Those who have loved ones in the military face many challenges, and many of them relate to finances. Military Saves Week, which runs from February 25 through March 2, was launched in an effort to improve the financial stability of military families, and there are a few tricks they can learn this week that may help them save money in the coming years, experts say.
Some money-saving strategies only require making changes to where one shops. For instance, families who shop at a commissary can spend as much as 31 percent less compared to other options. Spending less money on basic items such as food and clothing helps families find room for more significant expenses, whether they are paying off college loans or building a savings account.
Paying off debt is another step families should consider during Military Saves Week. According to a study released last year by the Investor Education Foundation, an estimated 25 percent of credit card holders said they were holding at least $10,000 in debt. Even if military families do not have this high a debt paying it down is a must if they want to save more or eventually buy a home.
Perhaps most importantly, however, military families should focus on saving more. According to The Huffington Post, the trick to this is to closely track one's spending over the course of the month to see if there is anywhere to trim expenses.