Improving financial fitness is more than a money matter — it can also help reduce the stressors that can negatively impact your physical and mental health. Research links financial stress to health conditions like high blood pressure, migraines, anxiety, sleeplessness, and depression. Money can’t buy happiness, but being in control of your finances goes a long way toward your well-being, health and quality of life. So, I’m dedicating this month’s blog to highlighting some of the numerous resources available to help you and your family improve your financial and physical health. You’ll see you have a robust support system!

Financial benefits and resources to boost military family readiness

Worrying about debt, bills or not being able to meet basic needs is a leading cause of stress and anxiety, possibly leading to physical health problems. Financial stress also impacts military readiness. Below are some ways you and your military family can get on — or stay on— the path to financial wellness.

Healthy food: The Department of Defense (DoD) has increased its efforts to help its families afford healthy food by:

• Allocating more funds to subsidize commissary prices so military families save at least 25% on their purchases
• Providing a monthly Basic Needs Allowance for active-duty service members with dependents whose gross household income falls below 150% of federal poverty guidelines, and
• Connecting service members and families to community food resources, government benefit programs and more through Military OneSource.

Housing: In addition to providing housing, the DoD:

• Increased the Maximum Temporary Lodging Expense Allowance in three different ways for service members and families moving within the continental United States.
• Raised the Dislocation Allowance for E-1 to E-6 service members.
• Offers service members and families information on housing resources.

Health care/cost of health care: The military offers:

• Comprehensive health care plans to active-duty service members, their families, reservists and more through TRICARE.
• Affordable prescription medications, mental health care and dental benefits, also available through TRICARE.

Education and career opportunities for MilSpouses: DoD has made investments into improving opportunities for military families, particularly MilSpouses, including:

• Spouse Education and Career Opportunities, which provide education and career guidance to MilSpouses worldwide and offers comprehensive resources and tools for all stages of your career.
• Expanded employment opportunities through improved military spouse licensure portability, educational scholarships, increasing military spouse hiring and more.

These additional e-resources can help you hit a solid financial stride, including:

• Military Relief Societies
• No-cost financial counseling services
• Other military support resources

Take actions now to lessen financial stressors. MilSpouse Money Mission® is a Department of Defense resource that offers personal financial education specifically geared toward military spouses at no cost. 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!
 
Mandi Moynihan is a CERTIFIED FINANCIAL PLANNER™ professional who has been with MilSpouse Money Mission since its inception. She also served in the Army and is the spouse of a retired service member.

MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward military 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!