How Military Service Strengthens Your Financial Fitness
Serving in the military teaches discipline and instills a strong work ethic, both skills that can be applied to money management.
Bottom Line Up Front
- The skills and experiences you’ve gained as a servicemember can—and should—apply to your financial wellness.
- Leveraging your discipline and commitment will allow you to create and stick to financial goals without indulging in impulse purchases.
- Resourcefulness and teamwork help you find solutions to financial challenges and overcome the stress of unexpected hurdles.
Time to Read
August 16, 2022
The values and principles you’ve learned and upheld as a servicemember can carry over into your every day, especially when it comes to your finances. Here’s how to apply some of those skills to pursue lifelong financial success.
- Commitment. Improving your finances takes commitment, and there’s no better time to start than now. Decide on your goals, such as getting out of debt, saving for a new home or car, paying for higher education or putting aside money for retirement. Then work on a plan to get there.
- Discipline. Creating a budget or spending plan, saving regularly and living within your means takes discipline. You may be tempted by an impulse purchase for the latest gadget or luxury item. But if you keep your long-term goals in mind, you can resist and stay on track. Navy Federal Credit Union offers tools that can help, such as direct deposit to your savings account and recurring transfers that can make saving automatic.
- Resourcefulness. In the military, you may have experienced times of stress when you had to remain calm and think through your options. If you have an unexpected financial setback, such as uncovered medical bills, major car repair or job loss, that resourcefulness can help you manage until you get back on your feet. Building an emergency fund with a savings account is your first line of defense. You may also need to take out a short-term loan, find an additional source of income or cut back on expenses temporarily.
- Teamwork. Much of what you need to do to succeed financially rests squarely on your own shoulders. However, teamwork also comes into play, just as it does when you rely on your buddies in the military for support. If you have a spouse or partner, be sure you’re on the same page about your financial goals. If you need professional financial help, don’t hesitate to contact a Navy Federal financial advisor.
We’re Here to Serve You.
Whether you’re active or retired military or a family member, you’ve done your part to serve your country. Navy Federal is dedicated to offering great auto rates, specially designed mortgages, loan and insurance discounts and other resources that make your busy military life a little bit simpler.
- Create a budget or update an existing one that factors in your latest savings goals. Determine what your financial long-term plan looks like. Do you want to eliminate debt, save for a new car or increase your retirement savings?
- Work with your spouse or partner to create shared financial goals and ensure you’re aligned. This may include building a joint budget, opening a joint savings account or detailing a plan to save for a big expense like a home or vacation. Navy Federal’s financial advisors can help you both get on track for your shared goals.
This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.