Military families face many of the same obstacles as those faced by all Americans. These families maneuver in a different atmosphere and have unique financial options and considerations that may affect there approach to overall fiscal planning. National Guard and Reserve members face a different set of obstacles as there families must be prepared for the inevitability to report to active duty.

Whatever group they fall into service members need to look into both military programs and the private financial options available to them when addressing saving opportunities. They need to create a comprehensive strategy that encompasses both short and long term approaches. These should include traditional savings account held in banks and credit unions as well as higher risk investments for the longer term like stocks, mutual funds and bonds.

They should take advantage of what the military offers them in the way of saving vehicles. This will include the militaries Thrift Savings Plan (TSP) which offers similar saving and tax benefits as 401(k) plans provided by private companies. Military members also have access to reasonably priced life insurance. Active duty personnel are automatically issued a $250,000 life insurance policy through the Servicemembers Group Life Insurance Program (SGLI).

National Guard and Reserve personnel need to be more informed as they need to know about not only their military benefits, but also those offered to them in the private sector, and where the gaps are. It is recommended that they save for an emergency fund that provides them with 3 to 6 months of monies that will cover any gaps between military and civilian pay. These members must also comprehend the differences in healthcare coverage provided by the military and any private insurance they may carry. Go to http://www.esgr.org for assistance in understanding your options and what employers must supply.

There is a critical need for personal financial management in all circumstances. Our current environment brings a new focus to families with members in the armed forces and there overall financial needs.

Other military benefits include improved terms on VA loans, bad credit loans, and protections against military payday loans and payday lenders.

Remember the last time you moved? There is a reason for the old saying; you find out who your true friends are on moving day. Well, how would you like to be relocated every two to four years, that doesn’t sound like much fun? This is exactly what happens with our United States military families. Relocation is never easy yet these families have a permanent change of station (PCS) much more often the average family.

Servicemembers know that their next move is never too far off in their future, so if they want to soften the blow they need to be equipped. One of the best ways of being prepared is to set up a personal moving fund designed to save money that will be needed during the move and the adjustment period in the new location. A proper moving fund should contain enough money to cover up to three months of living expenses.

You may also want to consider getting pre-approved for a military loan prior to the PCS so you can tap into the funds as needed.

When setting up your move fund you should consider the following.

The cost of housing. On base housing may not be available when you get to your new locale, so you may need to make other arrangements. While you will receive a housing allowance, it will usually only cover up to 89% of the cost of off base housing, you will need to make up the difference.

Relocating possessions. The military will provide assistance and information on items that will be moved for you, as well as weight limit based on destination, rank and number of dependants. This information should be reviewed carefully so the servicemember may calculate the amount they will have to pay. Even after receiving their Dislocation Allowance (DLA) military personnel will be responsible for remaining expenses.

Financial impact on dependants. Relocation will affect dependents, the spouse may need to change employers, and children will go to new schools and doctors. The spouse may be able to depend on unemployment benefits, but there is no guarantee they will be available as laws vary from state to state. The children may require immunizations, physical exams, or tutoring to ensure their success in their new environments.

Miscellaneous expenses. Every good contingency plan needs to add in a fudge factor. You should budget for the common and the unforeseeable. Items like relocation of pets, shipping costs, license fees, insurance, registration of vehicles, and emergency medical expenses.

Total up the cost of all the items listed above and you will know the cost of a proper moving fund. Now divide this number by 30, this is the average time between moves for military personnel. You now have a budget for saving for this important fund that will reduce the stress during your next military move.