Posts by My Military & Money

Home-Buying is More Complex for Military Families Many families’ largest investment is their home. And homeownership comes with an extra portion of complexity for military families. Many were hit particularly hard by the housing downturn, saddled with houses they simply couldn’t sell when ordered to move to a new location. But service members also have special...

Prepare for a Bigger Tax Bite If your state of legal residence while in the military has no income tax, moving as a civilian to one that does could be quite a financial shock. And no matter where you live, you’ll lose your tax-free housing allowance. Keep the new reality of your finances in mind when negotiating the salary for a new job, for example, or...

Be a Legal Eagle: You’ll want to make sure your family back home as the authority to make final decisions in your absence.  It’s important to have your will and power-of-attorney in place so that you can rest assured that your family is prepared and protected. Make a Payment Plan: You will want to walk through the payments you and/or other family members make on a...

Taking Charge of Your Savings Even though those who stay in the military for 20 years or more can qualify for a pension, it’s still important to save on your own. In truth, few people actually stay in the military long enough to claim a pension, and, unlike civilian pensions, there’s no “partial vesting” to guarantee that workers who leave...

Paying on time and in the right amount protects your credit score.  Good credit means paying less interest on car and house loans, and can even make you look better to perspective employers! The Servicemembers Civil Relief Act (SRCA) gives military personnel on active duty better interest rates and protections for their credit cards.  However, you must apply for...