Being a young military family comes with unique challenges — especially when you're stationed in Great Falls, Montana at Malmstrom Air Force Base.
Between deployments, PCS moves, housing decisions, and navigating military benefits, financial planning can feel overwhelming. With the right structure and understanding of your benefits, military families in Montana can work toward building a stable and flexible financial foundation.
Here are six important financial planning considerations for young military families in Great Falls.
- Build a Montana-Ready Emergency Fund
Even with steady military income, unexpected expenses can arise — particularly in Montana.
Winter vehicle repairs, travel to visit family, PCS-related costs, and housing transitions can add up quickly.
Setting aside several months of essential expenses may help reduce financial stress during deployments or relocations. The appropriate amount will vary based on your household’s needs and comfort level.
- Understand Your Military Retirement Benefits Early
If you’re enrolled in the Blended Retirement System (BRS), it’s important to understand how the components work together.
Areas to review include:
- Thrift Savings Plan (TSP) contributions
- Government matching features
- Investment allocation options
- Long-term pension eligibility requirements
Young service members at Malmstrom AFB have time on their side when it comes to long-term planning. Starting early and contributing consistently can help build retirement savings over time, depending on market conditions and individual investment choices.
- Make Thoughtful Housing Decisions in Great Falls, MT
Basic Allowance for Housing (BAH) provides flexibility, but housing decisions should align with your overall financial picture.
The Great Falls, Montana housing market differs from larger military cities. Before purchasing a home — including using a VA loan — consider:
- How long you expect to remain stationed in Montana
- Property taxes in Cascade County
- Resale considerations if PCS orders change
- Ongoing maintenance, including winter-related expenses
For some families, renting may be appropriate. For others, purchasing may align with longer-term goals. Each situation is different.
- Review Your Protection Planning
Young military families often rely heavily on one primary income.
It’s helpful to periodically review:
- SGLI coverage levels
- Beneficiary designations
- Basic estate planning documents
- Long-term disability considerations
As your family grows, updating these documents can help ensure they reflect your current wishes. Montana estate laws may affect how certain documents are structured, so professional guidance may be beneficial.
- Prepare Financially for PCS Moves
Military life in Great Falls may be temporary. Planning ahead for relocations can reduce financial disruption.
Consider:
- Maintaining organized digital copies of financial documents
- Avoiding unnecessary long-term financial obligations
- Preparing for differences in state tax rules after leaving Montana
- Setting aside funds specifically for relocation-related costs
Montana does not have a state sales tax, which may impact household expenses differently than other states.
- Keep Long-Term Transition Goals in Mind
Whether you plan to serve four years or pursue a full military career, long-term planning matters.
Future considerations may include:
- Pension eligibility requirements
- TSP rollover options
- Healthcare changes after service
- Civilian employment income adjustments
- Potential VA disability benefits
Even if separation or retirement feels far away, periodically reviewing long-term goals can provide clarity as circumstances evolve.
Important Disclosure
This article is provided for informational purposes only and should not be considered individualized financial, tax, or legal advice. Military benefits and personal financial situations vary. Investment decisions involve risk, including the potential loss of principal. Consult with qualified professionals regarding your specific circumstances.