Being in the military comes along with a lot of its own financial woes. Things like base transfer and deployment can put a dent in your financial standings. Being able to properly cut your day to day expenses and save for those special financial woes is a necessity. Here are four of our best tips to help you and your family out.
Understand Your BAH
If you’re fairly new to the military, realize that you’ll be given a BAH. This is a basic allowance for housing. This is money that you’ll be given each month to put towards your rent. This is going to change with a few factors including the geographical location and the number of dependents that you have. It’s best to know your BAH ahead of time. This way, you can find a place that is within your BAH. This will save you from having to pay for excess housing expenses.
Take Advantage of Military Discounts
One key to discovering how to get rich in the military is to be more knowledgeable about military discounts. These discounts can be available for a wide variety of day to day expenses. For example, many major phone networks will offer a military discount that can save you a percentage on your monthly bill. Every little bit of savings helps to reduce your overall monthly expenditures.
Talk With Supplied Financial Counselors
The military offers free financial counselors. It’s vital that you take advantage of these professionals as they have knowledge that can save you a bundle. They can advise you of specific programs, like BAH, where you can learn about how you can get assistance for the basic necessities of living. They can also help to better assess your budget and allow you to better cut your unnecessary spending.
Trade Services With Friends
While there are tons of professional services out there you can enjoy, there’s really no reason to spend money if you don’t have to. Consider trading services with other military members so that you don’t have to exchange any money. For example, instead of spending money at the barbershop, simply have a friend trim your hair and you trim theirs.
Cutting your expenses can be an overwhelming process for anyone. However, for those in the military, there are many other financial woes like base transfers that you have to be prepared to deal with. The above are four great ways that you can cut your expenses and get in control of your finances.