The first month of the New
Year has officially come to a close and if you are like the majority of
Americans, you started the New Year with lofty goals of self-improvement.
If you have fallen off of the wagon or have yet to get the wheels moving, we
think the following resources might be just the things you need to achieve your
goals for 2014.
Military service members and
families face unique challenges when it comes to setting and obtaining
long-term goals, because much of life is lived in 3-4 year increments. But the
good news is, there are also a plethora of resources available that can make
short and long-term goals easier to achieve.
Goal #1 – Save for the
Future
The military pay increase for
2014 was 1%, which is the lowest increase in half a century, according to USA
Today. That paired with a reduction in forces, it is
increasingly important for military families to plan for the future. The good
news is there are programs unique to the military that can put you on the path
to financial well-being.
The Thrift Savings Plan is
retirement savings plan similar to a 401(k) plan found in the civilian sector.
Offering automatic payroll deductions, this program is the perfect way to pay you
first. Setting up an automatic payroll deduction allows you to create a budget
using your take home pay, rather than your base pay.
With a wide variety of
investment choices and regular contributions, you are well on your way to
realizing gains that will secure your future.
Goal #2 – Balance the
Budget
Military life comes with a
number of crossroads and sometimes-even potholes, many of which involve added
expense. Creating a budget not only allows you to see where you spend your
money, but it can also prepare you for upcoming changes in your life, such as a
PCS move, deployment or a growing family.
Creating and sticking to a
budget can help ensure timely payment of bills, which in turn will increase
your credit score, saving you
money when applying for a home or vehicle loan as well as credit cards.
It is also important to keep
track of what you spend for the end of year tax filing. Keeping record of
unpaid medical expenses, childcare costs, business expenses can lower your tax
liability, thus saving you money. The easiest way to maximize your deductions
is to create an organized filing system where you can keep all of your important
documents and receipts.
Goal #3 – Back to School
Whether active-duty, spouse or
child, there are a number of educational opportunities that are readily
available for military families.
The Post 9/11 GI Bill can
cover all in-state tuition and fees for public schools and it allows service
members to transfer unused education benefits to immediate family members
(children and spouse).
For the added expense that
comes with enrollment at a private institution, The Yellow Ribbon Program can
offset fees that are in excess of those covered through the Post 9/11 GI Bill.
Participation in this program is voluntary, but choosing an institution of
higher learning that is enrolled in the Yellow Ribbon Program can save you a
considerable amount of money.
The Department of Defense
reopened the popular MyCAA program in October 2010, with several key changes in
eligibility and dollar amounts. The benefit is available to spouses of active
duty service members in pay grades E1-E5, W1-W2, and O1-O2, including the
spouses of activated Guard and Reserve members within those ranks. Spouses of
Guard and Reserve members must be able to start and complete their courses
while their sponsor is on Title 10 orders.
Goal #4 – Get Fit
When it comes to access to
physical fitness facilities, military installations are unparalleled. Free to
service members and their families, most facilities are state of the art and
many offer personal trainers at reduced cost. Group fitness classes, fitness
programs and special fitness events will give you plenty of ways to get out and
get fit!
Check your military
installation for a variety of health and fitness programs that are offered and
make 2014 your best year yet.
Goal #5 – Find a New Job
Hiring Our Heroes, Military Officers Association of
America and Corporate Gray make it their mission to connect
active duty, veterans and military spouses, to employers who are looking for
the unique skill set that military members possess. For military spouses
who face the daunting task of securing meaningful employment opportunities
while continuously relocating, or the active duty service member that is making
the transition to the civilian sector, networking is a critical component to
the job search. Many of the organizations mentioned above offer the opportunity
to network with regional and national employers as well as other veterans and
military spouses on a regular basis.
Goal #6 – Prepare for
the Unknown
Military families face the
daunting reality that comes with military service on a regular basis. Power of
Attorney, Will and beneficiary are part of the military vernacular,
particularly before any deployment, but it is imperative to review and revise
important documents on a regular basis. With access to lawyers through base
legal, there is no reason for military families to have outdated legal
protection for you and your family. Review your documents today and put a visit
to base legal on your to-do list.
Final Thoughts
Day to day life is busy and
military families in particular, face a wide variety of ongoing challenges
involving deployments and frequent relocation. Each move comes with a new set
of obstacles and an adjustment period and sometimes this can throw us off
track. Whether it is New Year’s resolutions or starting over at a new military
installation, there are a number of readily available resources that can help
you keep your life and goals on track, all you have to do is seek them out!
data compiled from militarybyowner.com article
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