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3 Ways Military Families and Veterans Can Stretch Their Budget

 

November 15, 2018



(StatePoint) “How can we make our money go further?” The eternal question being asked by families everywhere, every day. While military families are no strangers to the same budgeting dilemmas as everyone else, the good news is that there are plenty of ways that our servicemen and women, veterans and their families, can stretch their dollar and live more affordably.

Bank Smart

Think before you bank. Does your bank make it easy to conduct transactions overseas? Does it have specially trained staff familiar with military and veteran home lending opportunities? Does it provide financial education to those who have served?

Your money will go further when you select a bank that understands the needs of active duty service members, veterans and their families. What’s more, when you need a loan, shop around and thoroughly research special military discounts and repayment plans that are flexible and personalized for your needs.

Connect for Less

Military families know better than anyone else the importance of staying connected. But all that video calling and photo sharing can be pricey if you’re paying for hefty data bundles and cell phone plans. Instead, opt for a wireless provider that offers great deals for veterans, service members and their families. T-Mobile ONE Military offers all the benefits of T-Mobile ONE -- unlimited talk, text and data, texting and data (including texting and data abroad in over 210 countries) and complimentary Netflix at a discounted rate on up to 12 phone lines.

And if you’re in the market for a fancy new phone – now really is the time to switch. T-Mobile recently announced a trade-in deal on all the 2018 smartphones from LG, Samsung and even the new iPhones. Available for a limited time, you can currently get the latest iPhone XR for just $10 per month when you trade in your old phone. And when you combine the trade-in deal with T-Mobile ONE Military, you can get four lines of unlimited and four iPhone XRs for just $35 per month a line – all on America’s fastest 4G LTE network.

Leverage Tax Breaks

One of the largest financial benefits of military service are the tax breaks Make sure you leverage all the tax breaks available to you and your family -- from exclusions offered to those serving in combat zones to moving expense deductions to job search cost deductions when you re-enter civilian life.

Then, take the money saved from these deductions and invest it into your family’s financial wellness. Great places to divert your tax savings include a rainy-day fund or a retirement account.

When working out your family’s finances, it’s important to keep in mind these special discounts and opportunities available exclusively to military families. Simple choices will help you stretch your budget and get on the path towards greater financial wellness.

 

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