Teravainen is CEO and co-founder of Support the Enlisted Project (STEP) and lives in Highland Valley. Lovell is global chief sustainability officer of Experian.
When you think of the military, what do you picture? A soldier in fatigues in the desert? A sailor in the “Salute to Service” at a San Diego Gulls game? How about somebody living off food stamps?
The reality is many of our service members, both enlisted and veterans, face financial hardship. At Support the Enlisted Project (STEP), we’ve seen it all — from unexpected car repair bills and untenable grocery costs to pending evictions and crippling debt. We understand how devastating financial insecurity can be.
Financial problems are unfortunately familiar to military families. According to a 2021 Military Family Support Programming survey, 81 percent of military families are stressed over their finances. It turns out this type of lingering stress is disastrous for your mental health.
The Money and Mental Health Policy Institute, a research charity examining financial instability and mental health, has found that people with problematic debt are at a significantly higher risk of experiencing mental health problems. That’s why it is so important to take steps toward financial independence.
Unfortunately, many service members do not have access to the tools and resources to improve their financial well-being. We know how daunting it can feel to start working on financial stability, that’s why organizations, such as Support the Enlisted Project and Experian have been at the forefront of bringing financial literacy programs to our service members. Understanding basic financial and credit concepts can help you lay the foundation for recovery.
For starters, set achievable financial goals, both long- and short-term. You have to know what you’re working toward before you can make any changes. Having set goals will allow you to craft a manageable financial plan that meets those goals.
There are plenty of free resources you can use to create a budget, from a good old Excel spreadsheet to apps like PocketGuard or Empower. Using budgeting tools will help you stay on top of your budget and make the necessary changes to stay on track.
Being on top of your credit history is another simple step toward financial independence. Sure, there is little you can do to drastically improve your score in the short term. Simply knowing and understanding the factors impacting your credit score, though, will give you a clear, objective picture of your financial standing.
Once you’ve started implementing strategies to reach your goals, continuously monitor your credit report. Consistently checking your report and score will allow you to quantitatively measure your progress and give you the insight to either stay the path or make changes.
Even once you’ve started taking steps toward financial stability, you may need to get assistance. Each branch of our armed forces has a dedicated relief organization that can aid you — Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society and Coast Guard Mutual Assistance. These organizations can assist with grants and loans or financial preparedness counseling, and they’re each endorsed by their respective branches.
Outside official relief programs, countless civilian organizations can provide guidance. Everyone knows about companies like USAA, but there are local nonprofits that are just as dedicated to increasing financial security among current and former service members. Support the Enlisted Project provides one-on-one financial counseling and a dedicated social worker who works directly with service members on their financial plans, while changing financial behaviors.
Take Carlos and Shasta, for example, a Marine couple with two kids who recently relocated to San Diego from Japan and were adjusting to the new cost of living. Within months of touching down in San Diego, both their cars became inoperable while the cost of basic necessities in their new home city stretched their finances to a breaking point.
They’d exhausted their options and only managed to keep the avalanche of stress at bay through their faith. That’s when they reached out to Support the Enlisted Project.
Working with Support the Enlisted Project’s certified financial social worker, Carlos and Shasta developed an actionable financial plan that would allow them to adjust to life in San Diego. Meanwhile, Support the Enlisted Project contacted a local mechanic and managed to get both of their vehicles repaired for $1,519 — a cost the organization happily covered. With the stress of vehicle repairs behind them and a manageable financial plan in front of them, Carlos and Shasta have finally been able to actually settle into San Diego and plan for their future.
Serving your country, whether in the Marines, Navy, Army, Air Force, Space Force or Coast Guard, is enough responsibility to shoulder. Financial worries don’t need to be an additional burden. You owe it to yourself, your family and your fellow service members to take control of your finances.
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