Veteran Money Management Tips
Finding your inner frugality might be difficult for some, but in today’s age of technology, the best deal is often at your fingertips. Below are some great tips for veterans and families to help with planning for purchases, saving time, and finding the best prices to watch the savings add up over the long run.
Price Matching
Most major companies will also price match, so you don’t have to drive all over town to get the best price. Find the biggest box store near you and show the deal at the other store. $5 dollars here and there at the end of the year will equal more money in that savings account!
Shop Smarter
Being frugal is different from being cheap. Finding the best price is important but looking at the products rating and reviews will help consumers to purchase the best product for the price. Over the long haul, paying a little more up front will help in long term savings goals. Giving purchases some due diligence can also make greater gains in personal savings throughout the year.
Find Your Spending Philosophy
Finding a philosophy about spending habits can help to redirect spending. Looking at what’s important, like saving for retirement or agreeing on bigger purchases for what’s needed right now should be a part of that philosophy. Using a money journal to track spending can help to identify patterns, or creating a spreadsheet with a budget in mind can curb unnecessary spending practices.
Budgeting for Couples
Budgeting as a couple can be tricky. Finding a way to negotiate what each spouse wants allows for each spouse to feel like they have access to an appropriate amount of money for their needs while reducing other areas of spending. For example, if one person wants to buy a new car, they might be willing to reduce the cable bill by only using internet TV for a few months to free up that cash to go towards a car payment. Making sacrifices in other places to make a spouse more comfortable is key to the negotiation process.
Being Clever with Accounts
Finally, separate bank accounts can help to alleviate money management issues in families. Creating a joint account to provide for joint expenses, like a home, phones, cable, gas and electric will help to keep all living expenses on track; however, any left over money, outside of savings, should be dumped into individual accounts for each spouse. This “no questions asked” money should be used for what that person wants or needs without the critique of the other.
Money shouldn’t be what causes stress or fights in families. With clear communication, goals, and appropriate time, everyone should be able to get ahold of their finances with positive results.
This Veteran Connection blog is by Rebecca Meyer, a valued contributor for ACI’s Employment Assistance Program and SOAR Student Assistance. A champion of veteran’s causes, she teaches classes for transitioning service members for the Department of Labor, recruits for unique educational and employment opportunities for Upper Limit Aviation and volunteers for USMC Life as a base ambassador. She also volunteers her time to help veterans with their resumes, interview skills and job search. A veteran herself, she is also a spouse of an active duty Marine and stays busy supporting her husband’s career all while raising their 3 year old daughter. Rebecca can be reached on LinkedIn at www.linkedin.com/in/rebeccasmeyer. For more information about ACI’s veteran employee/student support and other services, contact ACI at info@acispecialtybenefits.com.