Investments, Insurance, and Other Money Tips for Military Families
Whether you’re in the army, navy or air force, you’ll have a lot on your plate with shifting service arrangements, a high stress job, and constant training programs. This doesn’t mean that you should let your financial matters slip out of control however, especially if you have a wife and children. Here are a few ways in which you can put your military income to good use, giving you and your loved ones more to work with.
Money Making Opportunities
One perk of being in the armed forces is that you gain access to a whole host of financial packages designated to the military. These include:
- Low-cost retirement plans
- High interest savings accounts
- Free medical and healthcare
Thus, you should make as much use of these as you can. Make contributions to your pension plan, place some of your military income within your savings account, and do whatever it takes to build your balance up in the very best manner.
Save on Future Education
As a soldier, you’ll also have access to university and college scholarships which civilians can’t use. Some of these can even be transferred to your spouse or children, meaning that you can build up your family’s education without spending a cent. This is a truly worthwhile investment as it means that the recipient can then gain a much better job thanks to their improved qualifications. If you’re in the armed forces, make it your top priority to boost your education as soon as possible.
Cost Effective Coverage
Another helpful tip is to make use of the health, accident and life cover now available solely to those in the military. These plans are very cheap, giving you extensive protection without being burdened by hefty premiums. In fact, if you search for the best armed forces insurance, you’ll find that you and your family will be financially supported in a range of emergency situations. Whether you’re in a car crash or sick in hospital, your military background will provide a high level of cover.
Low Interest Credit Options
Even with these financial benefits, you might find yourself short on money sometime in the future. Fortunately, borrowing money is never a problem for those in the army, navy or air force thanks to the wide range of military credit options now available. These loans typically come with low interest rates as well, meaning you can still afford to pay your insurance premiums and make retirement contributions. In addition to this, you won’t be stuck with excessive debt repayments later on.
Useful Housing Allowances
Lastly, members of the military tend to be given numerous real estate perks due to their position. If you’re in the armed forces, you should make use of everything you get, including your monthly tax-free housing allowance and service member’s home loans with no down payment required. Seeing as this is basically free money, why wouldn’t you take advantage of it? Not only can you reduce your tax for your home, but you can also borrow more money for your dream house as well.