Military Saves Month is a campaign observed in April to encourage military families to save. The campaign’s mission is to promote and assist service members in building wealth by reducing debt and establishing savings.

With good savings behavior, service members can accrue wealth for their families. By improving financial wellness among military personnel, they can feel more confident investing and saving for retirement.

Tips for Saving While You’re on a Budget

If money is tight or you’re on a strict budget, saving can feel impossible. After all, how are you supposed to save with bills to pay? The good news is that it’s possible to reduce costs even when money is tight. To honor Military Saves Month, Military Luggage Company has collected the following tips to help you find effective methods to save for your future.:

1. Create a Budget of Your Expenses

The first step towards saving is creating a budget with all of your expenses, including bills, groceries, transportation, childcare, gas, and any other costs you incur in a month. Once you know where your paycheck is going each month, you can determine if there are any expenses you can cut.

For example, creating a budget may help you realize that you’re spending over $200 each month on takeout. You can cut or reduce this cost to give you more leeway for your savings.

You’ll also want to consider the cost of expenses like your utilities and insurance. Look online or talk with friends to determine an approximate average for different bills. If you’re paying more than others, consider ways to reduce these costs. For instance, if your electricity bill is significantly higher than average, consider switching your lightbulbs to energy-efficient alternatives or turning off lights in your home when they’re not necessary.

2. Utilize On-Base Savings

Service members can save at the Commissary and Exchange. Shopping for groceries and other necessary items on base can generate year-long savings. While it may not seem like you’re saving much at first, it can quickly add up and contribute significantly to your savings account.

3. Reduce High-Interest Debt

Many people are stuck with high-interest debt that seems impossible to pay off. Credit cards with an extremely high APR can take longer to pay off without the right payment plan, and you might end up funneling hundreds of dollars into these cards each month.

If you have credit card debt and high-interest cards, The Family Readiness Center can help. You’ll have the opportunity to meet with Personal Finance Managers who can help you create a debt repayment plan to help you reduce your monthly expenses while getting you out of debt.

You may also be able to negotiate with your credit card company to reduce the interest rate. If you’ve always made payments on time and above the minimum, you may have some leeway to negotiate the interest rate. While it’s not guaranteed to change, it’s worth a try.

4. Set Up Emergency Savings

Emergencies happen, and it’s better to be prepared than go into debt trying to pay for something last minute. Opening an emergency savings account can prevent you from needing a loan or credit card during an emergency. You also won’t have to dip into your other savings accounts you might be using for a big purchase or a move across the country.

5. Use Monthly Automatic Transfers

Most banks offer an Automatic Transfer Service (ATS), which automatically transfers money from one account to another. You can use this service to transfer funds from your checking to your savings every month, which is particularly helpful if you’re trying to prevent accidental overspending.

You don’t have to set up the ATS to take large amounts from your checking account. You can start by taking a small amount each month, which will add up over time. Eventually, you’ll have significant savings you can put toward your future.

6. Maintain a Budget for Holidays and Special Events

Getting gifts for friends and family on holidays or birthdays can be exciting, but it can also be easy to overspend. While going all in for these events can be tempting, this can quickly drain your savings or extra funds.

Rather than splurging on expensive items, spend within your limits on well-thought-out gifts. You can also make homemade gifts to save money while showcasing your love and appreciation for your family and friends.

7. Resist the Urge to Impulse Buy

Impulse purchases are the quickest way to drain your brain account, especially if you impulse buy an expensive item. If you’re making a costly purchase, take plenty of time to think about it before committing. Generally, you should consider a big purchase for at least 24 hours. Take the time to research the item to ensure you’re getting the best deal or the most savings.

8. Take Advantage of Military Discounts

Many companies offer military discounts to service members. Whenever you’re buying goods or services from a business, ask if they offer military discounts so you don’t miss out on any savings.

You can also take advantage of other types of discounts. Many businesses will have special deals or holiday sales. If you like to shop online, you can use money-saving apps like Honey or Ibotta. These apps apply any available discounts you may not have found to help you generate the most savings.

9. Consider the Cost of Each Purchase

If you’re considering a purchase that isn’t necessary for your survival, carefully consider the cost. You can do this by taking the price of an item and dividing it by your hourly wage. For example, if you’re looking at a product that’s $120 and you make $15 an hour, you would need to work eight hours to afford that item.

Once you know how long you need to work to buy an item, you can determine if the purchase is worth it. This method can prevent you from making an impulsive purchase that isn’t worth the cost.

Save More With Military Luggage Company

Military Luggage Company is dedicated to helping service members, Veterans, first responders, and family members be successful in their future, which includes their savings. We offer a coupon code to these members of our community to help them save when purchasing a new bag for any of their needs.

Use the coupon code PROTECT for 10% off our reasonably priced tough, rugged, and functional gear. Browse our complete selection of military luggage to find a bag suited for your critical operations. You can also get in touch with us with your questions or concerns!