Soldier families: Alleviate stress, ease the transition of PCS moves

Soldier families: Alleviate stress, ease the transition of PCS moves

Friday, August 1, 2014

Military families know that with summer comes PCS season. Adding to the stress of moving for many military families, this also means taking a hit to their budgets.When working military spouses move with their service member, they are forced to leave their job and the second income that comes with it.It can be months before military spouses find new employment at their new duty station and those months without pay can have a negative impact on a family’s financial well-being.Unemployment compensation can help ease the transition from two incomes to one, and help fill the void while the spouse is looking for employment at the new duty station.For most people, leaving a job voluntarily does not qualify them for unemployment compensation. However, many states now offer unemployment benefits to military spouses who leave their job as a result of a military move.Currently, 45 states and the District of Columbia permit an individual who leaves employment, most often due to a move, to remain eligible for unemployment compensation.States that do not offer this benefit are Idaho, Louisiana, North Dakota, Ohio and Vermont.This compensation does not come from the employers’ account, but from the state’s general unemployment fund.Military spouses should not be uncomfortable or feel embarrassed to file for this compensation. This money is specifically set aside for you to use and your former employer will not take a hit.To apply for unemployment compensation you will need to research how your state requires you to file.In some states you must visit your local Department of Labor. Others allow you to file online or at the office in the state you move to.Each state has different requirements that must be met in order to receive unemployment compensation, such as: minimum hours worked for the employer, the reason for leaving employment, geographical distance between employer and your new location, and if you are actively pursuing other employment opportunities from your new location.While searching for a job at your new duty station, be sure to take advantage of all the resources that are available to military spouses.Update your résumé using Career Spark, a first-of-its-kind online tool that gives military spouses the résumé they need to start and maintain a meaningful career.Career Spark walks military spouses through developing a résumé based on their unique skills.Once completed, spouses have the option to make their résumés searchable to thousands of employers nationwide looking for qualified veteran and military spouse candidates.The Military Spouse Employment Partnership (MSEP) is a career partnership program that connects military spouses with more than 180 employers who pledge to recruit, hire, promote and retain military spouses.You can access their online job board to find employers who want to hire military spouses. MSEP partners have hired more than 60,000 military spouses.Military Spouse Corporate Career Network (MSCCN) is a team of highly educated and experienced military spouses, caregivers, and veterans that specialize in employment readiness, résumé assistance, virtual training, mentorship and a free employment program.It has dedicated itself to the job-placement and training of our military personnel and spouses.Get out and networkFind out if your local Chamber of Commerce has networking events or if In Gear Career has a chapter in your area. In Gear Career helps career-minded military spouses form powerful social and professional networks.Moving can be stressful, but managing finances between jobs doesn’t have to be.According to Matt McCarville, a financial adviser with Morgan Stanley Wealth Management in Honolulu, Hawaii: "All financial management is driven by an assessment of the situation and a consideration of life goals. So finances for every individual and every family are different."Keeping this in mind, MacCarville offers the following advice for a rainy day fund: "Financial advisers used to encourage clients to have three to six months of spending in cash in a bank for emergencies. The most common emergency is the loss of a job."Since the financial crisis of 2008, the average length of job searches has increased. I encourage my clients to build an emergency fund that would keep their family afloat for 12 months."If you are prepared for that emergency with a solid 12 months of living expenses ‘in the bank,’ then you will be able to approach the job search process with confidence instead of desperation."One way to decisively grow your emergency fund is to scrutinize every purchase. Any potential purpose that does not fit in the ‘absolute need’ category, might be deferred in favor of building your emergency fund – because you may not know it, but you ‘absolutely need’ a solid emergency fund."Another, more gradual way to establish this fund, is to apply half of every longevity raise and pay grade raise to your emergency fund, while enjoying half with an increased lifestyle."We’ve all been therePCS comes with its various stressors and certainly for military spouses who work outside the home, finding and maintaining adequate employment in a timely manner is one of them.But don’t leave behind a potential financial boost during times of unemployment. Do your research and review your options. It could pay off in the end. Career Spark: http://www.mycareerspark.org/MSEP: https://msepjobs.militaryonesource.mil/MSCCN: http://www.msccn.org/In Gear Career: http://www.ingearcareer.org/