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Financial Tips for Military Families

Financial Tips for Military Families

Financial Tips for Military Families

Zoe Team and Shaun Carney, CFP® (Zoe Network Advisor)

4 min read

A financial advisor reviewing a plan with two clients at a table

Key Takeaways

Key Takeaways

  • Military families can optimize wealth by leveraging specialized benefits like the Thrift Savings Plan and VA loans.

  • Automating savings and budgeting helps manage irregular income, essential for navigating frequent moves and deployment cycles.

  • Strategic use of tax-advantaged accounts and avoiding high-interest debt are critical for long-term financial security.

Frequently Asked Questions

Frequently Asked Questions

How can military families better manage their savings?

Prioritize setting up an emergency fund, automate contributions to the Thrift Savings Plan (TSP), and utilize military-specific discounts to lower monthly living expenses.

Are there specific loans for military members?

Yes, VA loans offer significant benefits like low or no down payments and competitive interest rates, which can help military families purchase homes more affordably.

What is the best way to handle debt as a military family?

Focus on paying off high-interest consumer debt first and ensure you understand the protections offered by the Servicemembers Civil Relief Act (SCRA) for interest rate caps.

Military families can save their money and grow their wealth without breaking the bank with these 5 smart money-saving tips.

As a former active-duty officer in the Air Force and current reservist, I understand the unique challenges military families routinely experience. Military families face deployments, training, and temporary-duty assignments. Add to that constant moving, endless changes to pay, and even maintaining a dual income household. In order to gain financial independence, military members deserve a baseline of tips and a bounty of little-known financial strategies.

1. Establish an Emergency Fund

The very first step on the road to financial wellness is establishing an emergency fund. For military families, the power of having funds set aside for the many changes in life is a priority. Having an emergency fund provides the freedom to take on the many changes that military families will encounter.

The basement flood, leaking roof, or car accident always seem to happen during the most inopportune time. The emergency fund helps families overcome financially stressful times. Utilizing a savings account and a low-risk invested brokerage account are key to peace-of-mind. An example of the emergency fund would be approximately 6 – 9 months of monthly expenses in a safe, but liquid investment portfolio.

2. Find Unique Saving Opportunities

Military families have access to plenty of unique opportunities to save. The Thrift Savings Plan (TSP), for example, allows both traditional and Roth contributions – knowing which one is best for your family can help you save a lot in the long term. Additionally, with the new Blended Retirement System, there are opportunities for matching and non-elective contributions.

The Post-9/11 GI Bill provides up to 36 months of in-state tuition for veterans or a family member, if planned correctly. A financial advisor can be hugely beneficial in supporting Low-cost group term life-insurance through Service Member Group Life Insurance protects families while avoiding high-cost permanent life insurance policies. The Savings Deposit Program allows deployed service members to save up to $10,000 while earning 10% interest.

3. How Military Members Can Minimize Debt

Military members are trustworthy, hardworking, and most importantly, their pay is guaranteed by the government. That means that the odds you’ll get a loan while still in the service is quite high. But often, what many people do with this unique ability to get in debt is buy a flashy car! Do not handicap yourself with high monthly car payments. Instead, establish a budget and stick to it.

Pay yourself first. Meaning, save 10-20% of your take home pay before paying for bills and entertainment. Finally, remember it’s never too late to get out of a hole. If you’re currently in debt, develop a plan and stick to it. It is no different than accomplishing a mission.

4. Buying a Home

Did you know that home ownership is lower among active-duty service-members compared to civilian peers?

Home ownership decisions have lasting effects for better or for worse. The unpredictability of moving as a member of the military makes it challenging to make sound home buying decisions. Home ownership is lower among active-duty service-members compared to civilian peers. Building home equity can have a large impact on a family’s net worth and their ability to borrow funds at a lower rate.

The VA loan provides a unique opportunity to own a home with limited to no down payment. Understand the risks associated with being a landlord from a previous duty station. Is your emergency fund sufficient to handle this extra risk?

5. Preparing For Life After Service

Whether the next step is retirement or a transition, not taking the proper steps early can have a tremendous impact on the next phase of the military member’s life. Military families that rely solely on the pension are drastically behind civilian peers which will limit opportunities after serving.

These steps provide the initial steps for military members to earn financial independence. As always, it is recommended to meet with a CERTIFIED FINANCIAL PLANNER™ in order to customize a plan for military families.

