Finances & Military Life

The most wonderful time of the year is right around the corner, however for many it may not feel like it.  It is very common for Military families to live above their means, be in debt or become a target for scams every year, more so during the holiday season. Moving expenses, health care bills, car payments, new family members, education debt…. These can all take a toll on your lifestyle.  Thankfully there are plenty of resources catered to military members and their families to help with the smooth sailing of their finances.  Benefits.Gov One of the main sources of information for military families is Benefits.Gov. This is the official benefits website of the U.S Government. This website is an easy to use benefit finder tool where you can search benefits by categories to include financial resources.  The categories of benefits are also detailed by location. Under the Finance category you can find many resources including Medical expenses tax credits, unemployment compensation, tax benefits for adoption, Armed forces tax benefits and Federal retiree benefits.  You can check out their website for more information https://www.benefits.gov/. Military OneSource Military OneSource is a great option if you need free consultations during tax season. Military tax preparation and filling is open from mid-January to mid-October every year to help military families. This benefit offers the resource to speak to a tax consultant on the phone, via chat or in person. If you are in Hawaii the local on base location is on Camp Smith.  Camp H. M. Smith HawaiiBldg 455. Camp Smith, Hawaii 96861808-257-1141 The IRS also offers tax information for military members, retirees and veterans. https://www.irs.gov/individuals/military This information covers situations such as combat pay, disability pay and death benefits for survivors.  Military OneSource also helps with financial counseling. Their online or in person set up can help you make a plan for your finances and create a budget according to your income. They are trained professionals who will work you to meet your specific financial needs.  https://www.militaryonesource.mil/confidential-help/interactive-tools-services/financial-counseling You can also keep track on all new scam alerts targeting military members and their families by checking https://www.justice.gov/archives/stopfraud-archive This is a great way to be on the look out and prevent scams from happening to you.  If you are Active duty or National Guard you can receive free credit monitoring by enrolling in the military monitoring page on any of the 3 nationwide credit monitoring agencies. This is mandated by the Federal trade commission.  You can enroll at the following: Equifax:https://www.equifax.com/personal/military-credit-monitoring/ Experian: https://www.experian.com/lp/military.html Transunion: https://www.transunion.com/active-duty-military-credit-center Food Assistance Food security is a big issue for military families and veterans. If you are in need there are resources available provided by federal and state institutions. You can get assistance through WIC, free or reduced lunch costs for children, Food stamps and immediate food assistance. https://www.usa.gov/food-help  Locally there are options that can help you with food assistance. The Hawaii Food Bank is currently having pop-up distribution dates for families to receive help. Check out the upcoming dates https://hawaiifoodbank.org/pop-up/ The Armed Services YMCA offers a Food Pantry program and an Ohana food drop for Military families.  Their food pantry has staple items each family can pick up according to each location’s hours of operation.  Their Ohana Food Drop is on the fourth Monday of every month at the branch on Wheeler Army Airfield and the last Wednesday of every month at the branch on Joint Base Pearl Harbor Hickam. You can check them out on Facebook for updates. https://www.facebook.com/ASYMCAHawaii American Red Cross The American Red Cross is another great resource in times of need. They have served the military community for many years and offer their support through different programs. Their assistance can help fund emergency travel, burial of a loved one, emergency food and shelter and more upon eligibility.  https://www.redcross.org/get-help/military-families/financial-assistance.html Local installations have a Red Cross office: Joint Base Pearl Harbor Hickam Service Center: (808) 449-0166 Kaneohe Service Center: (808) 257-8848 Schofield Barracks Service Center: (808) 655-4927 Tripler Army Medical Center Service Center: (808) 433-6631 USA Cares Last but not least USA Cares offers a variety of assistance programs for Military members. Their programs include emergency financial assistance, Finance education courses, housing assistance, career transition and combat injuries related expenses.  To learn more about them visit https://usacares.org/ We hope this article helps you find the resources you need and allows you to gain knowledge on all the programs you can learn new things from. Being aware of the resources that are part of your benefits as a military member, dependent, retiree or veteran is a must.

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