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Welcome military spouses and significant others to the Military Money Manual community!
In this post:
You are not alone
Over 40% of Military Money Manual readers are or have been a spouse of an active duty, Guard, or Reserve service member in the Army, Navy, Air Force, Marines, Space Force, or Coast Guard. Some of these military spouses are veterans or active duty members themselves!
How Military Pay Works (LES and Pay Chart)
Military service members are paid regularly on the 1st and 15th of the month. Depending on where you bank, you may be paid a day or 2 early. Both Navy Federal Credit Union and USAA pay their servicemembers one business day early. For example, If the 15th falls on a Monday, you could receive your pay on the Friday before.
To check what's going with your or your service member's military pay, you'll need to login to MyPay: https://mypay.dfas.mil/mypay.aspx
How to Track Expenses and Income
What gets measured matters, so when you keep track of your income and expenses with a low-cost app like Monarch Money, you can get a good intuitive and data-driven sense of where your money is going and where it's coming from.
Types of Military Savings and Investing Accounts
Military members and their spouses can access all the same savings and investing accounts civilians can, plus some.
A typical military family might have the following setup:
- Checking account: receive income and pay bills and expenses
- Savings account: Short term goals (anything in the next year or 2) and emergency fund
- High-Yield Savings Account (HYSA): A fancy name for a bank account that pays you higher interest than a normal bank account. Marcus, Wealthfront, American Express, Ally, CIT, Sofi are popular. Check that the account is FDIC insured.
- Credit Cards: military service members and military spouses get access to the best credit cards and usually get their fees reduced to $0. These cards can provide free perks and benefits as well as nearly free travel opportunities.
- Thrift Savings Plan (TSP): Military version of a 401k. A retirement savings account that your service member can contribute to out of his or her pay.
- Roth IRA: Even if you don't earn your own income, if you are married filing jointly on your taxes, you can open up your own Roth IRA. Your spouse can also open up their own.
Military Friendly Banks: USAA and Navy Federal
While you or your spouse/partner serves in the US military, I recommend you bank with a military friendly bank. USAA and Navy Federal Credit Union (NFCU) have been around for decades. Their principle members are member of the military community, just like you.
Besides free checking, refunded ATM fees, good online banking app options, these banks pay you a business day early.
Your Protections: SCRA, MLA, and MSRRA
As a military spouse, you qualify for special protections on credit products. For example, the Military Lending Act provides relief from certain credit card fees, such as annual fees.
To learn more about military spouse credit card perks, I recommend taking my 5 day, 100% free course: The Ultimate Military Credit Cards Course.
You can check that you are eligible for MLA perks in the MLA database.
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Learn how to apply on our partner's secure site
- $795 annual fee adjusted with Chase policy
- bonus_miles_full
- Earn 8x points on all purchases through Chase Travel℠ including The Edit℠
- 4x points on flights and hotels booked direct
- 3x points on dining worldwide
- 1x points on all other purchases
- Get a $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Live the lounge life at over 1,300 airport lounges worldwide with a complimentary Priority Pass™ Select membership, plus every Chase Sapphire Lounge® by The Club with two guests.
- Up to $120 towards Global Entry, NEXUS, or TSA PreCheck® every 4 years which saves you a ton of time
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- Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance, no foreign transaction fees, and more.
- Get complimentary subscriptions to Apple TV and Apple Music for a minimum of one year when activated by June 22, 2027, a value of $288 annually.
- Member FDIC
- Learn more in the Chase Sapphire Reserve® review
The Free Money: BRS Match, Spousal IRAs
Military service members who joined after 2018 or who opted into the Blended Retirement System receive a 1% automatic contribution to their Thrift Savings Plan (TSP) accounts.
After 24 months of service, the service member receives an additional 4% match if he or she contributes at least 5% of his or her base pay. Make sure your service member is contributing at least 5% of their pay to get this automatic 100% match! A 5% contribute from your service members base pay = a 10% contribution into the account.
PCS Finances
PCSing can be a stressful time. Moving every 2-3 years can but stress on you emotionally, mentally, physically, socially, and financially.
Deployment Finances
A military deployment can be a tough time for both the service member who is deployed and the spouse he or she leaves at home.
Credit Cards
Military spouses can access the same credit card perks that active duty military get. They can get their annual fees reduced to $0 on most personal credit cards offered by most US-based banks.
Next Steps
You don't have to go it alone trying to understand how military money works. We have a free app coming that will help you understand your military money. Follow @militarymoneymanual on Instagram to learn more.