There are no wrong ways to save money, and making ends meet is easier for some families than others. When money is plentiful, families are more likely to set cash aside for retirement or for an emergency. However, some military families struggle to save for what could be over the horizon.
According to a 2010 Financial Industry Regulatory Authority (FINRA) survey, 52 percent of enlisted members and 32 percent of officers are not saving money. Worse yet, only 50 percent of military respondents had enough money for a three-month emergency during which they’d have no income. Although these tips are simple, basic actions they’re a good start for military families who need to set aside money.
A pink, porcelain piggy bank isn’t necessary. The idea is to collect coins and small bills. It takes time, but your piggy or jar will accumulate some savings. Just think, setting aside $0.50 a day yields $182.50 in a year. That’s not overwhelming, but it’s better than $0.
Holidays are sneaking up on everybody, including military families. Any time of year though, limit your shopping and avoid impulse buys . If you pick something up and want it, ask yourself if you need it. Also, try shopping online or at thrift stores to save on gifts. Whenever you buy discounted goods, toss the difference in your piggy bank.
Whether you’re headed to the commissary or other grocery store, search for coupons. It might take more energy and time, but the savings pay off. It’s easy to go online to find what coupons are available at commissaries and ask other military families or spouses. Check out our Deals and Discounts channel to find military-exclusive deals to help you save.
There’s an abundance of ways to save money that certainly don’t fall within the three tips above. Come up with your own ideas and share them with us.
Photo courtesy mwiththeat