For military members, frequent relocations are part of the job. While these moves bring new opportunities and experiences, they can also have a significant impact on your financial mindset. Understanding how these transitions affect your money habits is the first step toward maintaining financial stability and confidence during frequent moves.

The Financial Strain of Moving

Every PCS (Permanent Change of Station) comes with costs: packing, transportation, temporary housing, deposits, and sometimes even delays in receiving your final paycheck or allowances. These expenses, often unexpected, can create a sense of financial instability. It’s common for military members to feel stressed about money during a move, which can lead to impulsive financial decisions like overspending or relying too heavily on credit cards.

Adapting Your Money Mindset

Frequent moves require flexibility, not just in your living situation but in your approach to finances. Here are a few ways moving often can affect your money mindset:

• Short-Term Thinking: Constant relocation can make long-term planning feel impossible. It’s easy to focus only on the immediate financial needs of a move, which may delay retirement savings or investment planning.
• Heightened Stress and Anxiety: Money-related stress can intensify during transitions. This stress may lead to avoiding budgeting or postponing important financial decisions, which can compound financial challenges over time.
• Opportunity for Financial Resilience: On the flip side, frequent moves can strengthen financial adaptability. Learning to budget for moves, track expenses, and quickly adapt to new cost-of-living differences builds skills that serve you for a lifetime.

Strategies to Maintain a Healthy Money Mindset

• Plan Early: Start budgeting for moves well in advance. Include moving costs, utility setup, and new living expenses in your plan.
• Automate Savings: Regular contributions to savings and retirement accounts ensure you continue building wealth despite transitions.
• Leverage Military Benefits: Understand and maximize allowances like Dislocation Allowance (DLA) and Temporary Lodging Expense (TLE).
• Stay Organized: Keep a centralized system for bills, receipts, and budgets to reduce stress during relocation.
• Seek Support: Financial counseling or coaching can provide guidance to help you make smart decisions, even under tight timelines.

How We Can Help

At Walters Financial Wellness, we specialize in guiding military members through the unique financial challenges of service life. Here’s what we can do for you:

• Create personalized budgeting strategies tailored to PCS moves
• Help you manage and reduce debt, including credit cards and loans
• Provide guidance on saving for long-term goals while handling short-term expenses
• Assist with navigating military allowances and benefits to maximize your finances
• Offer one-on-one financial counseling to reduce stress and build confidence

Frequent moves don’t have to derail your financial goals. With the right strategies and support, you can maintain a strong money mindset and set yourself up for success, no matter where your service takes you. Contact us today!

In recent years, “buy now, pay later” (BNPL) options have popped up everywhere, from clothing websites to electronics stores. Companies like Affirm, Afterpay, and Klarna make it easy to split a purchase into smaller payments, often with no interest. But are these services really a smart financial move?

How BNPL Works

BNPL services allow you to take home (or receive) your purchase immediately and pay for it over a set period, typically in installments. Many plans offer interest-free payments for short terms (usually 4–6 weeks), but longer repayment plans often charge interest, sometimes at rates comparable to or higher than credit cards.

The Potential Benefits

• No Interest (Sometimes): If you make payments on time, many plans don’t charge interest.
• Budget Flexibility: Smaller payments can make it easier to manage cash flow in the short term.
• Quick Approval: Unlike credit cards, BNPL approval is often instant and doesn’t require a high credit score.

The Risks to Watch

• Impulse Spending: The “easy payments” mindset can lead to buying things you don’t really need.
• Late Fees & Interest: Miss a payment, and fees or high interest rates can add up fast.
• Credit Impact: Some providers report to credit bureaus, which means late payments can hurt your score.
• Multiple BNPL Plans Add Up: Having several BNPL plans can strain your finances, even if each payment seems manageable.

Key Questions to Ask Yourself

Before using BNPL, consider:

1. Is this a want or a need?

2. Do I have a plan to pay it off within the term?

3. Would a traditional credit card or saving up be better in the long run?

BNPL can be a useful tool if you’re disciplined and have a clear budget. But if you’re using it to stretch beyond your means, it can become a debt trap. As with any financial decision, it’s important to look past the marketing and ask whether it supports your long-term goals.

How I can help

At Walters Financial Wellness, we want you to thrive in any economy. 

I can:

• Provide guidance on manageing BNPL and credit responsibly
• Help you create a budget that works with your lifestyle
• Offer strategies to reduce debt and build long-term financial stability

Sign up for a consultation today!

