We all know that our veterans are never paid enough for all the service they provide for our country. There is something wrong when the family of a service member comes home from a tour of duty and they have to deal with debt. With today’s struggling economy, it seems like everyone is looking of ways to save on their monthly expenses. But for our servicemen, like the rest of us, if you are an average homeowner your monthly mortgage payment is anywhere between twenty-five and forty percent of your monthly income. This needs to be the first place you look to lower your monthly output, and right now couldn’t be a better time to take advantage of historically low VA interest rates.
If you have any equity in your home you could use it to pay off high-interest credit cards or even car loans. Consolidating debt is a great way to get ahead on bills. It’s also a great way to stop having to spend your hard-earned money on re high revolving interest.
Save through Insurance
The second place that you should look to save money is in insurance. Shop around for car insurance, take a higher deductible, get rid of unused protection so you can reduce your monthly premiums. I would also recommend shopping for cheaper health insurance, and homeowners insurance. Did you know that installing and having a monitored home security alarm in your home could save you 20% on your homeowners insurance costs?
It has been and always will be human nature to find a good source of entertainment. However, this entertainment can eat up your money faster than you can blink your left eye if you aren’t careful! Now, I am not trying to say stop everything. But, I would recommend next checking out just how much money you are spending and want you are spending it on. If you find something (and I almost guarantee you will) that you feel seems to be costing you a lot of money, perhaps you could live without it, or, at least look into a better deal. Here are a few tips:
- Try cutting cable costs by switching companies, or cutting out the channels you don’t watch.
- Try cutting food costs by staying in most nights instead of always going out. Try going out once a week or twice a month, then it feels like a special occasion and it can be even more fun!
- When you go shopping write lists and stick to them.
The trick is to budget, budget, budget! How much are you spending to go out every night? Set a reasonable budget and limit yourself to those set amounts.