Service members face a host of pressures beyond the day-to-day issues of the average civilian consumer. Here are a few things many active duty military families are dealing with, along with a few tips and resources for tackling them.

From home life to work life, managing money when you or your spouse is in the military presents a unique set of challenges. Here’s a breakdown of what financial pressures military families say they’re dealing with, along with some tips to help keep your finances on track during and after your service.

Preparing for retirement

37% of military families say they are moderately or very insecure about their financial future and 51% of families say they don’t understand the military’s new blended retirement plans according to Blue Star Families.

Military benefit:

• The 2017 National Defense Authorization Act established a new Blended Retirement System specifically for service members who serve at least two years but who don’t qualify for full military retirement benefits.
   

Where to start:

• Consider a Thrift Savings Plan (TSP): The government matches 1 percent of your contributions into this before tax account for retirement. After two years of service, the government will match up to 5 percent.

Saving money

49% of military families say they have less than $5,000 in available savings according to Blue Star Families.

Military benefit:

• The good news is that the highest line items in American civilian budgets (certain housing expenses, food, etc.) are largely taken care of for you as a service member.

Where to start:

• Pay yourself first: Instead of treating your salary as disposable cash just because basic necessities are covered, for each paycheck you get, save the amount of money you would use for rent and food.
• Set up an automatic transfer to your savings account to help.
• Also consider opening a savings or checking account that has a higher yield interest rate than a traditional deposit account — such as a money market account — once you save enough to waive the monthly maintenance fees.

Moving and home buying

31% of active service members who moved in 2017 bought a home more than 500 miles from their previous home. Only 11% of non-military home buyers moved that far according to the National Association of Realtors

Military benefit:

• Moving can easily disrupt your life — thankfully, as a member of the military, the government will pay up front or reimburse you for many permanent change of station (PCS) moving costs. 
• The Veterans Administration offers home loans to service members who qualify with financing up to $453,100 — even if you have no money saved for a down payment. 
• The VA also offers services that can help with refinancing, reducing interest rates and housing for disabled service members or veterans.
   

Where to start:

• Weigh the pros and cons of renting and buying. Everyone’s situation is different, so you’ll need to look at the positives and negatives of each to determine the best living situation for you wherever you’re stationed.

Supporting your spouse’s career

28% of military spouses are unemployed and seeking work, 51% of military spouses earned $20K or less in 2016, and 39% earned less than $10K according to Blue Star Families.

Where to start:

• Supporting a spouse’s career can be difficult for anyone. We all have our own careers to work on (and worry over). According to one expert, you should remain flexible and open-minded about opportunities that come along. 
• If your post changes frequently, consider encouraging your spouse to explore careers that are geographically transferrable.

Managing finances during service

44% of active service members and veterans say financial pressure has been detrimental to their emotional and mental health according to the Military Family Advisory Network.

Military benefit:

• With a Department of Defense savings account an active service member can deposit $10,000 per deployment with an interest rate of 10 percent.

Where to start:

• When you’re deployed, you may also be making more money per month than your usual base pay — allowances for family separation, hazardous duty, hostile fire or imminent danger, sea duty and more can all add a few extra hundred dollars to your paycheck. Instead of spending that money, consider saving the amount over your normal pay each month and stick to your typical monthly budget.

Looking for some ways to give your financial life a jump start? Check out these 9 simple ways to save.