Finance, Personal

Successfully managing personal finances is an essential skill for every service member. Personal financial readiness is considered an important part of the mobilization process for deploying troops, and the administrative mobilization process specifically ensures that dependents register for direct deposit and that all of their legal documents are updated. Both the deploying members and their spouses are generally required to attend lectures that explain the military pay process and “personal financial readiness.” Financial planning services and low-cost or free legal representation for service members engaged in disputes with financial institutions or merchants are available on most bases, and military spouses are encouraged to take advantage of them. This entry examines the pitfalls of managing finances for service members and provides an overview of federal laws ...