do to help make the transition successful. One way you can do this is by participating in financial preparedness training. , what you can do to prepare for financial success and where you can go to get help. 

Operation Phantom Support.jpg

Operation Phantom Corps provides support to soldiers, Veterans, 1st responders and their families in times of need. Membership is $20 per month and each donation goes towards their services and programming, including: 

  • Operation Phantom Cakes

  • Toys for Troops

  • Operation Re-Supply

  • Operation Road Warrior

  • Operation Monkey Wrench

Operation Homefront.jpg

Operation Homefront helps military families navigate the unique challenges they face.

 

Whether handing out school supplies at their Back to School Brigade, supporting expectant parents through their Star Spangled Babies program, honoring military children with a Military Child of Year, or providing meals to families during the holidays, Operation Homefront has many events for service members and their families around the United States.

MilSpouse Money Mission.png

MilSpouse Money Mission is a financial education website made for military spouses (I also think Veteran spouses and significant others as well!) to empower them in leading their families to stronger financial futures. The Department of Defense (DoD) launched MilSpouse Money Mission as an official resource to provide relatable and trusted financial education for every journey.

Some Possible Money Saving / Financial Tips

01.

Get your head out of the sand. 

Be honest with yourself and don't avoid the truth. Stay informed.

02.

Create a budget.

Identify all sources of income and create a budget sheet - where is everything going? Review banking statements. Capture money spent on items not regular or planned. 

03.

Cut costs where you can. 

Find lower interest rates. Plan meals. Find cheaper cable/cell services. Identify wants vs. needs. 

04.

Change shopping patterns.

Limit shopping malls. Buy used items where/when you can. Look for estate or garage sales and bargains. Leave your husband and kids at home :)

05.

Look for the fun and happiness that is FREE! Connect with others - call a friend or make a new one. Enjoy and cherish the small moments. 

06.

Plan for emergencies, future goals, and retirement (yes, one day you will retire!).

It takes restraint to set aside money when it is tight. It is important to plan for the unexpected because one cost can really set you back. 

07.

Look into what your financial options you may have available?

Does your bank offer money back or sign up bonuses? Can you switch to a free or fee-free banking account? Can you get any lower interest rates (even just calling your financial institution to ask may help)?

08.

Be a penny hoarder.

Yes, you read that right!

What about being a "penny hoarder?" Save $0.01 on day one and $0.02 on day two, then double each day - by the end of the year, you will save just over $600!​

There is also "The Penny Hoarder" website which also offers information about all things money.

09.

Do a no-spend challenge. 

It sounds easy... to say money, just don't spend it. Commit to not spending money over a certain period (such as a month, a week, or even a single day). Or, try something modified such as a pantry challenge where you avoid going to the grocery store and using what you have on hand to feed your family. 

10.

Is it your birthday? 

Find places that offer freebies for birthdays. Or you can check out this "Master List of Birthday Freebies" (which is periodically updated). Note your birthday when you sign up for things - who knows, they may have birthday freebies/savings too!

11.

Check online resources, chat rooms, social groups, etc.

There are several of these - you just need to Google and/or be creative. Some possible ideas: 

12.

Give yourself a goal and reward yourself for the hard work you have put in to receive it. 

Sit down and write some small short term and long term goals you have. Why are you saving money in the first place? Then do a benefit/risk based on those short- and long-term goals. For example, save $25 by Friday this week. Benefit: You have proven yourself for one week, you have been able to stick with it and you are that much closer to your goal. Risk: Not having the funds when your car breaks down leaving you to have no way of getting it fixed, therefore potential difficulty getting to work or your kids to school, resulting in various consequences based on your circumstances.

Some Additional Possible Resources

Ramsey Solutions.png

Ramsey Solutions talks about everything money/budget related and more!

VetCents is an online program designed specifically to help military Veterans and their family members improve their financial wellbeing.

TFA Logo.png

The American Legion's Temporary Financial Assistance Program supports minor children of Veterans who are American Legion members or an active duty service member by awarding cash grants to help with expenses.

Wounded Warror Project Logo.jpg

WWP's Financial Readiness Program empowers warrior and their families to take charge of an manage their finances to build a strong foundation for themselves and their families. 

Operation First Response Logo.png

Operation First Response's main purpose is to alleviate the financial difficulties facing military and Veteran families. Their Family Assistance Program's goal is to ensure military and Veteran families are financially and emotionally sound and on a path to becoming productive members of the communities they live in. 

Operation Family Fund Logo.png

The mission of Operation Family Fund is to assist the injured and families of those who have been injured as a part of the Global War on Terrorism, whether domestic or abroad, military or civilian, with financial grants for transitioning to their new circumstances and achieving financial self-sufficiency. 

Dixon Center Logo.png

The Women Veterans Emergency Financial Assistance Program assists with expenses of the woman Veteran herself, the woman Veteran's spouse, the caregiver of a woman Veteran, and the woman Veteran's child(ren). 

Copyright 2025 Kristin Anderson-Cronin

Should you feel assistance and/or services are needed/required, seek support from your primary care provider; your mental health provider; your local physical/medical/mental health care agency; and/or dial 9-8-8 (mental health crisis line). If there is an urgent medical or safety matter, call 9-1-1.

bottom of page