Financial Challenges for Military Spouses

Who isn’t stressed out about the economy these days? Everyone wants to be in a good financial standing and make sure they are balancing their budget well. Military families have many of the same financial challenges as any other families, but they also face some unique obstacles. Constant relocations, extended deployments, a military spouse losing their job, and other stresses can quickly lead to financial troubles.

Military spouses with less than adequate financial support are more likely to make credit mistakes, pay higher fees, and cover only minimum monthly balances. It can be all too easy for a military family to slip into uncontrolled debt, especially if it sneaks up on you like most debt does. However, the military has various different financial management programs that can help military families with financial education, personal counseling, and other assistance to avoid future debt problems.

USA Cares is a nonprofit organization that provides assistance to post 9/11 active duty US military service personnel, veterans, and families. They are dedicated to helping restore financial stability and independence by reaching out to families at the earliest stage of intervention to prevent any further strains. They never charge fees or accept repayment, and only rely on donations from private citizens, businesses, and foundations. USA cares may also help by providing financial support for emergencies like vehicle repairs, food, housing, and more for military spouses with deeper financial needs.

Another organization that can be of help is Military Saves. It is a social marketing campaign to motivate and encourage military families to save money every month, and help them to manage debt. Reaching financial stability takes consistent action over time, as well as knowledge. Many of us do better when we have a supportive environment, and are able to get the help that we need. Through debt reduction, saving, and wealth-building over time, Military Saves empowers its clients to achieve financial self-sufficiency.

The Better Business Bureau (BBB) can also help military families through their financial planning website aimed to address the financial challenges of a military lifestyle. If you are having issues with property management, auto dealers, or money scams, the BBB can help alleviate some of these problems by providing support services and education.

These organizations, along with many others, offer financial support during deployment or any time military families are facing financial challenges. Take advantage of these financial support programs. As long as you ask for and receive the help you need, you will not have to worry about slipping into debt.

Archana Sabesan

Archana Sabesan

Archana Sabesan is a junior at North Carolina State University. She is currently pursuing a major in Psychology, with a primary focus in Child Psychology, and a minor in Spanish. After graduating, she plans to attend graduate school to obtain her PsyD degree in Clinical Psychology. Her experiences at Stanford University and Duke University as an Undergraduate Research Assistant have helped her to develop an effective research regiment and build on her observation skills. She hopes to open a private practice of her own in the future.

Every summer, Archana works at Kumon, a math and reading workshop, tutoring children between the ages of three and 18 in these subjects. She used to be enrolled in this program herself, so this allows her to connect with the students and give them the one-on-one help that they need. Archana is also currently a member of NC State’s Psychology Club, Rotaract Club, and EKTAA (NC State’s premiere South Asian Student Organization).

Archana was born in India, and moved to North Carolina with her immediate family when she was 7 years old. She speaks mostly Tamil, the native language of South India, and English in her home. In addition, having taken Spanish classes since 6th grade, she can speak and understand it pretty well too. Archana enjoys spending time with her family and friends, watching movies, listening to music, and going to the gym. She also loves to travel, and hopes to travel the world one day and learn about all the different cultures!
Archana Sabesan