Guest Post: 3 Ways Military Families Can Cope With Tough Financial Times

Today’s contribution is from freelance writer Sally, who hails from an online life insurance company. Her concern for her parents, who are aging, have sent her on a mission to help alleviate some financial stress, especially among seniors. While this blog concentrates on not having financial stress, and the younger crowd, here are a few reminders on coping with tough times. 

It is incredibly common for members of our military and their families to struggle financially. In fact, 77% of those who serve have financial concerns. The causes of these concerns stem from factors such as debt, pay cuts, low pay, and a lack of financial education for military members. Problems with money can lead to relationship issues, symptoms of stress, and the eventual loss of property.

Thankfully, there are special resources available to help service members who are facing financial problems. If you or someone you know is struggling to make ends meet, take a look at three ways to get through some tough financial times.

Military discounts

Some of the most worrying and stressful financial concerns can become a reality for anyone at any time. In times of financial difficulty, it is important to make the most out of every discount available. For military members and their families, many retail, food and beverage establishments, and other organizations offer special military discounts. Become familiar with the discounts available in your area and use the ones that will help you save most on everyday expenses. 

Financial assistance and special programs

There are numerous programs across the country that offer assistance to military members and their families during times of need. If you and your family are facing an especially challenging time, review the available programs and assistance available in your area. From food assistance, to financial counseling, to home and auto repairs, there are organizations that have been established to help bring members of the military through tough financial times.

Lean on your savings account

While this won’t be an option for everyone, it is a necessary move for those who do have this option. To avoid further debt and financial hardship, begin using any bonuses or extra funds that you have saved. It may be tempting to hang on to these funds for future purchases. However, if you are finding it challenging to pay the bills or pay cash for expenses (rather than using a credit card), it is time to cover those expenses with whatever funds you have saved.

Staying positive during tough financial times

What is most important during times of financial hardship is to stay positive and keep moving forward. Tough financial times do not have to be permanent, and can be overcome by using strategies such as the ones listed above. With a bit of persistence and dedication, military members and their families can carve a path to financial peace and freedom.

 

Thanks Sally! find out more about her work at https://www.bestliferates.org/seniors/most-stressful-financial-concerns/

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