Few people understand the financial hardships members of the military community better than those who have navigated the challenges themselves. In an effort to equip them with the tools necessary to help others overcome these common obstacles, the FINRA Investor Education Foundation recently awarded 50 spouses with fellowships to become accredited financial counselors, Military Times reported.

The initiative, known as the Military Spouse Fellowship program, has awarded fellowships to more than 1,250 people around the world in its seven years. Through the classes, program participants can go on to work at family readiness and support centers, credit counseling and tax centers and  financial aid offices. 

"We already have a number of spouses from previous classes doing this work,"George Smaragdis, a spokesman for the FINRA Investor Education Foundation, told the news source. 

In addition to helping military families with issues such as financial planning and other hardships, the program also is vital because it can assist military spouses as they try to find jobs, something which can be very difficult for someone who has to move fairly regularly. According to a recent study from Blue Star Families, unemployment among military spouses is between three and four times higher than the civilian population. 

Between frequent moves and the stress of having a loved one in harms way, military spouses face many challenges the civilian population does not encounter. This includes difficulty finding steady employment, largely due to the fact that employers are less likely to hire someone they know has to move within one or two years time. However, a recently launched handbag company, R. Riverter, has helped many military spouses find jobs when other places may have said no, Dayton Daily News reports.

R. Riverter was founded in 2011 by two military wives who understood the challenges facing those who have loved ones in the Armed Forces. In just two years, the brand has grown considerably and it offers military spouses the chance to work from home – wherever in the country that may be. Carly Davisson is among the 15 military spouses employed by the company and has flourished in her seven months on the job.

"It's been an amazing experience," Davisson told the newspaper. "It does not feel like work. It's like a hobby."

Unemployment among military spouses is considerably higher than that of the civilian population. This is due in large part to the fact that many of them have jobs which require licenses, but not all states allow spouses to transfer them from place to place. 

Last week the Pentagon announced it would provide same-sex couples up to 10 days leave so they could travel to get married if they reside in a state where gay marriage is not yet legal. The decision was met with applause by many gay rights advocates, but now some conservative groups are coming out against the move, Stars and Stripes reports.

Some of the most significant criticisms have come from the Family Research Council, which says the additional days of leave discriminate against heterosexual couples who do not get the same benefits. However, Department of Defense officials dismiss those claims, saying that the 10 days leave will bring same-sex couples to equal footing with their heterosexual counterparts.

"[The uncharged leave] will provide accelerated access to the full range of benefits offered to married military couples throughout the department and help level the playing field between opposite-sex and same-sex couples seeking to be married," Pentagon spokesperson Lt. Cmdr. Nate Christensen told the news source.

The renewed debate comes after the DOD announced it would also open up all benefits available to heterosexual couples to same-sex married couples. This includes housing, health care and separation pay. 

When the Supreme Court struck down the Defense of Marriage Act earlier this year, it marked a big step forward for same-sex couples in the military. Previously, even if they were legally married, the law prevented the Pentagon from providing them with the same benefits as heterosexual couples. However, the Department of Defense recently announced it will extend benefits to gay and lesbian couples while also giving them leave to travel to states where gay marriage is legal, Military.com reports.

This new policy, known as "marriage leave," is effective immediately but can only be used once during a servicemembers career. Additionally, it won't count toward the 30 days each year already afforded to them. Secretary of Defense Chuck Hagel said that the move was necessary because there are still 37 states that do not perform same-sex marriage, and it's important for the Pentagon to recognize every member of the Armed Forces equally.

"This will provide accelerated access to the full range of benefits offered to military married couples throughout the department, and help level the playing field between opposite sex and same-sex couples seeking to be married," he wrote in a memo to service secretaries.

Among the benefits that will open up to same-sex couples are housing allowances and health care coverage. According to the Los Angeles Times, it gives them the chance to qualify for extra compensation if their spouse is deployed. 

It's no secret the Department of Defense has some difficult financial decisions to make. In addition to determining whether to reduce pay raises, slash benefits and drop troop sizes, Pentagon officials are also grappling with whether they should make cutbacks to Basic Allowance for Housing. Known as BAH, the allowance helps military families cover off-base expenses, but any changes could dramatically change how they address financial planning, Military Times reports.

Reducing BAH would help the Pentagon address across-the-board budget cuts from sequestration. It would also be a considerable change to a policy implemented in the middle of the 2000s that provided nearly 100 percent of the costs for things like off-base rentals. The cuts may not have to be that substantial to make a significant difference. Analysts estimate that even if troops covered between 5 and 10 percent of such expenses it could result in as much as $20 billion in savings over the next 10 years.

"There can be reductions in rates," Deputy Defense Secretary Ash Carter told the publication.. "We can look at the rates of growth and try to find ways of slowing growth. We can look at inequalities in the system depending on where you live."

The potential for BAH cuts is just one of the latest concerns military officials have voiced surrounding sequestration. Late last month, Secretary of Defense said it will have an impact on readiness, The Huffington Post notes. 

As the Department of Defense looks to save money, reducing health care costs is near the top of the list. Conditions caused by obesity and tobacco use are responsible for about $3 billion in annual Pentagon health care costs, and the DOD recently teamed up with the NBA in an effort to help improve health and well-being at bases around the country, according to The Associated Press.

