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As the new year begins and everyone starts to sort out their financial priorities, having a clear and workable financial strategy has never been more critical.
While service members benefit from steady paychecks (sometimes even tax-free during deployments) — that security doesn’t always translate into financial stability. As many analyze their finances, they find themselves staring down high credit card balances, minimal savings, and damaged credit, putting a damper on any long-term growth strategy.
For those in uniform, asking for financial help can often feel like admitting failure or a lack of self-discipline. Responses from leaders can vary, but unlike civilian employment, unpaid debts can escalate to command involvement if creditors reach out. That can compound the stress for those already trying to regain control of their finances.
The good news is that financial recovery is achievable — and often simpler than it seems. For decades, Navy Federal Credit Union has supported military families with practical guidance and reliable financial products. Below are several essential steps to help build a stronger foundation.
Build a budget you can follow
Anyone can draft a budget on paper, but sticking to it is the real challenge. The moment an unexpected expense appears, even the best plans can unravel and drain savings faster than expected.
Creating a budget that reflects real-life spending habits can help absorb those inevitable surprises. The goal isn’t to eliminate every convenience or indulgence, but to acknowledge them honestly. If you absolutely must have a gut-busting breakfast sandwich from the local gas station every day before you start your morning commute, that’s fine, but you need to recognize how it adds up by month’s end.
One of the most common budgeting mistakes is ignoring recurring expenses or underestimating discretionary spending. Every consistent purchase needs to be reflected. While it’s not the most enjoyable exercise, living within your means early in life makes long-term financial growth possible — and helps ensure retirement is something you enjoy, not postpone.
Never forget to save, no matter the amount
Even small contributions matter. Each month, your budget should include money earmarked for emergencies, whether it’s placed in a savings account, Thrift Savings Plan, mutual fund, or a simple emergency fund. The more you can save, the less damage unexpected expenses will do when they arise.
All the effort put into budgeting is lost if a single emergency wipes out your progress. Navy Federal Credit Union provides a range of savings options with competitive returns, allowing your money to grow, even while waiting to cover unforeseen costs. When it comes to savings, more is always better.
Simplify your debt
No one is immune to emergencies, and credit cards often fill the gap when they happen. Unfortunately, some lenders take advantage of that by offering high-interest products with terms that make repayment nearly impossible.
Consolidating balances onto one card with a lower interest rate can be a powerful reset and go a long way toward getting your finances under control.
For years, Navy Federal has helped service members, veterans, and their families streamline their debt. Members who move their debt to a Navy Federal Platinum card receive a 0% APR rate for the first 12 months when transferring non-Navy Federal balances within 60 days of opening the account. Balance transfer fees are also waived.1 This promotion is saving members an average of $2,117, and after the 12-month period ends, they are still able to take advantage of outstanding variable APR rates between just 10.24% and 18%.
Improve that credit score
Your credit score is essentially a snapshot of your financial reliability. Lenders use it to assess risk, and higher scores typically unlock better loan terms and lower interest rates — saving you money over time.
Credit scores range from 300 to 850. Scores between 300 and 579 are considered very poor, while anything above 800 is excellent. If your score isn’t where you want it to be, there’s no need to panic. Navy Federal Credit Union offers educational resources, tools, and classes designed to help members improve their credit and maintain healthy financial habits once stability is restored.
Developing strong saving and debt-management habits early makes everything easier down the road. Take charge of your finances now and let Navy Federal help you move forward with confidence.
This article was sponsored by Navy Federal Credit Union. Insured by NCUA.
Image used for representational purposes only; does not imply government endorsement.
1 As of 2/2/2026, rates range from 10.24% APR to 18.00% APR, are based on creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction. Balance transfer offer: Application must be submitted by 03/31/2026. Offer valid for balances transferred from non-Navy Federal credit cards within 60 days of account opening. Maximum total transfer amount is limited to your available credit line. Balance transfers using convenience checks are excluded from this offer. If you transfer a balance with this offer, interest will be charged on purchases made with your credit card unless your purchases have a 0% APR or you pay the entire balance, including any transferred balances made under this offer, in full each month by the payment due date. Offer excludes Navy Federal Home Equity Line Platinum Credit Cards. Limit of one promotional offer at account opening. Navy Federal reserves the right to change or end this offer at any time.