(BPT) - No matter your stage in life's journey, it's never too early or late to make financial plans. For military families especially, planning helps you withstand major transitions and gives you confidence about the future. From your first Permanent Change of Station (PCS) to deployment and separation, you'll have many decisions to make and high-priority items on your to-do list, including managing your finances.

Financial Planning Month is the perfect time to work on setting goals for your financial future. Here are tips to get you started.

Begin with the basics: Savings

Developing a savings plan is a great place to start. Even when you're starting out in your career, developing the habit of setting money aside from each paycheck can help you build an emergency fund for unexpected events. One approach is to open a separate savings account for that purpose and have a small portion of each paycheck automatically deposited into that account, so you don't even have to think about it.

How much should you strive to save for an emergency fund? Many experts recommend saving 3-6 months' living expenses to provide a cushion in case of job loss, unanticipated repairs or other unexpected needs.

"The amount of money needed to maintain financial security can vary widely depending on your individual circumstances," says Jaspreet Chawla, senior vice president of member and deposit products at Navy Federal Credit Union. "That's why it's essential to assess your personal financial situation. If you're able, try to consistently set aside a portion of each paycheck and aim to save even more, when possible, to build a stronger safety net."

If you're unsure what goal is best for you, Navy Federal offers free online calculators to help you determine the amount of emergency funds you'll need to keep your finances secure, plus tips on creating the fund and what it takes to reach your goals.

You can also find ways to make your savings work harder for you than a traditional savings account using options like a Money Market Savings Account or Certificates, both of which typically offer higher interest rates to help boost your savings.

Household budgeting

While it may sound scary, budgeting is simply knowing how much money is coming in (your income) and how much is going out (your expenses). The key to a good budget is understanding the difference between necessary expenses, such as rent and utilities, insurance, groceries and transportation, versus discretionary spending like entertainment, dining out and vacations. It's also important to remember that some necessary expenses can fluctuate, such as utilities at different times of the year.

Financial institutions frequently offer online tools to help make budgeting and expense management easier. Navy Federal offers My MakingCents, a free tool to help members manage their money. It allows members to see all their accounts in one place, track spending by category, build custom budgets, and manage subscription services. The goal is to simplify budgeting for members, especially for things like subscription services, that are often easy to overlook or unintentionally overspend on.

As you review your expenses, be sure to include paying down debt as a necessary cost, since less debt will save money on interest down the road. You may find that you sometimes need to reduce discretionary spending and/or find ways to increase household income to help manage your costs so you can keep putting money toward savings and debt repayment.

"Budgeting starts with knowing your numbers," says Thomas Racca, manager of personal finance management at Navy Federal. "Your budget should work with your life, not against it. Flexibility is key."

Racca recommends starting with the essentials: "Track your fixed costs first - things like rent, mortgage, car payments and insurance. Then look at your past spending to get a realistic average for variable expenses like groceries, dining out and gas. That's where you'll find opportunities to adjust." One of his top tips is to "treat savings like a bill. Pay yourself first, every month. Even small amounts add up over time and build financial confidence."

Retirement planning

Whether retirement is years away or just around the corner, the earlier you start saving for your retirement, the more confident you can be when you approach that milestone. Each retirement plan type offers different benefits that can elevate your retirement savings.

Both Traditional and Roth Individual Retirement Accounts (IRAs) help diversify your retirement savings approach and allow you to contribute up to the limit at any time while you're earning income.

• Traditional IRA is recommended if you're expecting to be in the same or lower tax bracket when taking withdrawals, and contributions are potentially tax-deductible. You'll enjoy tax-deferred growth now and pay taxes on withdrawals when you retire.
• Roth IRA is best for those who expect to be in a higher tax bracket when taking withdrawals, and who don't need a deduction on taxes now. You'll pay taxes on contributions now and enjoy tax-free withdrawals later.

Estate planning

Planning for your loved ones' future is important for protecting your assets, so your heirs won't overpay taxes - and to ensure your wishes are honored. A well-crafted estate plan can reduce the time, stress and financial burden if the unexpected happens.

Common estate planning documents include a will, trust, guardianship designations, financial powers of attorney and advance directives for medical decisions - also known as a living will. These tools work together to provide clarity and control over how your assets and care are managed.

Expert personalized guidance

Whatever stage you are at in life, it's natural to have questions about your best next steps. To take the guesswork out of financial planning, Navy Federal Investment Services can help make your vision a reality, using either their online Digital Investor tool, or by meeting with one of their Financial Advisors.

At any stage - transitioning to civilian life, getting married, beginning a family, saving for college or eyeing retirement - developing a concrete financial plan makes all the difference.

"Your financial goals may shift over your career and lifetime, and what you consider a financial accomplishment today could easily evolve with changing circumstances," says Michael Dale, vice president of investment services at Navy Federal Investment Services. "That's why maintaining a relationship with a trusted financial advisor or institution is key and ensures your financial strategy adapts with you, so you're always making the most of your money."

Navy Federal Credit Union is federally insured by NCUA.

Navy Federal Financial Group, LLC (NFFG) is a licensed insurance agency. Non-deposit investments, brokerage, and advisory products are only sold through Navy Federal Investment Service (NFIS), a member of FINRA/SIPC and an SEC registered investment advisory firm. NFIS is a wholly owned subsidiary of NFFG. Insurance products are offered through NFFG and NFIS. These products are not NCUA/NCUSIF or otherwise federally insured, are not guaranteed or obligations of Navy Federal Credit Union (NFCU), are not offered, recommended, sanctioned, or encouraged by the federal government, and may involve investment risk, including possible loss of principal. Deposit products and related services are provided by NFCU. Digital Investor is offered through NFIS. Financial Advisors are employees of NFFG and they are employees and registered representatives of NFIS. NFIS and NFFG are affiliated companies under the common control of NFCU. Call 1-877-221-8108 for further information. Trust Services available through MEMBERS Trust Company. 1-855-358-7878.