Budgeting and Saving

In the military, you learn to prepare for the future by 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.

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?

To get help with tracking your expenses, there are multiple apps you can download for free. There are also many comprehensive software programs available.

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.

There are many ways to reduce expenses and save money. Start with using military discounts, reducing energy use, couponing and tapping into Defense Department travel services. Consider doing home repairs and maintenance yourself, swapping services or trading time with a neighbor.

ARTICLE FOR REDUCING EXPENSES

• • 25 Money-saving Tips for Military Families

This is key to your budget process. You want your money going toward your needs and not to paying those interest rates. Write down each credit card’s debt and the interest being charged. Pay off the highest ones first while maintaining minimum payments for the others. Consider taking the “Consumer Credit” course to learn how to use credit cards wisely.

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.

Choose your deployment savings goals

Staying on budget is hard but try your best and follow these tips.

• Avoid impulse purchases. Be aware of what triggers you to make impulse purchases. Try to stick with your list when shopping and not buy other items. Postpone unexpected purchases by a week to see if you still want the item or if you can find a better price.
• Don’t let deployment throw you off your budget track. Deployment often involves unusual expenses or special payments and entitlements, both during and after the deployment. Track your LESs via myPay. Before you leave, set up automatic payments or schedule bills that must be paid. Go to your legal assistance office to give your spouse power of attorney to make needed purchases for you, and be careful not to overspend on electronics or equipment you may not need.
• Watch out for the holidays. Holidays can be a stressful time for you and your budget. Your feelings may range from the holiday blues to feeling overly generous. Both can lead to purchases that wreak havoc on your budget. Plan ahead for holiday gifts, decorations and parties. Watch those impulse buys and book your travel plans early

Money-Management reminders for service members