Being a service member comes with a unique set of financial challenges. Major events like PCSing and deployment can be challenging to your finances, but even everyday expenses can pile up. The good news is that you and your support system at home - your family - can work together to make sure your finances are not a daily challenge.
Here are some ways you and your family can save money together:
- Cook instead of going out to eat.
If you’re someone who enjoys going to restaurants or frequents fast food chains, one of the most effective ways for you to save money is by choosing to cook at home instead of going out to eat. Believe it or not, the money you and your family spends at a restaurant in one night could cover the cost of groceries for one week.
Let’s break it down with a person who buys lunch every workday and spends $10 per meal on average. That’s $50 per week and about $2,600 per year. Most dine-in restaurants charge more than $10 for a meal and this average price does not include an appetizer or dessert. Now imagine how much bigger that bill is for the whole family. How much money you could save by cutting out the cost of restaurants?
- Maximize military discounts and use coupons when you shop.
Having a family means managing the wants and needs of multiple people. Your child might want a new toy, your spouse might think it’s time for a new TV, and it might be time to stock up on more pet food. With so many expenses, coupons will be super helpful.
Sign up for emails or mailers to get coupons at your base exchange and seek out coupon stashes at the family readiness center. Additionally, you can find manufacturer coupons online and on your phone. When it comes to shopping off base, apps like Groupon and RetailMeNot allow you to access coupons and discount prices for just about anything from groceries to family activities.
You can also use your military discount to save on countless items, activities, and services. Discounted movie tickets, lowered hotel rates, and even occasionally with airlines! You may even find a discount on select services at auto body shops and more.
>> Check out lists of Military Discounts from MilitaryBenefits.info and Military.com.
- Make a promise to yourself to save and start saving automatically.
You and your family can take the Military Saves pledge and make a commitment to yourself to save. When you take the Military Saves pledge, we’ll send you friendly text messages reminders to make your savings deposit. We’ll also send you great savings tips and tricks! >> Take the Military Saves pledge.
When you commit to saving, the easiest and most effective way to save is automatically. This is how millions of people save for retirement. It is also how millions of Americans save at their bank or credit union. Not only does it ensure you will be saving every month, but it also puts your cash out of sight and out of mind so you feel less of an urge to spend it. >> Learn more about saving automatically.
Let Military Saves help you save money so you can feel confident about your finances. It all starts when you make a commitment to yourself to save. Take the first step today and take the Military Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. Military Saves will keep you motivated with information, advice, tips, and reminders to help you reach your goal. Think of us as your own personal support system.
You and your #MilFam can save money together, as a unit. Here's how to practice good money management habits together from @MilitarySaves! https://bit.ly/2uDUJ7F
