The COVID-19 pandemic sweeping the country and world is having a dramatic impact on how we live our lives and function within our communities. Many of us are affected by school and work closures and possibly even stay-at-home orders.

Military families may also face additional uncertainty with the Stop Movement order impacting future assignments and permanent change of station (PCS) timelines and the activation of some National Guard and Reserve units.

There are many facets of this situation that are beyond anyone’s control, but there are things you can do right now to protect your family. First and foremost, do whatever you can to protect the health of your family. Next, take these steps to help protect the health of your personal finances.

6 Steps to Protect Personal Finances

Step 1: Examine your expenses and cut as much as possible if your family is experiencing a decrease or loss of income. Service members are still getting paid, but military families accustomed to or dependent upon a second income must adjust quickly. Click here for tips to cut expenses.

Step 2: Update your budget. Create a budget now if you don’t have one. Use our resources, including Money Ready: Create a Budget, budget planning or spending plan worksheets,  Budgeting videos, and our Budgeting Basics blog to get started. Find a budgeting system that works for you, review it often, and stick with it.

Step 3: Guard your emergency fund. Use the money you’ve saved in your emergency fund only when absolutely necessary. Experts recommend having three to six months of living expenses saved in a liquid, readily available account, such as a savings or money market account. Replenish your emergency fund as soon as possible after you’re forced to dip into it.

Step 4: Monitor your money. Carefully manage your personal finances during this time. Online resources can be a great help. Review your accounts often and make sure you are staying within your budget guidelines.

Step 5: Know your resources. Stay informed with reliable information. Get vetted COVID-19-related information and resources at www.militaryonesource.mil/coronavirus.

Step 6: Seek help. Service relief societies are available to help if you need financial assistance during this time. Visit Military Relief Societies for more information.

Take control of what you can during this time of uncertainty. Follow these six steps to help protect the health of your family’s personal finances and fortify your financial readiness. For additional financial tips, visit: www.milspousemoneymission.org/covid-19-your-personal-finances/.

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.