Are You In The Military? Here’s How You Can Save Money For The Future
If you are serving the military, you are serving your country. You can be in the Army, Navy, Air Force, Marines, or working as a Coast Guard. What matters of the day is you are giving your all in preserving your country’s traditions and giving utmost priority to its sovereignty. However, this doesn’t necessarily imply that you won’t have to deal with all the issues that an ordinary individual faces in daily life. This is true specifically for money management and the stress that is tagged along with it. The National Foundation for Credit Counselling found out through a poll that around 90% of those working in the military feel anxious as far as money is concerned. How to save money for the future and get rid of the stress if you are in the military? Find out.
There Is No Secret Formula to Save Money
There is no magic formula to lose weight aside from working out more and consuming less. Similarly, there is no secret to saving money aside from spending less. When you receive a paycheck, you take out a portion of the sum and deposit it in a savings account. You can watch your money work by forwarding an amount to a high-yield savings account since you earn more from the interest rates that are offered to you through these savings accounts. When you deposit more money into your high-yield savings account, your annual percentage yield starts climbing higher. However, there are some high-yield savings accounts, where you are not required to maintain a minimum balance.
Create an Emergency Fund
If you chance upon an emergency in your life such as a serious medical condition and need money immediately, are you equipped enough financially? As per a study conducted by the Federal Reserve, two-fifths of the people residing in the United States confess that bringing an amount of $400 instantly would be an uphill task for them. This is the reason why every financial advisor suggests that one should always aim to create an emergency fund. An emergency fund can be of great utility and can serve as a lifesaver in times of crisis. Contribute a part of your paycheck to your emergency fund, so that you can sail over the troubled waters whenever needed.
Budgeting Should Be a Priority
Every officer or a member of the military is known for their 3 D’s – discipline, dedication, and diligence. These are three things that are required while chalking down a budget and stick to it throughout come what may. With that being said, the NFCC polling has revealed that 54% of the army members fail to maintain a budget. This applies to more than 50% of their family members. Their spouses in particular. To stick to your decision of not shelling a dollar more than what is needed, you need to be regimented just like the way you have been taught in the military.
Earn More By Knowing More
You are the one who can decide how much needs to be spent and the rest saved to prevent a breakdown during the dark days. You have to absolutely disciplined about spending money on your day-to-day necessities. The same is applicable when you are dining out or going on a trip. No extra dollar must be spent if you are really serious about saving money. You might be confident that there is nothing about money that you don’t know. But, in reality, you are just standing on the seashore, picking up seashells. There is always more room for knowledge. As you come to the various aspects of finances, you grow more financially mature. There are plenty of saving tips that can help you help you manage your income more effectively.
Get The Military Discounts
Since you are in the military, you have a much higher position in society. People respect you and hold you in high esteem. That’s pretty natural. People working in the military can avail the benefits of military discounts. There are malls, restaurants, movie halls, and other places which offer discounts to members of the military as well as army veterans. You have to find out where you can lay your hand on these discounts. The management of the malls, restaurants, and movie halls will be glad to offer these benefits to someone who belongs to the military. As a result, you save quite a lot.
There are several more methods you can apply to save money. You might have short-term and long-term financial objectives. To handle them professionally, consult a financial advisor.
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