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4 Money Management Tips for Military Families

November is National Veterans and Military Families Month, a time for all of us to show appreciation and support to our nation's veterans, military families and those who made the ultimate sacrifice in service.

Financial Stress & Military Families

Being part of a military family is filled with unique opportunities — and unique challenges.

Frequent deployments and sudden relocations can be especially disruptive and stressful on a military family's household finances. Research on military and veteran family finances shows that 80.7% of respondents have experienced at least some financial stress over the past 12 months.

The good news is that many resources and support services are available to help military families reduce stress and improve their financial well-being. And, as your caring financial partner, Wright-Patt Credit Union (WPCU) is here to help you navigate your personal Financial Flexibility and Freedom® journey!

Here are four money management tips to help you get started:

#1: Build An Emergency Fund

Everyone needs an emergency fund — a savings safety net to fall back on when unexpected expenses arise. However, just 38.4% of veteran families and 22.4% of currently serving families report having less than $500 in an emergency savings fund or no fund at all.

If you don't have an emergency fund yet, make it a savings priority to avoid relying on loans or credit cards in a crisis. Aim for a starter fund of $500, then build towards at least $1,000. One tip is to set up automatic deposits into a dedicated savings account or Money Market account every week or every payday.

#2: Check Out Financial Learning Classes

At WPCU, we understand that money management can be complicated, especially for military families. That's why we're proud to host military-focused webinars and in-person courses on relevant topics such as understanding credit, investment basics (Thrift Savings Plan), budgeting and more. View our event calendar for upcoming Financial Learning events near you.

#3: Ask About Military Discounts

Many businesses offer year-round military or veteran discounts to show appreciation for the military community. Most discounts require a military ID or proof of military service, and some offers extend to family members, too. Do a little online research or ask the next time you're shopping at your favorite stores. Even small savings will add up and give you more flexibility in your budget!

#4: Learn About VA Home Loans

Frequent moves are a normal part of life for many military families. This can make it difficult to make home-buying decisions, especially in today's competitive housing market. Working with an experienced VA mortgage lender can make the entire process much smoother.

VA home loans are designed to make the prospect of home ownership more attainable for more veterans and active-duty military members. Those who are eligible for a VA mortgage loan can purchase a home with no down payment, no monthly mortgage insurance (PMI) and at a competitive interest rate.

WPCU is proud to be one of the leading VA-approved lenders in our area. Talk to one of our mortgage experts to find out if a VA loan is the best option for you.

Looking Out for Military Families

WPCU has been looking out for military families since our credit union started in the early 1930s. We understand the financial opportunities and challenges military families face, and we're here to help you through life!

Ready to get started? Visit your nearest Member Center or schedule an appointment to sit down with one of our Financial Coaches, who are here to listen to you and help you on your Financial Flexibility and Freedom® journey.

Mortgage loans are processed by myCUmortgage, LLC,  NMLS ID 565434 – a wholly-owned subsidiary of Wright-Patt Credit Union. All loans are subject to credit approval and property appraisal. Wright-Patt Credit Union NMLS ID 510034.​

​VA loans require a VA certificate of eligibility. WPCU is not acting on behalf of, or at the direction of the FHA, VA, the USDA or the Federal Government. Wright-Patt Credit Union NMLS ID 510034.