For military families, normal conflicts around money and marriage can quickly escalate into marital crises, exacerbated by the demands of a military lifestyle. Deployments often leave one spouse in charge of finances and childcare.
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When Money Can Wreck a Military Marriage

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For military families, normal conflicts around money and marriage can quickly escalate into marital crises, exacerbated by the demands of a military lifestyle.

Deployments often leave one spouse in charge of finances and childcare. Limited budgets are often strained by re-location, educating military children, and rising debt.

STRESS ON MILITARY FAMILY LIFE

According to Jennifer Wallis, Advisor at Consumer Credit Counseling Services, military service members face unique financial and emotional challenges that often put a burden on marriage and family life.

Whether the issues are deployment or multiple relocations, it can be hard for military families to stay within their budget.

According to Wallis, 27 percent of military service members report having more than $10,000 in debt, while only 16 percent of the general public face that much debt.

LACK OF FINANCIAL EXPERIENCE

It doesn't help that many military service members don't have experience handling complex personal finances and maintaining good credit scores - yet military financial demands require military service members to have depository accounts Department of Defense paychecks, and maintain their security clearances.

THE CHALLENGES OF DEPLOYMENT

Many military spouses face a shock when their military partners are deployed overseas - all the financial burden is placed on their shoulders. Everything from maintaining accounts and credit ratings, to paying multiple bills on time.

Managing finances while deployed requires a lot of marital communication during and before deployment, making sure that bills and account clearances can be transferred to the spouses name.

In fact, having a written money management plan can be the best financial management technique for every military family.

Be sure all accounts are in both names, the soldier and the spouse, and both have access to the information and the income needed to pay all the bills in a timely manner.

If you are in debt too large to manage or you need advice on savings, investments or retirement, or just need support to manage your monthly income and expenses, there is financial counseling and assistance available to you free of charge, on your military base. Ask your commander to point you to the services and personnel who are there to help you succeed at military money management.



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