Tips for Saving Money While in the Military
Joining the military and defending our country is one of the most noble deeds we can commit ourselves to as Americans. So soldiers, we salute you. And as you’re here to serve us, we at CreditGUARD are here to serve you with these money saving tips.
Have a Plan of Action for Your Money
If you’re just getting started and you’ve enlisted, chances are you’ve got an enlistment bonus and you’ll soon be getting a salary as well. This is a big opportunity to make a smart move financially, but it can just as easily become a liability if you overspend and get yourself into debt as a result. Playing the money game right starts with having a good grasp on the rules of engagement. Credit card companies and other consumer lenders make their money off your choices. When you take out a loan or incur debt you can’t immediately repay, you are going to be paying it back with interest.
Interest: Friend or Foe?
Just as interest can be a problem if you’re in debt, it’s a great asset if you’re investing your income appropriately. Interest keeps growing the wealth of the wealthy, and interest grows the debt of the debtors.
Smart Money Tips
For this reason, it’s absolutely critical to make the best choices you can while you’re in the military. The military is great because it provides so much in terms of assistance with food, housing, travel and medical care. Because many things are taken care of, it can be easy to justify purchases, that were you not in the service, you could not afford.
Be wary of flashy cars, expensive gadgets and lifestyle choices like going out to bars or other alluring and fun activities that drain your wallet. Always spend less than you make and plan for the future by building an emergency savings fund.
This is the only way to get ahead — don’t acquire debt and save for the future.
Once you’re in a position like this, you’ll be nearly unstoppable.
What to Do With Your Money
You can put money into savings, high yield savings accounts or even put money in conservative investments like index funds. Today, there are a lot of resources online about how to save your money and grow your worth by finding ways to invest that offer a better return than just depositing your funds into a savings account. Enlisting the help of a highly qualified financial advisor is a prudent choice. Don’t take stock advice from friends and family unless they’re truly qualified to give that kind of advice. Even then, be sure to do your research and don’t put people in control of your finances that have no business being in a position like that. Guard your resources and preserve your power, financially.
Have a Will
If you’re active duty, there’s always the risk of being called to battle. In the unlikely case that something unfortunate should happen, leave your family in a good place financially by communicating how your estate should be settled. These matters are already hard enough without having to worry about how property, money and other arrangements should be handled.
What to Do if You’re in Debt Now
If all of this information sounds like a talk you’d like to give your younger self, we’re with you. The average American family carries more than $10,000 in revolving debt on any given day. Debt is a liability that many of us struggle with. At CreditGUARD, we’re here to help with credit counseling and debt management, all of which is nonprofit. This means no new loans and no axes to grind. We are here to help, not to profit off your difficult situation. Learn more when you speak to one of our certified credit counselors today at 1-800-500-6489.
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