** I am not sponsored by any of the companies mentioned.

 For service members and their families, understanding how military pay and allowances work is essential for budgeting, saving, and reaching long-term goals.

Breakdown of Military Pay and Allowances:

• Basic Pay: Your basic pay is based on your rank and time-in-service. Annual adjustments, set by Congress, are typically made each January to keep pace with cost-of-living changes.
• Allowances (mostly tax-free): Allowances supplement basic pay and help cover specific expenses, such as:

1. Basic Allowance for Housing (BAH): Covers housing costs based on location, rank, and dependent status.

2. Basic Allowance for Subsistence (BAS): Offsets meal expenses; the rate is standard for all officers and enlisted members, and is adjusted annually.

3. Cost of Living Allowance (COLA): Helps with high-cost duty stations overseas and in certain U.S. locations.

• Special & Incentive Pay: Additional compensation for certain skills or assignments. Examples include: hazardous duty, flight pay, sea or submarine pay, family separation pay, and retention bonuses for critical roles.

Breakdown of Taxes & Deductions:

• Taxable vs. Non-Taxable: Basic pay is taxable; most allowances are not.
• Mandatory Deductions: Social Security and Medicare are automatically withheld.
• Other Deductions: Contributions to the Thrift Savings Plan (TSP) or other retirement plans are common.
• State Considerations: Some states exempt active-duty income if you’re stationed elsewhere, and some have no income tax at all.
• Combat Zone Benefit: Pay earned in a designated combat zone is generally tax-exempt for enlisted members and warrant officers.

Financial Tips for Service Members

• Know Your LES: Your Leave and Earnings Statement gives a full picture of your monthly income and deductions.
• Plan for PCS & Deployments: Moves and deployments can create financial surprises, budget ahead.
• Invest in Your Future: Use the TSP or another retirement option early and consistently to take advantage of compound growth.

How I Can Help

Military life is unique, and so are your financial goals.

I offer:

• One-on-One Counseling: Personalized sessions to review your pay, allowances, and budget.
• Workshops: Group sessions tailored for your needs.
• Goal-Based Planning: From debt reduction to retirement savings, I help you map a strategy that fits military life.

Ready to Get Started?

Understanding your military pay is just the first step toward financial security. Let’s create a plan that maximizes your benefits and prepares you for the future! Schedule a consultation with Walters Financial Wellness today!

From Bitcoin’s rise to new cryptocurrencies launching daily, digital currencies have captured the imagination of both seasoned investors and first-timers. But excitement shouldn’t replace strategy. Here’s a balanced look to help you decide whether crypto belongs in a well-planned investment portfolio.

1. Understand What You’re Buying:

Cryptocurrencies are digital assets protected by cryptography and tracked on decentralized networks called blockchains. Bitcoin and Ethereum are the most famous, but thousands of others exist, each with its own goals and risk level. Before investing, carefully research the technology, the team running the project, and the real-world problem it aims to solve.

2. Risk and Volatility:

Crypto prices can swing wildly in minutes. This volatility can create opportunities, but it can also result in significant losses. Only allocate money you can afford to lose, and avoid using borrowed funds to invest. Treat crypto like a high-risk investment.

3. Security Matters:

Unlike traditional bank accounts, many crypto wallets are not insured. Protect your assets with strong passwords, two-factor authentication, and, if possible, offline hardware wallets. Be wary of phishing emails and too-good-to-be-true investment schemes.

4. Taxes and Regulation:

The IRS considers cryptocurrency property, meaning every sale or trade is a taxable event. Keep records of transactions, and consult a tax professional to stay compliant. Regulations are evolving quickly, so stay informed about changes that could impact your holdings.

5. Diversification and Long-Term Planning:

Cryptocurrency should be a small part of a diversified portfolio. Balance it with more stable assets like stocks, bonds, and cash reserves. Set clear goals, whether that’s long-term growth, speculation, or simply learning, and revisit your strategy as markets and personal circumstances change.

More Questions?

Investing in cryptocurrency can be exciting, but it is not a guaranteed way to build wealth. Treat it like any financial decision: conduct thorough research, maintain a long-term perspective, and understand your personal risk tolerance. Walters Financial Wellness helps clients learn about cryptocurrency and explore how it might fit into a broader financial plan, based on their goals and comfort level. Contact us today to find out more.

Military deployments bring unique financial challenges, especially when a family maintains two households at once. Whether you’re the service member or the partner staying home, careful planning can help keep your finances steady while you’re apart.

