In the military, you learn to prepare for the future using the tools at your disposal. When it comes to saving money, the military provides several tools so you can build a secure financial future. The more money you save, the more prepared you will be for opportunities or unexpected events that come your way. You may want to buy a new car, help your children pay for college or start contributing to your retirement. Military OneSource provides the resources and information to help you master the skills of budgeting and saving so that you can build financial security.
Start saving with these steps:
Track your expenses.
You may be surprised at how small daily costs can add up. Examine your monthly cash flow to see how much is coming in and going out. What does your housing payment look like? How much do you spend on car loans, household bills and entertainment costs? To get help with tracking your expenses, there are multiple apps you can download for free There are also many comprehensive software programs available.
Relevant Articles:
- Budgeting Tips to Successfully Manage Your Budget
- Living Within Your Means
- 7 Small Steps to Jump-Start Your Savings
Relevant Resources:
Live within your means.
Get on the right financial track by tracking your expenses and deciding the best ways to allocate your paycheck for long-term financial success. You’ll find ways to successfully manage your budget, great (even some easy) ways to save money and steps to take to help you live within a budget, while managing to squirrel away some savings.
Relevant Articles:
- Building a Solid Emergency Fund and Creating Financial Readiness
- 11 Calculators to help you Take Control of Your Personal Finances
- Personal Financial Management Counseling Options
- Living Within Your Means
Relevant Resources:
- Take Control of Your Cash (podcast)
- Creating a Spending Plan (podcast)
- Personal Financial Management Program
Reduce expenses.
There are many ways to reduce expenses and save money. Start with using military discounts, reducing energy use, couponing and tapping into Department of Defense travel services. Consider doing home repairs and maintenance yourself or swap services or trade time with a neighbor.
Relevant Articles:
- 25 Money-saving Tips for Military Families
- Hang on to These Eight Saving Tips for Your Next Paycheck
- How to Create a Financial Plan for Every Phase of Life
- Budgeting Tips to Successfully Manage Your Budget
Relevant Resources:
Save during deployment.
With deployment comes some additional cash, providing a good opportunity to save money and work toward financial security. Set savings goals that will make the most of your special payments. Decide how much you need to save each pay period to reach your goal. Make your savings goal official by taking a pledge with the Military Saves campaign.
Relevant Articles:
- Preparing for Deployment by Setting Savings Goals
- How to Control Your Budget When Your Spouse Is Deployed
Relevant Resources:
