4 Ways to Improve Military Mental Health with a Focus on Personal Finance

Andia Dinesen — Tue, 13 Jun 2023 07:18:03 -0400

For some people just thinking about finances for some can be anxiety-inducing, stress-causing, and overall sometimes easier to ignore than face head-on. However, there are things you can do to help reduce stress and anxiety and create a sense of control over your money situation, instead of letting it control you. Some tips below may help.

1. Access free accredited and certified financial and credit counseling.

If you are active duty, Guard, or Reserve or a spouse you can access free financial counselors on your installation or through Military OneSource. On your installation you can find personal financial counselors through the Military & Family Readiness Center. Stop by, call, or sign up for a class to get started. You can also access Military OneSource counselors from virtually anywhere and meet with them on the phone. This is especially helpful if you are not near an installation. These financial counselors can provide a great money battle buddy to help you gain control of your financial situation.

For more info, go to https://rly.pt/FinancialCounselingMOS

If you are a Veteran, beneficiary, caregiver, or survivor you can start by reaching out for a free consultation with a financial or credit counselor through the Veterans Benefits Banking Program (VBBP). Accredited financial counselors® (AFC®s) can help assist you with things like checking your credit report, creating a savings and/or spending plan, especially if you are facing a transition. Certified credit counselors can help with debt management, qualifying for a home purchase, or if you are facing foreclosure or eviction. This consultation can help get you on track and you can walk away with identified goals and plans to reach them.

To find out more about a free consultation, go to https://rly.pt/VeteransBenefitsBankingProgramCounseling

2. Get Banked!

Speaking of the Veterans Benefits Banking Program (VBBP), the VBBP was created to help Veterans and beneficiaries utilize direct deposit for their VA benefits each month. It is safer, more secure, and faster than a paper check. Once you’ve established a relationship with a bank or credit union you can also leverage the other products and service the bank or credit union has to offer. Like savings accounts, CDs, and loan products. Utilizing multiple savings accounts for different savings goals can be very helpful – a great trick to keep yourself on track! You can find military and Veteran friendly banks and credit unions on the VBBP website.

To find our more about getting banked, go to https://rly.pt/VeteransBenefitsBanking

3. Create an emergency savings fund.

Getting your finances on track can be helpful for your mental health, but what happens when something unexpected comes your way? How will you weather a financial hiccup or a financial storm? Making saving for an emergency a habit (and a priority) can ensure when an unexpected expense comes your way – you are ready! When I worked with military members who were used to their paycheck arriving every 1st and 15th and to be reimbursed for moving and travel expenses like clockwork it seems as though there does not need to be a huge savings account balance available. However, what if those expected reimbursements did not come through in a timely fashion or what if a government shutdown delayed your pay? A healthy savings account could be the answer to the stresses that could exist with those unexpected glitches as well.

4. Utilize a fintech product to manage finances in a new way.

There are many fintech (financial technology) products emerging every day. Sometimes it seems like there is an ocean of these products that you have to wade through to find one that might suit you, but there was one that was created with Veterans and service members in mind. The PATRIOT Card, which is a pre-paid card. Many banks and credit unions offer products like the PATRIOT Card but there are not many that include all the features that this card has. You can utilize it for direct deposit even, as it has an associated bank routing transit number and account number, and it is backed by a FDIC-insured bank. It includes card controls, exceptional customer service, real-time tracking and much more that can make your financial life easier. Find out more and check out the video explainer on the AMBA website.

For more about the PATRIOT Card, check out https://rly.pt/PATRIOTCard

Gaining control over your financial situation, increasing your financial knowledge and capability through the utilization of resources and tools can improve your mental health. It can also lead to healthier relationships, increased mission readiness, overall improved family happiness.

Financial Counseling for the Military | Military OneSource

Active duty military service members and families have access to financial counseling for help with debt, mortgages, savings programs, retirement and more.

Response by MAJ Dale E. Wilson, Ph.D. made Jun 13 at 2023 7:14 PM

MAJ Dale E. Wilson, Ph.D. — Tue, 13 Jun 2023 19:14:07 -0400

Good to know.

Response by SGT Ruben Lozada made Jun 15 at 2023 1:53 PM

SGT Ruben Lozada — Thu, 15 Jun 2023 13:53:58 -0400

Good afternoon Andia Dinesen. Excellent post. Thank You for sharing this.

Response by Sgt Robert Anchors made Jun 15 at 2023 5:49 PM

Sgt Robert Anchors — Thu, 15 Jun 2023 17:49:26 -0400

It would be easier if the VA didn't sever your service connect for 10 years!

Response by CPL K S made Jun 16 at 2023 1:28 PM

CPL K S — Fri, 16 Jun 2023 13:28:05 -0400

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Response by SGM Robert Murray made Jun 16 at 2023 10:21 PM

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