There are many emotional challenges that come along with being part of a military family, but some of the greatest obstacles are financial in nature. This is especially true for soldiers who are deployed overseas. Managing money from afar can be difficult, but being proactive can make things run a bit more smoothly, according to U.S. World News and Report.
Financial experts suggest using companies that are familiar with the unique financial situation of troops and their families. Organizations such as AFBA's 5Star Bank offer personal online banking and credit card account management. There are also other services available through AFBA, such as term life insurance, that are well-suited for military families.
Bill payment and retirement contributions may not seem like much to civilian families, but to those in the Armed Forces they can be easy to overlook. Experts suggest automating both during deployment so troops have one less thing to keep track of.
"It's less for you and your spouse to have to worry about, and it gives you less opportunity to make financial mistakes," financial planner Jason Hull told the publication.
It's very common for military families to struggle with financial obstacles. According to a survey taken in 2010, approximately 27 percent of military families had $10,000 or more in credit card debt.