The values and ideals you’ve learned as a servicemember can carry over into your everyday life, especially when it comes to your financial fitness. Here’s how to apply some of those skills to secure your financial future.
Improving your financial situation 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 putting aside money for retirement. Then, work on a plan to get there.
Creating a budget, saving and living within your means takes discipline. You may be tempted to use your credit card to buy the latest gadget or luxury item you’ve been eying. But, if you keep your long-term financial wellness goals in mind, you can resist and stay on track. Navy Federal offers tools that can help, such as direct deposit to your bank accounts and money management calculators for financial planning.
In the military, you may have been through times of stress when you had to remain calm and think through your options. If you have a surprise setback in your personal finances, such as medical bills, a major car repair or job loss, that resourcefulness can help you manage until you get your financial health back in order. Building an emergency fund with a savings account is your first line of defense. However, you may need to take out a short-term loan, find an extra source of income or cut back on expenses.
Much of what you need to do to succeed with money 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 the help of a financial professional, don’t hesitate to contact a Navy Federal financial advisor.
In the military, you’re trained to always be aware of your surroundings and potential threats. The same skill applies to your financial fitness program. Monitor your credit report and credit scores often, and keep an eye on accounts such as student loans and credit cards even if they’re on auto-pay to make sure everything is as it should be.
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.