AFBN provides FREE RESOURCES for members of the Department of Defense including Active Duty Military, Federal Employees and their families. Get help with benefit and retirement questions. Get answers today!

  • Home
  • Getting out of debt
Woman on laptop

How to Cope with Financial Stress During a Quarantine

Families across the country are feeling the stress of the pandemic and subsequent quarantines affecting much of the country. There are children at home, people are trying to get the hang of work and school from home and the little normal things of life, like sports, have gone by the wayside (for now). On top of all of this, the cycle of bills keeps moving like usual, causing the potential for major financial stress. However, there are some things to keep in mind to help you get through any added worry about money during the craziness of a quarantine.

Cancel Payments For Things That Can’t Be Used

The current quarantine crisis has caused lots of businesses to temporarily close their doors as they are unable to provide their services. In many cases, this includes gyms, children’s lessons (like swim or gymnastics), and plenty of other services. While many local businesses will ask you to keep your subscription active to help keep their business afloat during the quarantine (something highly recommended, if you are able), canceling these payments can certainly alleviate some of the financial crunches. Another thing to check for is the option to get refunds for travel plans or other prepaid items that can no longer be used and get some positive cash flow back into your bank account.

Be Aware of Developing Relief Programs

Both public and private entities are taking actions to help provide financial relief and ease the stress of the quarantine. Some of these, like the anticipated stimulus payments, may not require any other action, but others may require you to be proactive. If you have student loans, ensure that they are federally backed and are eligible for some of the programs. Some mortgage companies are offering payment deferments or other relief. If there are any bills you are concerned about, it never hurts to reach out and ask.

Don’t Spend Your Money Hoarding Supplies

As we’ve all become aware, there are some people who are reacting to the current situation by hoarding items. Right now, the supply chain for items is perfectly intact, so there is no need to hoard items. Not only does this prevent a proper flow of goods, but it involves spending a substantial amount of money upfront for products that don’t need to be purchased immediately, and it can lead to waste. Making sure that you are only buying what you will actually use can keep the spend down and keep the shelves stocked for others also.

While no one will say that quarantine and the current situation is easy, going into it with a clear eye on smart financial decisions will help you come out the other side without undue stress. If you have questions, or are looking for assistance in dealing with financial stress, please contact us today.

Continue Reading No Comments

Wallet with Credit cards in it on a table

How To Use Credit Cards Responsibly

I was always told a rule of thumb that I highly recommend to everyone when it comes to the use of credit cards, “If you don’t have cash or the funds in your checking account to pay for something, then don’t use your credit card to buy it.” Now, that is great when it comes to personal or material things, but what happens when you’re in a bind and need a new tire and you can’t afford it until next week? Read below to find out the best ways to be a savvy credit card user.

Continue Reading No Comments

5 Tips To Improve Your Credit Score

Your credit score is a 3-digit number that plays a big role in your financial life. We all know that when it comes to larger purchases, like a house or a vehicle, you need to have a good credit score. If you are stuck in a rut or simply want to raise your credit score by a few points, read these five simple steps for improving your score.

Continue Reading No Comments

Members of the Military: Getting Out of Debt

Military debt is surprisingly common amongst soldiers. Protecting our country often leads to loved ones at home with financial worries.   Deployment is not always to blame for these struggles, military families are vulnerable to the same financial traps that everyone else is exposed to.    No matter who you are, debt is no fun! Here are some basic tips to help relieve the stress of financial debt. 

Continue Reading No Comments

Successful Finances in 2019: Plan for a better financial future

If you are like most military families, bills, money and finances, in general, are fresh in your mind. Most military families have credit card debt, mortgage payments, large grocery bills, auto loans and countless other bills and expenses required to support and raise a family.

Continue Reading No Comments

Military Family Finances: Preparing for holiday expenses in 2018

Every store we visit right now is bombarded with marketing posters, ads with sales on toys, holiday decorations, the latest electronics to look for and more. With all of the distractions, military families are often enticed by the buzz of holiday shopping. Are you tempted to spend too much this holiday season? Check out these quick tips on how to enjoy the holiday shopping season, while not derailing your future financial health.

Continue Reading No Comments

Setting up an Emergency Fund

It’s an unpleasant thought, but a financial crisis could strike when you least expect it, so you’ll want to be prepared. Protect yourself by setting up a cash reserve so you have funds available in the event you’re confronted with an unexpected expense. Otherwise you may need to use money that you have earmarked for another purpose–such as a down payment on a home–or go into debt.

Continue Reading No Comments

Technology for Managing your Finances

Access to technology is a major advantage that benefits military families for helping manage finances.

These days, there’s virtually an app or a program for everything, and that includes financial basics. Do your homework and find out which ones could be the most helpful to you. Do you need alerts to remind you to pay bills on time? Do you need help organizing your finances? Are you looking for a program that allows you to examine your bank, credit card, investment, and loan account activities all at once?

Continue Reading No Comments

What’s your financial big picture?

As a military member, you may already have a basic plan laid out for your future. You may be planning to start a family, purchase a home, or shop for a new vehicle. Either way, the best financial plans start with a big picture. With 2017 already in full swing, take the time to reflect on your specific goals, outside of how much they may cost or how limited you may feel your resources are.

Continue Reading No Comments

The latest on Twitter

Follow us to get all the latest events, news and information
for Active Duty Military.