First responders including police officers, firefighters, and emergency medical personnel – work hard to keep us safe every day. But while their jobs are important, many first responders face tough financial challenges. From working extra overtime to managing stress at home, taking care of their finances isn’t always easy. In a recent episode of the “When The Call Hits Home” podcast, financial advisor and former police officer Brian Box shared smart tips and expert advice about financial planning for first responders. Here’s what you need to know!

Understanding the Unique Money Challenges First Responders Face

First responders often deal with situations the general public doesn’t experience, and this can add extra stress when it comes to money. Brian Box explained that one main difference is access to overtime jobs. Many first responders can work extra shifts or special events, which helps bring in more money. But there’s a catch: “Are they truly using that tool to the best way that they can?” Brian asked.

Extra pay can be a blessing but if you spend more than you save, you can easily get trapped working more overtime just to pay bills. According to Brian, many first responders fall into a cycle: “They buy toys, then they don’t have enough money to pay for it, so they have to work overtime. But now they can’t enjoy the toys they bought.” Managing overtime and spending is a key part of good financial planning for first responders.

The Link Between Money Stress and Relationships

Money problems don’t just affect bank accounts, they can hurt relationships too. Brian shared that about 50% of marriages end in divorce, but for first responders, it’s even higher, sometimes up to 75%! Why? “The job itself is inherently stressful…and then you throw the financial piece in it,” he said. Too much money stress makes it hard for families to spend time together. This is why managing money carefully is so important for a happier home.

Building Financial Wellness: Where to Start

So how do you start on the path to financial planning for first responders? Brian says it’s all about making a plan and taking small steps. Here are some expert tips he shared:

1. Make a Budget

Many people don’t even know where their money goes each month! Brian recommends starting with a budget. Sit down and write out everything you earn and spend. “Your greatest wealth-building tool…is the budget,” he explained. Once you see where your money is going, you can make smarter choices.

2. Break the Debt Cycle

If you’re paying off lots of credit cards or loans, try the “debt snowball.” List your debts from smallest to largest. Pay off the smallest first, then move to the next. This helps you feel successful and keeps you motivated.

3. Set Aside Emergency Money

Brian says it’s important to have savings for emergencies, so you’re not caught off guard. Most people don’t have $1,000 saved for a rainy day. If you can, set aside a little each month to build up your safety net.

4. Plan for Retirement Early

First responders usually have pensions, but those may not cover all your future needs. Start saving in a retirement account as soon as you can. Even small amounts add up over time. “The earlier you start, the better off you’re going to be. But again, it’s never too late to start,” Brian encouraged.

Making Money Conversations a Priority

Brian, Ashlee and Jennifer agree: talking about money with your family is important. Be open and honest about your financial goals, challenges, and dreams. This helps everyone work as a team. And remember, it’s normal to need a little coaching or help – don’t be afraid to reach out to a financial expert who understands first responders.

Conclusion: You Can Achieve Financial Wellness

Financial planning for first responders is all about understanding your unique situation, making a budget, paying down debt, and planning for retirement. These steps will help you feel less stressed and more in control of your money and your future. As Brian says, “If you can get your financial wellness under control, the rest can fall into place.”

Whether you’re just starting your career or thinking about retirement, it’s never too late to make smart choices with your money. For more resources, consider reaching out to organizations like Financial Cop, or listen to full episodes of “When The Call Hits Home” for more tips and stories from first responder experts.

Thank you Brian for joining us! You can connect to Brian and the Financial Cop team @ https://financialcop.com/

If you would like to explore our resources page or other episodes