Ten Things You Can Do For Military Saves Week

For 2011, Military Saves Week is 20 to 27 February.  Military Saves Week is a campaign to motivate families to reduce debt, save money and take control of their financial lives.  Maybe you can use Military Saves Week to make a positive change in your financial life.  What sort of things could you do?

  1. Start contributing to a Thrift Savings Plan account (TSP), or increase your current contribution.
  2. Call a creditor and ask them to lower your interest rate.  Keep paying the same amount to pay off your debt faster.
  3. Use your tax refund to pay off debt or build an emergency fund.
  4. Call your cable, telephone and cell phone companies and ask for a less expensive plan.
  5. Start an allotment or automatic transfer to a savings account that is hard to access.  Not impossible, just hard.
  6. Keep track of your spending for one week.  Better yet, one month.  Look over your spending at the end of the month and evaluate how you feel about your purchases.
  7. Sell some excess stuff on Craigslist or eBay, then put that money towards debt or an emergency fund.
  8. Open an IRA, or increase your contributions to your current IRA.
  9. Inventory the food in your house, and make a menu using as much of that food as possible.
  10. Sit down and consider your long term goals, then think about how you are going to manage your finances to make them happen.

There are probably a hundred other things that you could do to make financial progress during Military Saves Week.  I hope you will use this list to spur your own imagination.  As my husband always say, “No time like the present!”

About the Author

Kate Horrell
Kate Horrell is a military financial coach, mom of four teens, and Navy spouse. She has a background in taxes and mortgage banking, and a trove of experience helping other military families with their money. Follow her on twitter @realKateHorrell.
  • Elizabeth

    Great list! I have thankfully completed most of these in the past month with the purpose of being debt free by the end of the year. The one that shocked me was making a menu, I went shopping for a month and spent what we normally spent in two weeks!