FORT KNOX, Ky. — Marriage and finances can be complex, especially for military families. Below are common financial pitfalls couples make and practical solutions.
Lack of open communication about money
A key challenge in military marriages is failing to communicate about finances, often leading to misunderstandings and stress.
Why it matters: Financial stress can put a significant strain on a marriage, particularly when partners aren’t aligned on money matters. Poor communication can escalate minor issues into significant conflicts, creating unnecessary tension.
How to avoid it:
Be transparent about any financial concerns, including major purchases, debt and savings goals, to avoid misunderstandings.
Set aside time each month for a financial ‘check-in to ensure you’re both on track
and address any concerns early. Regular, transparent communication fosters teamwork and mutual support.
If needed, consult a third party for guidance. Reach out to Financial Readiness at ACS for expert tips and resources.
Plan for deployments and PCS moves
Deployments and Permanent Change of Station (PCS) moves bring unexpected financial challenges. Many couples fail to plan for these events, leading to stress from unforeseen expenses.
Why it matters: These transitions often involve hidden costs, such as moving, temporary housing, family needs, and varying adjustments in the cost of living. Deployments bring unique spending challenges and may require a separate spending plan. Planning helps minimize the financial impact.
How to avoid it:
Anticipate moving expenses by understanding what the military covers and what will be your responsibility.
Set up a dedicated savings fund for additional costs such as childcare, transportation, travel, fees, and deposits.
Review all automatic bill payments to ensure financial obligations continue are met during the transition.
Update your address with creditors, driver’s licenses and voter registration. Keep in mind, a change of address with the Post Office only updates your mailing address, ($1.10 identity verification fee).
Failing to establish a joint financial plan
In military marriages, it’s common for one spouse to take the lead in managing finances. However, this can create challenges if the primary financial manager is deployed, or an unexpected crisis arises.
Why it matters: When one partner handles the household finances, the other may struggle to take control in the event of an emergency or financial hardship. The lack of shared responsibility can lead to tension and confusion and tension when quick decisions are needed.
How to avoid it:
Develop a financial plan that outlines both short-term and long-term goals, with a budget and debt repayment strategy.
Both spouses should be involved in the financial decision-making process, even if one primarily manages the finances.
Keep essential documents, such as bank account information, insurance policies, and passwords in a secure but mutually accessible location.
Even if finances are separate, maintain open communication to ensure financial stability in the household.
Overlooking estate planning
Military families face unique risks that require careful and proactive planning.
Why it matters: Without proper estate planning, service members risk leaving their families unprotected in the case of injury or death.
How to avoid it:
Understand your Servicemembers Group Life Insurance (SGLI), Family Servicemembers Group Life Insurance (FSGLI) and Servicemembers Group Life Insurance Traumatic Injury Protection (TSGLI) benefits.
Create and regularly update your will, particularly after significant life events such as the birth of children, marriage, divorce or catastrophic illness.
Ignoring financial counseling resources
Many individuals hesitate to seek out financial counseling due to concerns about their privacy or reluctance to receive advice on how to manage their finances. However, consulting with a financial expert can be transformative, especially when navigating challenges or setting a budget.
Why it matters: Financial counseling provides valuable insights into your financial situation, helps identify potential pitfalls, and presents options you may not be aware of. It offers clarity and guidance, improving overall all financial decision-making.
How to avoid it:
Take advantage of free financial workshops available through ACS Financial Readiness.
Reach out to Financial Readiness at ACS for individual and confident assistance in budgeting, debt management and retirement planning.
Marriage and finances can be a complex combination, especially for couples navigating the unique challenges of military life. By avoiding common pitfalls, such as lack of communication, failing to plan for moves and deployments, and neglecting estate planning, military families can establish a strong financial foundation that ensures long-term stability. Stay proactive through open discussion and utilize available resources for financial planning. This will lay the foundation for success, regardless of where your military journey takes you.
For additional resources and training, visit https://www.financialfrontline.org/, or call 502-624-5883 to make an appointment.

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Editor’s Note: This is the second in a series provided by ACS Financial Readiness. Readers can find the first article at https://www.army.mil/article/284445/making_ense_of_money_april_step_by_step_guide_to_military_financial_stability.
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