Military Spouse: Any financial tips you can share with our readers?
Nemeth: Don’t be afraid of money! Know what your family’s financial picture looks like! I often hear “My spouse handles the finances, I’m not sure.” That’s great that partners are willing to shoulder the responsibility of the house by themselves, but that’s not necessarily supporting a stable financial family picture.
What if that family member was unavailable? I have met people who have no idea what their spouse had in the bank or even where their bank accounts are. It’s tragic to witness a spouse, who can’t access her husband’s bank account where the family money is located because neither spouse created a financial back up plan, i.e. making each person a joint account holder or completing other necessary documents. Talk to each other about the family budget. Ask questions about how the bills are paid, when are they paid, who is paid. In the absence of one partner, would you be ready to shoulder the family financial plan?
It’s also important not to hoard money at home. It can be stolen, destroyed, forgotten, or lost. Place your funds in a secure location of your choosing. However, I wouldn’t recommend placing them at home.
Linda Nemeth is an Air Force spouse living in Texas. She’s has a decade of experience in the banking industry as well as a front row seat into military life. She is a Key Spouse supporting hundreds of spouses at Goodfellow AFB. She’s been through three PCS’s, three deployments and 18 TDY’s. Outside of having a Masters of Business Administration and a fistful of awards, she is currently working for Wells Fargo as a personal banker.
Any information contained in her advice is from personal experience, not from professional associations or education. She recommends consulting your accountant or tax advisor for advice and information concerning particular tax situations.
This article has been modified to meet updated editorial standards at Military Spouse, which may include the augmentation of material that reflects the expertise and experiences of our staff.
