New App Helps Military Families with Househould Budgets
(CNN) — Having a spouse or family member deployed overseas can be stressful enough without worrying about finances, but a new app aims to keep military families on budget and planning for the future, no matter where they’re stationed next.
There are certain money matters that can be more complicated for military families than average households.
“When a service member deploys, certain incentive pays kick in. When they come home, those incentive pays go away, so they’re dealing basically with a decrease in their spending power,” says Brenda Linnington, Military Line Director of the Better Business Bureau.
The free “Military and Money” app for iPhone was recently released by the Better Business Bureau and McGraw Hill. It features budgeting, debt reduction and savings tools plus military-specific tips on deployments, home buying and selling, debt issues and credit cards.
Linnington says it’s not just helpful for families, but for young, single service members seeking advice too, and as waves of servicemen and women return home from Iraq and Afghanistan, the BBB suggests families keep one major piece of money advice in mind.
“You may want to go out on a cruise. You may want to go buy a brand new car, or do something that’s really big and great, because everybody’s feeling good, but it’s better to wait when emotions come down a little bit and you can lead with your head and not your heart,” adds Linnington.
Right now, the app is available for iPhone and iPad. An Android version is in the works.