Budgeting Tips for Military Families

Military Appreciation Day honors the members of the Armed Services. But, we also must think about their family members. Military families don’t just support our troops for a day or a week. They also offer a strong foundation year round. For this week’s savings tips post, I want to offer some budgeting tips for military families teaching you guys about how to save money.

Make a Budget

The first step in saving money is knowing where your money is going. Sit down and calculate all of your bills and necessary expenses such as groceries. Then be sure to keep track of all purchases. There are great money management software programs that could be a big help as well.

Budgeting Tips for Military FamiliesBe Energy Efficient around the House

Making a few changes can really add up. Turn off all the lights when you’re not using them. Lower the temperature on your water heater to 120 degrees. Likewise wash your clothes on Cold and run the Dryer on low. Switching your light bulbs from incandescent to fluorescent or LED bulbs will use less energy and last much longer.

Be a Frugal Shopper

Use coupons and always shop with a list. This will help you from buying unnecessary items. If you need clothes visit a few consignment shops first. You don’t want worn out clothing, but consignment shops are more interested in getting quality clothing that they can sell. Like clothes, before making purchases shop around. Craigslist and Ebay can be great for saving money on items. And take advantage of your local library instead of buying books. Most libraries offer movie rentals as well. And if you think you might want something in the future try and buy it in the offseason. Need a new winter jacket? You can probably find some cheaper now that it’s summer.

Cut the Fat From your Bills

When’s the last time you looked at your cable bill? Do you need ALL of those channels? Look into downgrading to a less expensive package. Also ask if you can get a discount for military families. Your cable company may not, but some cell phone carriers do. If you can, bundle your bills such as your phone, cable, and internet. Look into bundling your insurance policies as well. Combining your home and auto insurance policies could save you a few bucks. And if you have multiple debts look to consolidate them into one lower interest loan. Always pay your bills on time to avoid late fees.