Military life can be tough on families. Especially in the pocketbook. It seems that many normal families struggle with money, but being a military family can be even tougher. Below are a few tips for military families to save money.
Check out the Thrift Savings Plan. The TSP is a retirement savings plan for civilians who are employed by the United States Government and members of the uniformed services.
Save on postage. Military members can get special rates to FPO and APO addresses. Be sure and check on this. Also, email is practically free! Plus email is faster than snail-mail.
Government housing may be available. Many service members do not even think about this option. If it is available to you, look into it. You may get on a waiting list, but the savings for military families can be huge! We don't have to tell you the cost of housing today.
There are programs to help military members save on childcare. Check out The National Association of Childcare Resources and Referral Agencies Military Programs.
Shop at the exchange and commissary. Many military personnel seem to avoid these. Instead of joining a big box club, you need to check out on-base retailers. You will be amazed at how much you can save. This may be one of the best options for military members and their families to really stretch their dollars.
Medical benefits may be confusing. Military personnel with families have many options. Be sure to take advantage of all free coverage, and talk to someone who knows what the cheapest supplemental coverage for your family is. Don't take the first medical plan that is tossed your way. You may be spending more out of pocket than you realize.
Take advantage of the Military Lending Act. Almost all credit and loan transactions for military members now follow under special rules. These include the amount of interest you can be charged. Be sure and look into all rules that apply to you before signing on the dotted line for even a car, but especially payday loans.