085 Financial Excellence: Money & Military – A Tribute to our Troops

Living In Financial Excellence

08 Nov 085 Financial Excellence: Money & Military – A Tribute to our Troops

Financial Podcast for budgeting, debt free living and investing

Episode 85: Money & Military: Financial Advice for our Service Members, Nov. 8, 2011.

Our military members face some significant challenges today, both on and off the battlefield. Finances are one of those challenges. Today Matt talks about the financial challenges faced by our military men and women and offers some tips for them to avoid financial problems while serving our country.

Don’t forget: Living In Financial Excellence airs LIVE every Tuesday at 10 a.m. CST. You can watch live and join the chat at financialexcellence.net/live-show

Show notes:

Matt & Janelle Recording the Financial Excellence Podcast

  • It’s critical for military members to have a written spending plan every month and to plan farther ahead for upcoming travel, training, deployments, and more.
  • When deployed or on temporary duty (TDY) it’s easy to get lost in the extra pay allowances you get. Make sure you live off your base pay and have a plan for the extra income so it doesn’t get spent before it hits your account. That will help you reach other financial goals quicker.
  • Trying to take care of Power of Attorney (POA) at the last minute is a pain. Taking care of it ahead of time saves you a lot of hassle and lets you spend more time with the family in the last few days before you leave.
  • Make sure any life insurance policies you have don’t have a “war clause” in them. This prevents your beneficiaries from being paid if you die at war.
  • COMMUNICATION is of utmost importance in a military marriage. Without both spouses being on the same page before the military member leaves for deployments or training, how can the one left behind properly manage the finances without adding conflict to the relationship? Couples absolutely have to make sure the spouse at home not only has the authority to manage the finances but knows HOW to manage the finances.
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  • Carnival of Financial Planning – Veterans Day Edition #210 – November 11, 2011
    Posted at 06:27h, 11 November

    […] Christmas decorations, cheap stocking stuffers, and frugal Christmas gifts.”Matt presents 085 Financial Excellence: Money & Military ? A Tribute to our Troops posted at Living In Financial Excellence, saying, “Today Matt talks about the financial […]

  • Jon - Free Money Wisdom
    Posted at 17:34h, 13 November

    Sounds like an interesting talk show! I am going to have take a listen to it. Great post!

    • Matt Wegner
      Posted at 22:12h, 13 November

      Thanks Jon!

  • Ann
    Posted at 15:05h, 17 November

    Hi Matt,
    Excellent show. I was a military brat and things have to be kept up-to-date and budgeting is a real issue. I can remember things were pretty tight during schools or deployment and it was like the land of milk and honey the rest of the time. We did have a lot of perks too. The PX, our own theater (with surprising current movies) and lots of GIs running around with varying and different hobbies all willing to teach us their crafts. It was a good life and I hope that it still is for our Armed Forces. Thanks for sharing.

    • Matt Wegner
      Posted at 12:19h, 19 November

      Thanks Ann! I actually don’t remember much of my days as an Army brat but I made up for it when I joined the Army. Quite an experience for sure.

  • Carnival of Financial Planning – Veterans Day Edition #210 – November 11, 2011 | My Blog
    Posted at 18:34h, 21 November

    […] presents 085 Financial Excellence: Money Military ? A Tribute to a Troops posted during Living In Financial Excellence, saying, “Today Matt talks about a financial hurdles […]

  • Cha @ Log Homes for Sale
    Posted at 08:04h, 29 November

    Bottom line is spending within your means. Knowing how to manage your finances will help you save more money for the future. Although this may be hard, have a journal and list all your expenses every day, if possible, so you’ll be able to control your money prudently.

    • Matt Wegner
      Posted at 09:04h, 04 December

      That’s good advice for military and non-military families alike. I’ve never had much success with keeping an expense journal though.