Given the significant emotional stress endured by family members who have a loved one serving abroad, it can sometimes be easy for military families to overlook financial matters. In an effort to better equip military families with the tools to be financially sound, Citi and the non-profit CredAbility are teaming up to offer some advice.
The initiative was launched with help from the Iraq and Afghanistan Veterans of America and several other military groups. The program includes a number of different facets such as online classes about the financial burden of deployment, which offers tips on how to manage money while a spouse is away. Additionally, there are courses on budget and credit counseling, debt management and foreclosure prevention.
"Young veterans who served in Iraq or Afghanistan might want to create a plan to make regular deposits to an emergency savings account and pay down debt," said Mechel Glass, a Persian Gulf vet and vice president of community outreach for CredAbility. "And active duty service members might want to create a financial support plan for spouses and children during times of deployment or transfer, or in the event of a loss that leaves them financially vulnerable."
There is certainly a great need for financial services among military families. Statistics from Debt.org show 25 percent of families that carry credit card debt owe at least $10,000.