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?
- Start contributing to a Thrift Savings Plan account (TSP), or increase your current contribution.
- Call a creditor and ask them to lower your interest rate. Keep paying the same amount to pay off your debt faster.
- Use your tax refund to pay off debt or build an emergency fund.
- Call your cable, telephone and cell phone companies and ask for a less expensive plan.
- Start an allotment or automatic transfer to a savings account that is hard to access. Not impossible, just hard.
- 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.
- Sell some excess stuff on Craigslist or eBay, then put that money towards debt or an emergency fund.
- Open an IRA, or increase your contributions to your current IRA.
- Inventory the food in your house, and make a menu using as much of that food as possible.
- 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!”