Despite the best of intentions and careful planning, you may find yourself facing a financial challenge when you least expect it. A furlough, layoff, illness, or emergency can crop up suddenly. Life can be full of surprises for veterans and military families, so, when faced with unexpected expenses or loss of income, what can you do to keep yourself afloat and your finances on track?

  1. Talk to your lenders and creditors to discuss options for your credit card balance, car payment, student loan, or your home loan. There are no guarantees your lenders can offer a solution but it’s worth asking. The longer you wait, the fewer options you’ll have.
  2. Consult a Personal Financial Manager. They can help you figure out options related to adjusting your budget (even temporarily), managing your credit and debt, and applying for emergency financial help. Use Military OneSource’s Military Installations directory or the Department of Defense Office of Financial Readiness’s directory of PFCs to find a financial manager or counselor near you. Can’t get to base? Check out other military financial counseling options.
  3. Get free, legitimate help. To access emergency funds, reach out to one of the military relief societies:  Air Force Aid Society, Army Emergency Relief, Coast Guard Mutual Assistance, or Navy-Marine Corps Relief Society.

Before you get a payday loan, cash advance loan, or a car title loan, explore whether you might have less expensive options, like a loan from a bank or credit union, or borrowing from family or friends. Know that the law protects military servicemembers and your dependents: the Military Annual Percentage Rate on payday loans and many types of consumer credit cannot be more than 36%.

Check out DoD’s Office of Financial Readiness for other resources to help you navigate your finances, including Budgeting in Uncertain Times.