Geo-Baching
Geo-Baching
Being a dual military couple, we have spent almost our entire marriage stationed in different locations. Although the distance is tough, we view it as a blessing in our relationship as it strengthens our communication – especially about finances!
Our paychecks are deposited into individual accounts, but we have a joint savings that our tax refund or stimulus checks go into. Since we live separately, we are each responsible for our own rent and grocery bills. For our other major bills, we split them somewhat evenly; one person pays for car insurance and pet care, the other pays for cell phone and entertainment subscriptions. We choose to divide them like this over splitting them straight down the middle for simplicity’s sake.
Recently, we each signed up for different credit cards that offer airline miles as rewards to ease the cost of travel. We try to use those cards for most purchases and then immediately pay off the balance, building credit and accumulating miles to visit one another.
MilSpouse Money
Mission Response:
Geo-baching can be a challenge but Tate offers some great suggestions to make the most of it! Communication is key when it comes to managing finances while living apart. There are many factors to consider like how to manage individual and joint expenses, increased household costs, and how to manage banking and financial goals. Work together with your spouse to find a budget that works for your family’s unique needs. It could be a mobile app, spreadsheet or pen and paper, but the most important thing is that you do it! Check out this resource for more topics related to geo-baching and how it could impact your family.
Increased travel cost is a likely result of geo-baching and Tate mentions how they use rewards from their credit cards to offset travel costs. Some cards offer attractive incentives or rewards programs, but make sure you understand the terms of your card. Responsible credit use can help you build your credit reputation and afford things you cannot pay for in cash. Credit can also be misused, so proceed with caution and practice good habits. Learn more in our section Understand Credit.
