assetbest 
I’m hooked on the History Channel’s eight-part drama about Navy SEALs, SIX. After two episodes I felt a little useless—these men risk their lives for our freedom while I write about investing and personal finance. Then the show reminded me that SEALs face family strain and real-life problems too. Entry-level Special Warfare Operator Third Class pay is only $22,992 a year. They do get extra pays and bonuses; for example, a Master Chief Special Warfare Operator (E-9) who qualifies for all special pay could see an extra $6,981.72 added to a $4,635 basic monthly check, for an annual total near $139,400. Even so, they’re still putting themselves in harm’s way every day.
My husband suggested I write about their financial situation and offer ways to improve it. I can’t know what it’s like to be in a SEAL family, but removing money worries removes one major stress. Try these financial steps to help secure your family’s future.
1. Automate investing for tomorrow
Put money into a low-cost retirement plan now so your family is protected later. Service members have access to the Thrift Savings Plan (TSP), which has very low fees (about $0.25 per $1,000 invested). You can choose low-fee index funds or a lifecycle (L) fund that becomes more conservative as you near retirement. Many service members won’t serve 20 years to get a pension, so retirement savings fall on you. Have contributions automatically deducted from your paycheck—if you don’t see the money, you’re less likely to spend it.
2. Earn 10% on savings while deployed
The DoD Savings Deposit Program (SDP) lets service members in combat zones deposit up to $10,000 and earn up to 10% annual interest. You can’t close the account until you leave the combat zone, and the balance continues to earn interest for 90 days after you return. A safe 10% return is rare today, so if you qualify, take advantage of it. Treat this money as a shield for your family; after you return, invest it or put it into an emergency savings account.
3. Set up smart safety nets
Build an emergency fund for unexpected expenses—about three months’ worth of spending. If you use the money, replace it right away. Automate contributions into separate accounts for retirement, emergencies, and SDP savings so you fund priorities first and spend what’s left. If you don’t see the money in your checking account, you’re less likely to spend it.
4. Keep taxes low
Understand tax strategies to boost your take-home pay. While in the military, you can often keep legal residence in one state even if stationed elsewhere—handy if your home state has no income tax. A spouse with a home-based business can deduct many expenses, lowering family taxes. If there isn’t a business yet, consider starting a small side hustle to earn extra cash when time allows.
5. Practice mindful spending
Adopt spending habits that match your priorities. Try a “do-not-spend” week or month, always make a list before shopping, and buy only what’s on the list. The most effective habit is mindfulness: before you spend, check whether the purchase aligns with your goals. Don’t try to keep up with neighbors if it undermines your family’s financial calm.
Bonus — How to manage debt and save as a family
6. Pay off debt ASAP
Debt creates stress, and letting it sit only makes things worse. Use that anxiety as motivation: make a repayment plan and stick to it. There are many debt-reduction methods and apps—what matters is choosing one and following it consistently. Start today: list what you owe, use an online calculator or tool, and take the first step.
Removing financial stress can improve wellbeing for SEALs, military members, and their families. Thank you to all service members and your families for the sacrifices you make for our country.
