« Articles « « How Military Service Strengthens Your Financial Fitness
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.
Improving your finances takes commitment, and there’s no better time to start than now. Decide on your goals, such as getting out of getting out of debt, saving for a new home or down payment on a car, paying for higher education, or putting aside money for retirement. Then work on a plan to get there.
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 electronic gadget or a luxury item you’ve been eyeing. But if you keep your long-term goals in mind, you can resist and stay on track. Navy Federal offers tools that can help, such as direct deposit to your savings account and recurring transfers that can make saving automatic.
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. However, you may need to take out a short-term loan, find an additional source of income or cut back on expenses temporarily.
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.
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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 extra-low auto rates, specially designed mortgages, loan and insurance discounts, and other products and resources that make your busy military life a little bit simpler.