Whether you’re a military family, civilian family, or even the royal family, having a second income is likely a good thing! Yet, it’s a well-known fact that the frequent moves of military life can make it difficult for military spouses to find employment opportunities and contribute to their family’s income.

But you don’t have to work and earn income to contribute to your family’s bottom line.

Whether you are currently earning an income or not, remember that you, as a military spouse, can help strengthen your family finances in many ways. Here are four.

1. The Household Budget

Many military spouses strengthen their family’s finances by simply maintaining their household budget, keeping expenses in check and finding ways to save money.

You’ve probably heard the saying, “Every little bit goes a long way.” Well, guess what? That’s most definitely true! Anything you can add to your family’s cash inflows can be beneficial in the long run. The key is continuous planning and making adjustments each time you are given orders to relocate.

Depending on where each permanent change of station (PCS) move takes you, sometimes you’ll be able to contribute more, other times it may be less. But either way, you will be contributing.

2. Retirement Plan

The second big way to contribute to your family’s finances is to ensure your retirement plans are on track.

Whether you decide to save into an individual retirement account (IRA) or your employer’s retirement plan — if one is available to you — every dollar matters in the long run. Your investments have the potential to compound over time. And if your employer offers matching retirement contributions, it’s wise to take full advantage. That’s free money! Real cash for your family’s future!

Even if you have to leave your job due to a PCS, most employers will allow you to rollover your contributions along with the vested portion of the matching contributions to your new employer plan or an IRA.

3. Life Insurance

A third way you can help is by purchasing adequate life insurance to protect your family in the event of your death.

Here’s the deal. You may be covered by Family Service Member’s Group Life Insurance (FSGLI) up to $100,000. This is definitely a good start. But you might need more when considering things like replacing your income, paying off debt, child care, or trying to accomplish other goals, such as, funding college for your children or purchasing a home.

If you need additional coverage, it might make sense for you to purchase a private policy rather than relying on employer-provided coverage since that typically ends when you leave your current employer.

4. Emergency Fund

Finally, a fourth way you can help your family is to boost your emergency fund.

Having a solid emergency fund is one of the most often preached pieces of financial gospel. Sadly, it rarely gets implemented, but your income can help achieve this goal.

Start by saving at least $1,000. Then up your game by setting a goal to save enough money to cover three to six months of your household’s average expenses. This will provide you a robust emergency fund according to financial experts.

As a military spouse, you have the power to improve and strengthen your family’s financial future. By maintaining a budget — and finding ways to save money — and contributing toward retirement, life insurance, and an emergency fund, you can bolster your family’s bottom line leading to financial peace.

For more information on how you can strengthen your family’s finances, visit, Military OneSource Resources.

Are you ready to join the mission?

MilSpouse Money Mission^® is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!

Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.