As a military spouse, navigating the complexities of frequent relocations and disrupted routines can be daunting. It can also affect career opportunities, as the challenge of finding and maintaining a full-time job can seem insurmountable with each move. However, forgoing income can strain the family finances and possibly your financial independence. Learn why and how military spouses should prioritize savings, and eight great suggestions for finding a position that could work for you.
Being a Military Spouse Is Complicated—Professionally and Financially
Military spouses face unique career challenges, including an inconsistent work history and difficulty establishing a professional network. The Department of Defense estimates that over 400,000 military personnel make a permanent change of station each year. That could mean restarting your professional journey with each new station.
And this can have a disproportionate effect on women. According to the U.S. Government Accountability Office, around 90% of military spouses are women—and half of all military spouses are unemployed. Even during periods of relative stability, spouses often bear the brunt of juggling child care and other household responsibilities, limiting options for career advancement.
That can put military spouses at a disadvantage, as they forgo savings opportunities necessary for financial independence. Establishing a safety net allows you to weather budgetary shortfalls while ensuring your financial security.
Fortunately, the explosion of flexible, part-time work opportunities can be a game changer—especially if regular, full-time employment seems out of reach. Side hustles can provide an ideal way to leverage your existing expertise and build savings through supplemental income in a way that's easily adaptable to frequent moves and unpredictable schedules.
Eight Side Gigs To Consider
Wondering where to start? The good news is that there are remote or app-based options to suit almost any schedule and interest. In addition to providing much-needed savings that help support self-sufficiency, a side gig can nurture your entrepreneurial spirit and offer a sense of accomplishment and purpose.
To get those creative wheels turning, here are eight ideas to use as a launchpad for your own “what if."
1. Food delivery
These well-known apps can be a fantastic starting point, as they require minimal setup so you can start generating income quickly. They're also a great way to explore new places and find hidden local dining gems for you to enjoy on your next date night or family dinner out.
2. Child care
Watching additional children can be a win-win for military spouses already caring for kids, as it can create a fun and engaging environment where everyone benefits from increased socialization. Make sure you have the appropriate licenses and have spent sufficient quality time to check compatibility with your proposed charges before formalizing the arrangement.
3. Counseling or coaching
Whether your interest lies in nutrition, fitness, career development or productivity, society's increased focus on personal growth has created a burgeoning demand for outside guidance and accountability. You may decide to offer your services locally as a way to build connections, or provide remote sessions to clients anywhere.
4. Artisan crafts
Many military spouses already indulge in hobbies to pass the time when their partner is deployed. Today, there's a ready market for unique handcrafted goods, whether you're creating upcycled jewelry, handmade candles, customized pet accessories or mixed-media art pieces. Etsy is the most widely known online network, but there are many others, like Bonanza, and even networks that may be based locally. When pricing your items, consider material and shipping costs as well as your time.
5. Virtual assistance
In this position, you can offer administrative, technical or creative support to clients anywhere in the world. With just a computer and internet connection, you can do research, bookkeeping, calendar organization, project management, marketing and much more, tapping into existing skills for a lucrative side hustle.
6. Decorating
As a military spouse, you probably have a special knack for downsizing, streamlining and flexible design due to frequent moves. From holiday decor installation to home organization and decluttering, you can help others create peaceful and functional living spaces.
7. Tutoring
With a unique understanding of the challenges faced by military families, tutoring can be a rewarding way to provide empathetic and personalized guidance to help students succeed—whether in your community or virtually. Depending on your background, you could focus on a niche space, such as guidance for college admissions exams or prep for professional certifications.
8. Affiliate marketing
This practice of earning a commission on sales from products or services has undergone a significant transformation, gaining widespread acceptance as a legitimate business model. While most products used to only be sold in person, now you can tap into social media platforms like Instagram or TikTok to reach a wider audience.
Building Savings, One Job at a Time
With frequent moves, deployments and changes in income, life can be unpredictable and uncertain as a military spouse, which makes it imperative to build a budget and a savings safety net. Side gigs can be an excellent way to use your passions and skills to earn income that provides both fulfillment and peace of mind.
As you build up your cushion, consider stashing it in an account designed to earn accelerated rates of interest. Because of compound interest, your money earns more just by sitting there. Whether you choose a high yield savings account for shorter-term needs or you're looking toward a longer time horizon with a certificate of deposit (CD), you'll be better equipped to handle unexpected expenses, achieve long-term financial goals and create a more stable future for yourself and your family.
Remember, while boosting income is one part of the equation, living more frugally can help you make the most of the money you do have. Take a look at these five ways to save $1,000 in 30 days to supercharge your savings goals.
