While your partner works hard for his military career, that doesn’t mean you are financially sound. In fact, many military families struggle financially, because military wages just aren’t high enough.
Although your partner risks his life to help others and calm conflicts, his salary is most probably relatively low. And with the added issue you of you being unable to find work due to how often you have to move, money can get incredibly tight. Living off one income isn’t easy, especially when you have kids to feed and clothe.
If funds are low and you are struggling to stay afloat, then you might be starting to panic about what you are going to do. Try not to panic, it might be scary having little money to work with, but there are plenty of options to consider.
1. Move to military housing
Instead of privately renting, look at moving into corporate apartments. Most military apartments are cheap to rent, come furnished and the contracts are flexible.
By moving to military housing, not only can you save money on the cost of your rent, but also on activities for the kids. You see, most military communities have different activities for kids each day, many of which are free of charge.
2. Budget shop
Swap to doing your grocery shopping at discount stores like Aldi and Lidl, and always make sure to have a budget for each shop.
Before going food shopping come up with an idea of a budget and aim to stick to it. As you go through the shop use your shopping list to get what you need and use a calculator to ensure, you stick to your budget.
3. Start a home business
The main reason that money is tight for most military families is because only one parent can work. But by starting your own home based business you can increase your income and help to get your finances more stable. Plus, starting a home business will give you something to keep you occupied while your partner is away.
If the idea of starting a home business appeals to you, but you are a little stuck for ideas, that’s okay. From starting a childminding business to launching a blog, there are loads of ways you can make money.
4. Seek help
Instead of trying to go it alone, seek help from a financial advisor. You may think that this is an additional cost that you don’t need, but getting financial advice can be a godsend for your finances.
A financial advisor will look at your finances and will be able to tell you where you are going wrong, and how you can change what you are doing. Once you know where you are overspending, it’s much easier to get on top of it and get organized.
When you are strapped for cash, it can be hard knowing how to deal with it, but by following these tips you can get your bank account back on track. Just make sure to stay calm, seek help and think through your options carefully.