: a service member sits and smiles at the camera at home after learning about financial military benefits from Gate City Bank

7 Financial Military Benefits for Service Members.

When it comes to successful financial management, military members and their families qualify for multiple well-deserved opportunities.

Whether you’re an active service member or a retired veteran, embracing a strong financial future is the ultimate goal. Not only can you achieve financial wellness by understanding and following basics like building a budget, tackling debt and setting up emergency savings; you can also experience prosperity simply by being aware of seven advantages that have been earmarked specifically for you.

  1. Ask about military discounts

    Dining out. Shopping for clothes. Purchasing supplies. Whenever you’re patronizing a business, remember that it’s OK (and often encouraged) for you to ask if they offer a military discount. From percentages off your total bill to unexpected inclusions, businesses often look for ways to support your service, which can really add up to significant savings!

  2. Utilize high-interest savings

    The U.S. Department of Defense offers its Savings Deposit Program, which helps deployed service members build their savings by earning a higher interest rate than they would have access to otherwise.

Pro Tip:

If you receive military compensation in the form of Hazardous Duty Incentive Pay, Hardship Duty Pay or something similar, consider putting it in a high-interest savings account at your local bank, especially when interest rates are generally higher than they have been previously.

  1. Boost your career

    If you’ve served following September 11, 2001, you may have access to the Post-9\11 GI Bill, which could help cover the cost of tuition. Additionally, your spouse may be able to receive assistance through the Military Spouse Education and Career Opportunities (SECO) Program.

  2. Enjoy retirement benefits

    Service members may be able to utilize the Thrift Savings Plan (TSP), an investment option that features multiple funds. Contributions to a traditional TSP can potentially lower taxable income and grow tax-deferred.1

  3. and life insurance benefits

    Did you know that, as a military member, you and your family members could qualify for special life insurance? This is thanks to Family Servicemembers’ Group Life Insurance (FSGLI), which is available if you meet the requirements.

  4. Study up on the SCRA

    The Servicemembers Civil Relief Act (SCRA) is a law that provides legal and financial protection to those who have answered the nation’s call to serve. It was created in the event that legal or financial transactions adversely affect military members' rights during service.

  5. Unlock housing benefits

    Given the fact that many service members have to move frequently (and with short notice), they often have access to a tax-free housing allowance. They may also qualify for certain Veterans Administration (VA) loans, which can be helpful in obtaining a home with little or no money down – and no private mortgage insurance (PMI).

Serving Those Who Have Served Us.

When it comes to navigating various military benefits for financial planning, it helps to work with a bank that proudly backs the brave. By being aware of the opportunities we’ve outlined above, you’ll be in a great position to set your financial trajectory and pursue prosperity – For a Better Way of Life.®

Related to This Article

happy friends stand together on a bright sunny day and joyfully raise their arms up in the air in celebration

5 Tips to Achieve Financial Wellness With Basic Money Management

Achieving financial well-being is easier than one might think. We’ve laid out some helpful tips to reach money goals in a way that’s healthy and productive!

smiling woman works on her laptop and uses notepad and pencil to achieve financial success with gate city bank

7 Easy Habits to Achieve Financial Success

These seven smart money hacks will help you achieve financial success and gain peace of mind! (Especially during uncertain economic times.)

young couple enjoys celebrating healthy financial habits during the new year with sparklers

9 Healthy Financial Habits Worth Celebrating This Year

Looking to embrace healthy financial habits? You’re in the right place! Let’s take a closer look at your finances and think about your goals for the future.

1 Ask your tax consultant about possible benefits and tax advantages.