Military Families: Steps For Financial Success

For military families, developing a financial plan that is right for them can make a big difference in achieving long term financial security. Just like a mission, think about your objective and be prepared for the unexpected. Here are our top 5 tips for financial planning for military families.

  • Save 10-20% of your take home pay

  • Fully fund a 6 to 9 month emergency fund

  • Take advantage of matching opportunities with TSP or other similar programs

  • Max out your IRA or Roth IRA

  • Place any extra savings into a brokerage account

Military families can save their money and grow their wealth without breaking the bank with these 5 smart money-saving tips.

As a former active-duty officer in the Air Force and current reservist, I understand the unique challenges military families routinely experience. Military families face deployments, training, and temporary-duty assignments. Add to that constant moving, endless changes to pay, and even maintaining a dual income household. In order to gain financial independence, military members deserve a baseline of tips and a bounty of little-known financial strategies.

1. Establish an Emergency Fund

The very first step on the road to financial wellness is establishing an emergency fund. For military families, the power of having funds set aside for the many changes in life is a priority. Having an emergency fund provides the freedom to take on the many changes that military families will encounter.

The basement flood, leaking roof, or car accident always seem to happen during the most inopportune time. The emergency fund helps families overcome financially stressful times. Utilizing a savings account and a low-risk invested brokerage account are key to peace-of-mind. An example of the emergency fund would be approximately 6 – 9 months of monthly expenses in a safe, but liquid investment portfolio.

2. Find Unique Saving Opportunities

Military families have access to plenty of unique opportunities to save. The Thrift Savings Plan (TSP), for example, allows both traditional and Roth contributions – knowing which one is best for your family can help you save a lot in the long term. Additionally, with the new Blended Retirement System, there are opportunities for matching and non-elective contributions.

The Post-9/11 GI Bill provides up to 36 months of in-state tuition for veterans or a family member, if planned correctly. A financial advisor can be hugely beneficial in supporting Low-cost group term life-insurance through Service Member Group Life Insurance protects families while avoiding high-cost permanent life insurance policies. The Savings Deposit Program allows deployed service members to save up to $10,000 while earning 10% interest.

3. How Military Members Can Minimize Debt

Military members are trustworthy, hardworking, and most importantly, their pay is guaranteed by the government. That means that the odds you’ll get a loan while still in the service is quite high. But often, what many people do with this unique ability to get in debt is buy a flashy car! Do not handicap yourself with high monthly car payments. Instead, establish a budget and stick to it.

Pay yourself first. Meaning, save 10-20% of your take home pay before paying for bills and entertainment. Finally, remember it’s never too late to get out of a hole. If you’re currently in debt, develop a plan and stick to it. It is no different than accomplishing a mission.

4. Buying a Home

Did you know that home ownership is lower among active-duty service-members compared to civilian peers?

Home ownership decisions have lasting effects for better or for worse. The unpredictability of moving as a member of the military makes it challenging to make sound home buying decisions. Home ownership is lower among active-duty service-members compared to civilian peers. Building home equity can have a large impact on a family’s net worth and their ability to borrow funds at a lower rate.

The VA loan provides a unique opportunity to own a home with limited to no down payment. Understand the risks associated with being a landlord from a previous duty station. Is your emergency fund sufficient to handle this extra risk?

5. Preparing For Life After Service

Whether the next step is retirement or a transition, not taking the proper steps early can have a tremendous impact on the next phase of the military member’s life. Military families that rely solely on the pension are drastically behind civilian peers which will limit opportunities after serving.

These steps provide the initial steps for military members to earn financial independence. As always, it is recommended to meet with a CERTIFIED FINANCIAL PLANNER™ in order to customize a plan for military families.

Military Families: Steps For Financial Success

For military families, developing a financial plan that is right for them can make a big difference in achieving long term financial security. Just like a mission, think about your objective and be prepared for the unexpected. Here are our top 5 tips for financial planning for military families.

