7 Surefire Ways to Save Money During Deployment

Posted by Mary Davis on Jan 12, 2012 in Blog, Financial Tips, Military | 0 comments

photo provided by United States Marines Corps

It’s a new year, which means it’s an opportunity to make a fresh start when it comes to managing your finances. As one of the nation’s top military lenders, we know that saving money is always important to those in the military, but those who are deployed have an even greater need and ability to stash some cash. If you have a family, a deployment is a chance to reevaluate and come up with places to save. If you’re single, you’ve already made the commitment to serve your country, why not make a financial commitment to yourself and start saving for your future? Just Military Loans greatly appreciates those who serve our country, and wants to help put you on the road to financial success.  Here are some tips on saving during your deployment.

1.  GET TO KNOW YOUR FINANCES.  Whether you’re single or married, make sure you understand your monthly budget (bills, mortgage/rent payments, and other expenses) before leaving for duty. Once you understand your finances, you’ll have a better idea on how you can save money. If you’re married, you should also make sure your spouse is authorized as a joint account holder on all your accounts so that they can act on your behalf while you’re away.

2.  THE BEST THINGS IN LIFE ARE FREE. If you have a family member who is deployed, it’s easy to start dining out or shopping more. However, they can add up quickly and put strain on your wallet. Instead, set up a weekly dinner or game night with a friend or family member. You’ll find that quality time spent in good company is priceless.  And it will save you money and give you a chance to catch up.

3.  PUT YOUR BELONGINGS IN STORAGE. If you’re single, paying rent on an empty place when you’re deployed doesn’t make a lot of sense. To save money, put your things in storage. You can either terminate your lease or rent out your space.  Both options will put extra money in your pocket.

4.  TAKE ADVANTAGE OF THE SERVICE MEMBERS CIVIL RELIEF ACT. The SCRA provides a variety of benefits including deferment on credit card debt or mortgage payments, lower credit card and home interest rates, and increased life insurance protection. The SCRA also protects military families from eviction due to non-payments of rent and allows them to terminate a housing lease if deployed for 90 days or more.

5.  GOT A FAMILY? GET A BUDGET. If your spouse is deployed, you need to spend every penny wisely — whether that means clipping coupons to save on the grocery bill, refinancing your house to get a lower interest rate, or calling your insurance company to see if you can get a lower rate. All of these are excellent ways to cut costs and can become great long-term money-saving habits

6.  TAKE OUT A LOAN.  You can build your credit by taking out a loan from a military lending company.  Many financial institutions offer low or interest-free loans to deployed service members and their families who might need some extra cash during the deployment.

7.  CALL YOUR INSURANCE COMPANY. Many insurance companies give discounted rates to the military and their families. If you’re single and deployed, you can save on your premiums if you place your car on a “vacation insurance policy.”  You may also be able to get a discount on your homeowner’s or renter’s insurance policy.

Don’t let a deployment prevent you from saving for your future. Put these tips in action now and you’ll not only bank some extra cash while you’re gone, you’ll develop better money-management habits over the long term.

Did we miss an important method for saving money? Or do you have another idea for pinching pennies during deployment?