The program, NBA Cares Hoops for Troops Healthy Military Base Tour, launched last week at Fort Sill and is a joint venture between the league's new Hoops for Troops campaign and the Pentagon's Healthy Base Initiative. Each event will feature visits from players and clinics with an emphasis on well-being. DOD officials say that not only will the program cut health care costs but also improve the force's capabilities.

"Staying healthy is a readiness issue," Rosemary Williams, the deputy assistant secretary of defense for military community and family policy, told the AP. "Our service members must be physically prepared to deploy in a moment's notice anywhere around the world to often austere and demanding conditions."

The NBA isn't the only professional sports league to team up with the Armed Forces. Earlier this summer, Major League Baseball joined forces with United Service Organizations to give military families access to the T-Mobile All-Star FanFest at Citi Field in New York. 

While there has been a heavy emphasis placed on bringing down the unemployment rate among post-9/11 veterans, less attention has been paid to the employment of military spouses, who often have trouble finding jobs due to frequent moves. However, over the last several months, private companies have made substantial progress in hiring military spouses, hitting the goal of 50,000 hires well ahead of the 2015 deadline.

The announcement was made at a recent meeting of the Department of Defense Military Family Readiness Council and marks a success for a program that launched in 2011. Jessica Wright, acting under secretary of defense for personnel and readiness, told those in attendance that the 180 employers who are part of a partnership with the Pentagon have hired 28,000 spouses since November to reach the 50,000 mark. In addition to help from the private sector, Wright praised first lady Michelle Obama and second lady Dr. Jill Biden for their efforts with the Joining Forces initiative.

"This is very important," Wright told the audience. "Without their advocacy role, we would not have been as successful."

While the program met its goals two years early, the employment climate for military spouses could improve even further. According to Army Times, there are more than 124,500 jobs listed on the Military Spouse Employment Partnership website. 

Children who have a loved one serving in the military face many stressors other youngsters don't. This becomes an even greater issue if their parent is killed, injured or disabled while serving overseas. In an effort to help military children cope with such challenges, Camp Corral, which operates in several states throughout the country, provides them with the chance to spend time with other youngsters facing the same obstacles, the Ocala Star Banner reports.

One of the camps is held in Florida's Ocala National Forest and gives campers the opportunity to focus on fun for several days. This summer, well over 100 campers have come to Ocala from across the Southeast, and resident director Sarah Whitfield hopes the camp can ease the stress, even if it is just for several days. 

"Hopefully, they will take with them some happy memories that can help them deal with their not so good memories," Whitfield told the newspaper.

Since it first opened its doors in 2011, Camp Corral has expanded to 18 different location in 14 states. It is certainly a necessary service, especially in light of a recent survey highlighting the challenges faced by military children. The study, released by the nonprofit Child Trends, found that children who have parents on active duty face a greater risk of long-term mental strain than civilians. 

More than 12 years of war has certainly taken its toll on the military community, and a new report from the nonprofit group Child Trends reveals how significant an impact it has had on children of servicemembers. Researchers found the nearly 500,000 military kids experience significant mental and physical effects if one or both of their parents has been deployed.

The study revealed that children up to 6 years old are particularly susceptible to stress from having a parent deployed overseas. This risk is often inflated if their parent returns home with emotional wounds of their own. Experts say that young children often draw emotional cues from their parents, so if their mother or father is exhibiting combat-related stress, youngsters may also experience similar feelings.

"Young children in our military families face increased risks to their social, emotional and physical development," said Carol Emig, president of Child Trends.  "If we can successfully address these risks, we will improve outcomes for these children, learn lessons that can be applied to other families encountering similar difficulties, and strengthen our military."

There are several ways to address the emotional needs of young military children, experts say. Specifically, they call for an expansion of high-quality child care for military families living off bases. Currently, many of the Department of Defense-offered services are available primarily to those on base. 

Military families often face greater financial challenges than their civilian counterparts, and those issues may be compounded when they encounter unscrupulous lenders looking to take advantage of their situations. In an effort to make sure servicemembers and their loved ones were protected, Congress passed the Military Lending Act six years ago, and this year communities around the country are recognizing the issue on July 17 as they mark Military Consumer Protection Day. 

An on-going effort
While July 17 is designated as the specific day, organizers say it's part of a year-long campaign to raise awareness of the prevalence of con-artists and identity thieves. Young servicemembers are often prime targets for scammers because they may be unfamiliar with the ins and out of financial protection. Last year, the Federal Trade Commission says it received approximately 62,000 complaints from servicemembers ranging from identity theft and imposter scams to lottery and sweepstakes frauds. 

"Military Consumer Protection Day gives us an opportunity to focus on the servicemembers, veterans, and families who sacrifice so much for our country," said Jessica Rich, FTC's bureau of consumer protection director. "They are targets for fraud because they relocate frequently, and many are living on their own and earning a steady paycheck for the first time."

Efforts paying off
Previous programs put in place have managed to crack down considerably on the number of servicemembers who are victims of fraud. According to the Consumer Federation of America, the Military Lending Act helped reduce the number of payday loan outlets near Camp Pendleton by as much as 70 percent five years after the law was implemented. While there has certainly been progress in recent years, there is still work to be done.

Recession effects linger
The recession impacted almost everyone, including military families, and they're still feeling the impact. According to the National Military Family Association, there are several areas in particular that servicemembers and their loved ones are still dealing with. Specifically, finding a job when a spouse has to change stations is a big issue, as is selling the house they previously lived in. Underwater mortgages – a house with a purchase loan with a higher balance than its free-market value – are also weighing heavily on the financial health of military families.