Here are a few tips to keep in mind: 

1. Create One Budget:

Start by listing all fixed expenses for both locations, such as rent/mortgage, utilities, insurance, phone plans, and transportation. Then factor in variable costs like groceries and personal spending. Use a shared budgeting app so both parties can track updates in real time. Be sure to build in a cushion for unexpected expenses, like repairs, travel, or higher utility bills.

2. Maximize Deployment-Specific Benefits:

Service members often qualify for special pays and allowances during deployment (family separation pay, imminent danger pay, tax exemptions). Review the latest pay entitlements with your base finance office or a certified financial counselor. Consider directing any extra income straight to savings or debt repayment. Deployment is a great time to cut back on expenses and save for your future!

3. Manage Housing Smartly:

If you own a home, explore options to reduce costs, such as renting out unused space, if local regulations allow it. You may be able to negotiate utilities. Many providers offer military suspension or reduced-rate programs. For those who are renting near base, check whether it makes sense to downsize temporarily or renegotiate lease terms. You may even find it helpful to move on base if the amenities and safety that a base may offer are desirable options.

4. Strengthen Your Emergency Fund:

With two sets of expenses, even a small surprise can strain your budget. Aim for at least three to six months of essential costs saved in an accessible account. Deployments are unpredictable; a solid safety net offers peace of mind.

5. Keep Communication Open:

Regular financial check-ins, by email, video call, or a shared spreadsheet, help prevent misunderstandings. Set a standing “money meeting” once a month. Agree on spending limits and savings goals in advance.

6. Seek Professional Support:

Military families don’t have to handle this alone. Certified financial counselors, base family support centers, and organizations like the Military Family Readiness Program offer free guidance tailored to deployment situations.

Need More Assistance?

Dual household costs can feel daunting, but with a clear plan, open communication, and use of military benefits, families can stay financially secure during deployment. Walters Financial Wellness is there for all your pre, during, and post-deployment financial needs. Contact us today for a consultation! 

Serving in the military often means juggling the demands of duty with everyday responsibilities, like managing bills, loans, and leases. The Servicemembers Civil Relief Act (SCRA) was created to ease that burden. Whether you’re on active duty, deployed overseas, or preparing for deployment, the SCRA provides important financial safeguards so you can focus on your mission without worrying about money matters back home.

What Is the SCRA?

The SCRA is a federal law that offers a wide range of financial and legal protections to active duty servicemembers, including members of the National Guard and reservists who are called to active duty. These protections also extend to certain dependents.

Key Financial Protections Under SCRA

1. Interest Rate Cap:

If you took out loans or credit cards before entering active duty, the SCRA limits the interest rate to 6% during your service period. This includes credit cards, mortgages, car loans, and other debts. Any interest above 6% must be forgiven, not just deferred.

2. Protection Against Default Judgments: 

If you’re unable to appear in court due to military service, the SCRA can delay or set aside default judgments. This prevents creditors or landlords from winning a lawsuit simply because you couldn’t attend.

3. Lease and Housing Flexibility:

Need to move because of deployment or a permanent change of station? The SCRA allows you to terminate housing leases and vehicle leases without penalty when you have qualifying military orders.

4. Foreclosure and Eviction Protection:

The law provides safeguards against foreclosure and eviction, ensuring that you and your family aren’t forced out of your home while you’re serving.

5. Protection from Repossession:

Your vehicle or other financed property cannot be repossessed without a court order if you made a payment before entering active duty.

Life in the military can be unpredictable. Unexpected deployments or transfers can create financial stress that civilians rarely face. The SCRA helps level the playing field, giving servicemembers the time and flexibility they need to manage obligations without damaging their credit or losing essential property.

How to Take Advantage of SCRA Benefits

• Notify Your Lenders: You must request the 6% interest rate cap in writing and provide a copy of your military orders.
• Keep Records: Maintain copies of all correspondence and orders to prove eligibility.
• Seek Professional Guidance: A financial counselor can help you navigate the paperwork and ensure you receive every protection you’re entitled to.

💡Tip: Louisiana has its own Servicemembers Civil Relief Act (SCRA) protections. Under Louisiana Revised Statute § 29:312, if you (or your spouse) are deployed on active duty, the interest rate on eligible debts you entered into on or after June 29, 2005 can be capped at 6% during the deployment period, as long as you give the creditor written notice and a copy of your orders within the required time frame.

