In support of Military Saves Week, your BBB offers a few savings tips:
• Keep track of your spending. At least once a month, use credit card, checking and other financial records to review your purchases. Then, decide if it makes sense to reallocate some of your spending to an emergency savings account.
• Avoid impulse buying. Never purchase an expensive item without taking time to think it over.
• Pack your lunch. Eating out for lunch can cost on average $5 a day or $25 a week. Bringing your lunch to work can be cheaper and help you save.
• Make sure you use ATMs affiliated with your bank. Using another ATM of a different financial institution could cost you $3 every visit. If you did this every day for a year, it could add up to almost $1,100.
• Look to refinance your mortgage. On a 30-year fixed rate mortgage, for every $100,000 financed and a one percent decrease in your rate, you may save over $21,000 for the life of the loan.
• Consider purchasing used items. Buying clothing from second-hand thrift stores or garage sales is a great way to avoid paying top dollar for clothes.
• Borrow books rather than buying. The library is a great place to start saving hundreds of dollars per year.
Since 2004, your BBB Military Line has provided free resources to military communities across the U.S. If you have any questions regarding your BBB Military Line, visit www.bbb.org or call (937) 222-5825 or (800) 776-5301. You can also learn more about Military Saves Week and take the Military Saves pledge at www.militarysaves.org.
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