Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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Given some great news this week, this military personal finance roundup focuses on jobs, a hot topic for everybody in the U.S. right now. But there’s no use in giving up on a job hunt. For service members and veterans, there are several resources to help you find work such as the Stars and Stripes Veteran Job Center or VetSuccess.
Beyond that, fellow personal finance bloggers regularly offer tips and tricks for finding work. Give this roundup a look for the good news and to see what some of them suggest.
Tornado season hits its peak for much of the U.S. in the summer, so this military personal finance roundup focuses on natural disasters. Unfortunately, disasters can happen at any time. Thanks to modern meteorology, forecasters can better predict when a storm will strike, whether it’s a Tornado in Texas or a hurricane on the East Coast. But that doesn’t mean they won’t do damage.
Natural disasters do more than damage infrastructure — they can wreak havoc on people’s finances. The good news is that you can prepare for a natural disaster well before it’s even a threat. Take a look at what these personal finance bloggers have to offer on the subject.
As a shameless plug in this week’s military personal finance roundup, check out the Veterans United Live chat on relationships and money we hosted on Tuesday, April 30. After all, the roundup’s theme is about relationships, either with people and money or different facets of spending money. Within social circles, there is sometimes pressure to spend money when you don’t need to. The same goes for romantic relationships, though those may be even more expensive.
But we sometimes put a bit of a twist on relationships here, meaning they’re not just about human interaction. Take a look at these blog posts to get an idea of what we mean.
Few things are more detrimental to your finances than payday loans. As a tool to effectively get paid before an individual receives a paycheck, a payday loan can lead to serious debt.
These loans require repayment of the principal and a fee measured as a fixed dollar amount per $100 borrowed. Military personnel are no less susceptible to these loans than civilian consumers, as a 2010 Financial Industry Regulatory Authority report found that 32 percent of enlisted and junior NCO respondents used non-bank borrowing and 11 percent of them had used a payday loan. Of civilian respondents, 9 percent had used a payday loan.
Now a recent Consumer Financial Protection Bureau white paper examined consumer behavior within the payday loan industry. Take a look at how dangerous this loan option can be for military consumers.
Starting a family is arguably the biggest change in an adult’s life. Although the unique sleeping schedule that goes along with having a child may seem like the most drastic change, taking on the role of financial provider for another is a huge undertaking.
According to new studies, it costs the average family $235,000 to raise a child to the age of 18, not including college. The financial investment in starting a family is no joke; if you’re thinking of starting a family, look for these financial signs you’re ready to take the leap.
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