Contact Us Today for More Information

If you have questions or need help applying for SCRA benefits, our financial counseling team at Walters Financial Wellness is here to assist. Contact us today to schedule a consultation.

If you’ve ever heard the phrase “make your money work for you,” compound interest is exactly what they’re talking about. It’s the main component behind long-term wealth building. The good news? You don’t need a math degree to understand it.

What Is Compound Interest?

Think of compound interest as interest on interest. When you invest or save money, you earn interest on your original amount (the principal). Then, the next time interest is calculated, it’s applied to the principal plus the interest you’ve already earned. Over time, that snowball effect can grow surprisingly large. 

Here’s an example: 

Imagine you invest $1000 at a 5% annual interest rate, compounded yearly. After the first year, you will have $1050. The second year, you earn 5% on $1050. This brings you to $1102.50 in year two. By year ten, without adding a single dollar, your balance will grow to $1628.89. That means you earn $628.89 by letting time and compounding interest do the work.

With small sums of money, you will still see progress, but the real magic happens when you begin to use compound interest on large sums of money. Then, the possibility for growth is endless. And, the earlier you start, the more dramatic the results will be.

Time Is Your Best Friend

Saving $200 a month starting at age 25 can leave you with roughly double the amount compared to starting at 35, even if you save the same monthly amount. Why? Those extra years give compound interest more time and opportunity to multiply your money.

Tips for Compound Interest: 

• Start as soon as you can: Even small amounts add up.
• Stay consistent: Automatic transfers to savings or investment accounts make it easy.
• Reinvest your earnings: Don’t pull out your interest. Let it compound.

Need More Help?

Compound interest rewards patience and consistency. By beginning early and letting your investments grow undisturbed, you are using a powerful financial tool to grow long-term wealth.

At Walters Financial Wellness, we work hard to get our clients to where they want to be financially. Whether you’re saving for retirement, a home, or your child’s education, Walters Financial Wellness can help show you how compounding interest can help you get there faster, without working harder. Contact us today!

Managing your finances effectively isn’t just about earning money, it’s about making conscious choices about how you spend it. One of the fundamental concepts in personal finance is distinguishing between needs and wants. Understanding the difference can help you make smarter financial decisions, reduce stress, and achieve your long-term goals.

What is the Difference Between Needs & Wants?

• Needs are essentials: things you must have to live and function comfortably (housing, utilities, food, healthcare, and transportation).
• Wants are non-essential items (eating out, ordering take-out, and luxury items).

How to Balance Needs and Wants

Finding the right balance between needs and wants is key to financial wellness. Here are some practical strategies:

1. Create a Budget: Start by listing all your monthly income and expenses. Categorize each expense as a need or a want. This gives you a clear picture of where your money is going and helps you prioritize essentials.

2. Follow the 50/30/20 Rule (50% for needs, 30% for wants, and 20% for savings and debt) 

3. Delay Gratification: Before making a want-based purchase, pause and ask yourself: “Do I really need this right now?” Waiting 24–48 hours can prevent impulsive spending and help you make more intentional choices.

4. Differentiate Between True Needs and Perceived Needs: Sometimes, we convince ourselves a want is a need (example: upgrading to the latest smartphone might feel necessary, but your current phone works fine). Being honest with yourself is crucial.

5. Allocate Fun Money: Budgeting for wants doesn’t mean avoiding them entirely. Set aside a specific amount each month for discretionary spending. This keeps you from feeling deprived while staying financially responsible.

The Bottom Line

Managing needs and wants isn’t about eliminating fun or comfort, it’s about making intentional choices. By prioritizing essentials, setting boundaries for discretionary spending, and planning for the future, you can enjoy life today while securing financial stability for tomorrow.

At Walters Financial Wellness, we strive to help our clients manage wants and needs. Need help? Contact us today!

When it comes to personal finance, it’s easy to get caught up in the big picture; paying off large debts, saving for retirement, or buying a home. While these long-term goals are important, focusing solely on them can sometimes feel overwhelming. That’s why celebrating small financial victories is crucial. It keeps you motivated, builds confidence, and reinforces positive money habits.

1. Small Wins Build Momentum

Financial progress often feels slow, especially when tackling large goals like paying off a mortgage or student loans. However, small victories, like paying off a credit card, saving $100 in an emergency fund, or sticking to a budget for a month, create momentum. Each win acts like a stepping stone, bringing you closer to your larger goals while keeping your spirits high.

