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Dr. Taffy Wagner
Contributor
Money and Marriage Exposed
Thinking Beyond the Military with a Plan B
by Taffy Wagner, posted Aug 2010
Archives: Money in Marriage
Generally when people think about the military, they often think it means financially loaded. When I think back to when I first heard about someone being in the military, it was as if they had lots of money because they were traveling, getting an education and much more. Incidentally that picture that was painted is not the reality of what military families deal with on a regular basis.
Should a Military Wife have a Plan B even though her husband is serving in the military? I want to say, before I continue with this article, read it in its entirety and decide for yourself. Having served on active duty, I have seen several scenarios when it comes to being a military spouse, as well as being dual-military. Let’s deal with the question at hand.
I think a military wife should have a Plan B regarding finances even though her husband is serving in the military because there could come a time when he has to separate from the military. For example, I had a friend Jane who was on active duty as well as her husband, Jim. There came a time when the military had too many people in and therefore, Jim’s slot was deleted and he ended up separating from the military. Jane and Jim were not prepared for this because they had gotten used to receiving both of those paychecks and had not planned ahead. (Names have been changed to protect the innocent).
The military is a job or career, and there is life after the military. I believe that wives should fully support their husbands and think long term, what happens to your family finances once he separates or retires. I don’t think you should wait until he retires in order to begin your Plan B.
What does our financial picture look like right now? This is where you review your income and expenses. What does it take to run your household per month? Is there something you can begin doing right now whether part-time or starting your own business in an effort to reduce any “shock” to our lifestyle if he is no longer serving on active duty?
What if the annual raise does not happen, yet your bills increase? How do you handle the shortage in money? Have you as a wife, looked at the hours that you are available during the day which you can work? What type of work can you do? When you are concerned about the finances and planning for the future, some steps you could take are as follows:
1)Find out where the local temporary agencies are and go register yourself with them. Some of the benefits of working with a temporary agency are that they will find jobs on your behalf and normally within your hourly rate. You also can sign up with more than one. I don’t advocate only signing up with one, but more than one. You can share your availability and they work with you. They can also test your skills so that you are not being placed for a job that is not a good fit.
Find out where the local temporary agencies are and go register yourself with them. Some of the benefits of working with a temporary agency are that they will find jobs on your behalf and normally within your hourly rate. You also can sign up with more than one. I don’t advocate only signing up with one, but more than one. You can share your availability and they work with you. They can also test your skills so that you are not being placed for a job that is not a good fit. 2)If you have an entrepreneurial spirit and have always wanted to start a business, then research what it takes to get started. Also, think about the portability of a business, if your husband changes duty stations. That is something to consider when starting a business of your own.
If you have an entrepreneurial spirit and have always wanted to start a business, then research what it takes to get started. Also, think about the portability of a business, if your husband changes duty stations. That is something to consider when starting a business of your own. 3)Do you research going back to school in order to update your skills so you can be employed at a higher hourly rate or salary? I’d recommend going to www.nmfa.org and find out what scholarships are available for military spouses. You could also do some research on www.militaryonesource.com and see what they recommend.
Do you research going back to school in order to update your skills so you can be employed at a higher hourly rate or salary? I’d recommend going to www.nmfa.org and find out what scholarships are available for military spouses. You could also do some research on www.militaryonesource.com and see what they recommend. This is only the first scenario to having a Plan B. Join us next month as we continue on this topic and provide insight on why a military wife should have a Plan B. It is better to think about the future and have a plan instead of failing to plan for it.
Dr. Taffy Wagner
Dr. Taffy is a Certified Educator in Personal Finances. She holds a Doctorate of Ministry in Biblical Counseling, Master’s degree in Human Resource Management, Bachelor’s degree in Business Admin/Management, Associates in Paralegal Studies and an Associates in Administration. She currently resides in Colorado with her husband, Eric and their twins, Erica and Cody.
