Tips to Help Military Families Manage Finances

In all too many military families, managing finances can be a constant struggle. Due to frequent traveling, it can be difficult for a partner to get a job outside the home. That leaves the family with one income. Here are some tips available that can make a substantial difference in spending habits, and lower monthly expenses at the same time.

One major expense is housing. Families can save money on a monthly basis by renting only as many rooms as are needed. Extra space is desirable, but may be costing more than is realized. Those extra rooms also require heating, lighting, furniture, and cooling, which adds even more to total housing costs. Downsizing the next home may make managing finances easier. Selling extra furniture when finding smaller living accommodations will provide more money for other essentials.

Food and meals can also cost more than anticipated, depending on personal habits. The family may curtail going out to eat at restaurants, but having a pizza delivered, picking up a takeout meal on the way home, and hitting the drive-through for breakfast or coffee can add up fast. Planning meals and cooking at home more often will save a lot of money. Make a grocery list before going shopping and stick to it to lower food costs.

All those treats and small impulse items end up taking a large chunk out of the overall budget. Try this idea to help with the realization of what food actually costs. Keep all food receipts for one full month. Include that cup of coffee at the food court, the candy bar at the checkout counter, and the pizza delivery from last week. When all those receipts are added up, the total will surprise you. The next month cook at home, make a grocery list, and compare the totals.

Many other tips are available at http://www.dinksfinance.com/2016/11/money-matters-military-families-priceless-pointers-handling-personal-finances/. Another thing to keep in mind is that an accident or injury that prevents military personnel from working can devastate the family finances. If the accident or injury was due to negligence, it will be wise to contact a lawyer immediately. Discuss the case and let the layer determine if a personal injury lawsuit is warranted.