2. Celebrating Reinforces Positive Habits

Humans are wired to repeat behaviors that feel rewarding. By acknowledging and celebrating financial wins, no matter how minor, you reinforce the habits that got you there. Did you finally avoid impulse shopping this month? Treating yourself in a modest, mindful way signals your brain that smart financial choices are worth it, encouraging you to continue practicing them.

3. Boosts Motivation and Confidence

Money management can be intimidating. Seeing tangible results, even small ones, can significantly boost your confidence. Each victory, like successfully negotiating a lower bill or hitting a savings milestone, reminds you that you are capable of managing your finances. This confidence can reduce anxiety and make tackling bigger financial challenges feel more achievable.

4. Encourages Mindful Spending

Celebrating small wins doesn’t mean splurging recklessly; it’s about being intentional. Whether it’s enjoying a small treat, taking a short trip, or investing in a personal development course, celebrating milestones mindfully strengthens your relationship with money. It shifts the focus from deprivation to mindful achievement, making financial management more sustainable in the long term.

5. Keeps the Journey Enjoyable

Financial planning is a marathon, not a sprint. Without moments of celebration, even the most disciplined savers can feel burnt out. Recognizing and enjoying small victories keeps the journey engaging and rewarding, reminding you that progress is happening, even if it’s not always dramatic.

How to Celebrate Small Wins

• Set Achievable Milestones: Break large financial goals into smaller, trackable steps.
• Track Your Progress: Keep a visual tracker, like a savings chart or debt repayment log, to see progress over time.
• Reward Yourself Mindfully: Treat yourself to something meaningful but budget-friendly.
• Share Your Success: Celebrate with friends, family, or a financial accountability partner.

Final Thoughts

In the journey to financial wellness, every step forward matters. By acknowledging and celebrating small victories, you create a positive feedback loop that fuels motivation, reinforces good habits, and makes achieving your long-term goals not just possible, but enjoyable. Remember: progress, no matter how small, is still progress.

Need an accountability partner? Walters Financial Wellness would love to be that for you! Contact us today!

The gig economy has opened up opportunities for people to work on their own terms. Whether it’s pursuing a passion, picking up extra income, or simply enjoying a more flexible schedule. From ride-share drivers to freelance designers, gig workers enjoy independence, but that freedom comes with some important tax responsibilities. Knowing what to expect can help you avoid surprises and make the most of your earnings.

1. Gig Income is Taxable

Unlike traditional employees, taxes aren’t automatically taken out of your pay. As a self-employed worker, you need to report all the money you earn, whether it’s cash, digital payments, or checks. Keeping detailed records of everything you receive is key.

2. Self-Employment Tax

Self-employed workers pay both the employer and employee portions of Social Security and Medicare taxes, known as self-employment (SE) tax. For 2025, that rate is 15.3%. This is on top of your regular income tax, so planning ahead is important.

3. Deductible Business Expenses

One perk of working for yourself is being able to deduct business expenses. 

Some common deductions for gig workers include:

• Vehicle expenses (mileage or actual costs for rideshare drivers)
• Home office costs
• Equipment, tools, or software used for work
• Marketing and advertising expenses
• Professional services like accounting or legal advice

Tracking these expenses throughout the year can lower your taxable income significantly.

4. Estimated Quarterly Taxes

Since taxes aren’t withheld from your gig earnings, the IRS expects self-employed workers to pay estimated taxes every quarter. Missing these payments can result in penalties and interest. Setting aside a portion of each paycheck and scheduling quarterly payments can prevent stressful surprises.

5. Form 1099s and Record-Keeping

If you earn $600 or more from a company, they may send you a Form 1099-NEC. Even if you don’t receive one, you’re still responsible for reporting all income. Keep accurate records, including invoices, receipts, and bank statements, to stay on top of your reporting.

6. Retirement Savings Opportunities

Being self-employed gives you access to tax-advantaged retirement accounts like a SEP IRA or Solo 401(k). Contributing to these accounts not only helps you save for the future but can also lower your taxable income.

7. State and Local Taxes

Remember that state and local tax rules may apply as well. Some areas have extra self-employment taxes or business registration requirements, so it’s important to understand the rules where you live to stay compliant.

Working in the gig economy gives you freedom, but it also requires proactive tax planning. By tracking income and expenses, paying estimated taxes, and taking advantage of deductions, you can manage your tax obligations and keep more of what you earn.

For personalized guidance, Walters Financial Wellness can help you navigate taxes, maximize deductions, and plan for a secure financial future. Schedule a consultation today.