Essential Financial Checklist for Newly Married Military Couples

What's Happening

• •Newly married military couples are encouraged to align their financial accounts and benefits.
• •The checklist includes budgeting, setting long-term goals, and understanding military-specific benefits.
• •Couples should review their existing accounts to ensure they reflect their new marital status.

Why It Matters

Financial stability is essential for military families, especially when navigating the complexities of military benefits and pay structures. Newly married couples must understand how their marital status affects their finances, ensuring they maximize available resources and avoid potential pitfalls.

What Changes Now

• •Couples should update their financial accounts to reflect their new marital status. This includes changing account ownership and ensuring both partners have access to shared funds.
• •Understanding changes to BAH rates is crucial for budgeting. Couples may see an increase in their housing allowance, which can impact their overall financial planning.
• •Reviewing TRICARE options is necessary for health care coverage. Couples must ensure they are enrolled in the correct plans to avoid gaps in coverage.

What to Watch

• •Monitor BAH rate updates, which typically occur annually. Changes in duty station or marital status can also affect eligibility and amounts.
• •Keep an eye on deadlines for updating military benefits after marriage. Missing these deadlines could lead to delays in accessing necessary services.
• •Watch for changes in tax implications for married couples. Filing jointly can affect tax brackets and potential refunds.

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More Context

• •Aligning Financial Accounts: Newly married military couples should start by reviewing and aligning their financial accounts. This includes updating bank accounts to reflect joint ownership, which can simplify budgeting and financial management. It's also essential to ensure that both partners are aware of each other's financial obligations and assets, which can help prevent future conflicts. Additionally, couples should consider setting up a joint account for shared expenses, making it easier to manage household costs.
• •Understanding Military Benefits: Military couples must familiarize themselves with the benefits available to them as a married couple. This includes understanding how marriage affects Basic Allowance for Housing (BAH) rates, which may increase with the addition of a spouse. Couples should also review health care options available through TRICARE, as well as any changes to life insurance policies under SGLI. Ensuring both partners are enrolled in the appropriate benefits can provide peace of mind and financial security.
• •Budgeting and Setting Goals: Creating a joint budget is crucial for newly married military couples to manage their finances effectively. Couples should sit down together to discuss their income, expenses, and financial goals. This conversation can help them identify areas where they can save and allocate funds for future needs, such as education or home purchases. Setting short-term and long-term financial goals together can strengthen their partnership and provide a clear roadmap for their financial future.