Financial Responsibility: Resources for Managing Military Pay

Updated: December 31, 2022
In this Article

    Welcome to Military Saves Week 2019! Money is often the most common source of stress, but managing your military pay shouldn’t be stressful. The military has you covered when it comes to helping manage money and finances. They are sure to offer classes and counseling about budgeting, saving, and paying bills, which can get overwhelming without the right training.

    Servicewoman typing at computer
    Staff Sgt. Karina Myers Prepares a U.S. Savings Deposit Collection Voucher. Photo By: Tech. Sgt. Jason Edwards

    Military Saves Week is one week out of the year devoted to helping service members decide monetary priorities by building awareness for the many financial resources available to active duty service members, their dependents, and veterans alike. Although it is just one week focusing on Military Saves awareness, these resources are available year-round to aid in answering questions and educating on financial responsibility.

    There are a number of informative services, offered directly through the military, as well as indirectly through civilian organizations, that provide creative solutions to managing money.

    See 2024 military pay rates and charts here.

    Finance Office: Each installation offers active duty service members and their dependents financial counseling. Financial counseling is often a mandatory step for service members preparing for marriage, but it is not reserved solely for those tying the knot. A financial counselor or manager is available for single and married service members to help devise a budgeting plan, savings plan, or the current need. Receiving an education on finances here is the beginning for relief of financial strain.

    Family Readiness Center: Family Readiness Centers are the go-to information centers for dependents. Financial counseling is available specifically for spouses. These centers are willing and able to help spouses adjust to the military lifestyle, as well as aid those who are already part of the military community.

    Financial Boot Camp
    Julie Duszak (left), educates Financial Boot Camp attendees. Photo By Maria Kanai

    Military-Friendly Banks: Perhaps the most convenient and easiest method of reaching financial advice is through your bank. Two of the most well known military-friendly banks are Navy Federal Credit Union and USAA. Both offer financial advice, as well as significant discounts, promotions, and a variety of other benefits for servicemembers, military family members, and Veterans.

    Military-Friendly VA Loan Lenders: VA loans for current and veteran military members don’t require a down payment or mortgage insurance but that doesn’t mean you shouldn’t work with any VA mortgage lender. Rates do vary and be sure to show around.

    Because of their limited locations, these banks make themselves available by telephone and internet 24/7. Each bank also has its respective app available for smartphones or tablets, making it even easier to manage money and finances for busy service members.

    America Saves Website: No matter if it is called America Saves week or Military Saves week, a week in February is dedicated to helping Americans understand money management. Following through with the military saves pledge to continue your journey toward financial wellness this week and stabilize your financial future. “Saves” websites are free resources, so pages such as “Military Saver Tools” can be accessed at any time. For those who like reading, there are various articles on the America Saves website about personal finance, and links to other free online resources.

    With the right financial knowledge, service members, military spouses, family members, veterans, and all Americans can become experts at managing their finances. The first step is scheduling an appointment for free financial counseling, or browsing information from your most reliable free resources listed above.

    Written by Team