  • Save 10-20% of your take home pay

  • Fully fund a 6 to 9 month emergency fund

  • Take advantage of matching opportunities with TSP or other similar programs

  • Max out your IRA or Roth IRA

  • Place any extra savings into a brokerage account

Disclosures: Zoe Financial, Inc. ("Zoe Financial") is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Zoe Financial provides investment advisory services and access to independent registered investment advisers through its platform. The information provided by Zoe Financial is for educational and informational purposes only and should not be construed as personalized investment advice or as an offer to buy or sell any security. All investments involve risk, including possible loss of principal. Past performance is not indicative of future results. Clients should consult with their own financial, tax, or legal professionals before making any investment decisions. The material presented by Zoe Financial is for informational purposes only and is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product. Material presented has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Past performance is no guarantee of future results. Zoe Financial does not provide legal or tax advice, and nothing contained in these materials should be taken as legal or tax advice. SEC Registration does not constitute an endorsement of Zoe Financial by the SEC nor does it indicate that Zoe Financial has attained a particular level of skill or ability. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. Lower expenses do not guarantee better investment performance. Certain information contained herein may constitute forward-looking statements. Due to various risks and uncertainties, actual events, results or the performance of a fund may differ materially from those reflected or contemplated in such forward-looking statements.

Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.


Investment advisory services are provided by Zoe Financial, Inc. (Zoe Financial), an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Learn more about Zoe Financial on the SEC’s Investment Adviser Public Disclosure website. Brokerage services are provided by Zoe Securities LLC and Apex Clearing Corporation, members of the Financial Industry Regulatory Authority Inc. (FINRA) and Securities Investor Protection Corporation (SIPC). Learn more about Zoe Securities and Apex on FINRA’s BrokerCheck website.

The information in the visuals above is for illustrative purposes only and does not represent an actual user's account, balance, or return. Zoe Financial does not provide tax or legal advice.

Explore the Zoe Wealth Platform with AI

Some of this content may have been generated with the assistance of AI. Please review and sense-check all outputs, as AI tools can occasionally produce incomplete or inaccurate information.
In certain situations, you may be required to disclose that the content was “generated by AI.” Please confirm any specific disclosure or labelling requirements with Compliance.

(646) 680-9244

support@zoefin.com

666 Third Ave, 6th Floor
New York, NY, 10017

Copyright © 2026 Zoe Financial, Inc. | All rights reserved

Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.


Investment advisory services are provided by Zoe Financial, Inc. (Zoe Financial), an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Learn more about Zoe Financial on the SEC’s Investment Adviser Public Disclosure website. Brokerage services are provided by Zoe Securities LLC and Apex Clearing Corporation, members of the Financial Industry Regulatory Authority Inc. (FINRA) and Securities Investor Protection Corporation (SIPC). Learn more about Zoe Securities and Apex on FINRA’s BrokerCheck website.

The information in the visuals above is for illustrative purposes only and does not represent an actual user's account, balance, or return. Zoe Financial does not provide tax or legal advice.

Explore the Zoe Wealth Platform with AI

Some of this content may have been generated with the assistance of AI. Please review and sense-check all outputs, as AI tools can occasionally produce incomplete or inaccurate information.
In certain situations, you may be required to disclose that the content was “generated by AI.” Please confirm any specific disclosure or labelling requirements with Compliance.

(646) 680-9244

support@zoefin.com

666 Third Ave, 6th Floor
New York, NY, 10017

Copyright © 2026 Zoe Financial, Inc. | All rights reserved

Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.


Investment advisory services are provided by Zoe Financial, Inc. (Zoe Financial), an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Learn more about Zoe Financial on the SEC’s Investment Adviser Public Disclosure website. Brokerage services are provided by Zoe Securities LLC and Apex Clearing Corporation, members of the Financial Industry Regulatory Authority Inc. (FINRA) and Securities Investor Protection Corporation (SIPC). Learn more about Zoe Securities and Apex on FINRA’s BrokerCheck website.

The information in the visuals above is for illustrative purposes only and does not represent an actual user's account, balance, or return. Zoe Financial does not provide tax or legal advice.

Explore the Zoe Wealth Platform with AI

Some of this content may have been generated with the assistance of AI. Please review and sense-check all outputs, as AI tools can occasionally produce incomplete or inaccurate information.
In certain situations, you may be required to disclose that the content was “generated by AI.” Please confirm any specific disclosure or labelling requirements with Compliance.

(646) 680-9244

support@zoefin.com

666 Third Ave, 6th Floor
New York, NY, 10017

Copyright © 2025 Zoe Financial, Inc. | All rights reserved