By Jaimi Erickson
Contributing Writer
When military families transition from active service to retirement, their main concern is having financial security. If you’re approaching the end of active service, take steps now to save money and build financial stability. Even if your servicemember has years to go before retirement, look at your finances and start saving with these simple ideas.
Ways to Save Money as a Military Family
Although the following suggestions may not be the most popular ways to save money, they are simple and effective.
1. Drive an Old Car
Living without a car payment is a smart way to free up cash for savings. Ten years out from retirement, my husband and I bought a brand-new minivan. By the time my husband was looking at his retirement options, our minivan had been paid off, which put us in a more financially stable position than if we had taken on a car payment right before retirement.
Vehicles depreciate rapidly in the first year. According to Carfax, vehicles lose 40% of their value in the first year and an additional 15% per year after. Our model was predicted to last years into the future based on reviews, so we knew we could put money into savings rather than on a new car payment.
When you do buy a vehicle, think long-term. You want to have a car that you can keep for many years. Be sure to give it regular maintenance to keep it running smoothly for as long as possible.
2. Go Thrift-Shopping
I love going out for coffee with friends and then thrift or antique shopping. Smart friends of mine taught me that thrift shopping is not just for fun, it’s a great way to save money.
There are some great thrift stores around military bases. Because military families frequently declutter before or after PCS season, thrift stores in these areas tend to be stocked with almost-new, quality clothing and household goods.
The best spot we have found for apparel is Plato’s Closet. The clothing selection for women is extensive and the items are in good condition. You can get a pair of jeans for less than $10, which supports your ability to save more money.
If buying used clothing makes you uncomfortable, just don’t tell anyone where you got those cute jeans. I wish I had started thrifting earlier in my children’s lives… I would have saved so much money!
3. Use Hand-Me-Downs
Any time someone is offering you their child’s hand-me-downs, accept them. It makes sense to see what can work for your children. You can always donate or pass on the rest to someone else.
I have accepted hand-me-down clothing, household items, maternity clothing, and even homeschool curricula. It took some time to look through each item to determine if I really needed to keep it, but we gained more than the time spent sorting.
One year, I gained two years of homeschool curricula when a neighbor cleaned out her garage and passed the items on to me. That’s a major savings! Don’t let the time it will take to sort through hand-me-downs get you down. It’s worth it to get new-to-you items that you do not have to buy. Put that money right into your bank account!
4. Curb Alerts
Curb alerts on military bases and in military communities are the best. People will post a notification to Facebook Marketplace or in their neighborhood community chat that items are out on their curb for the taking.
I have picked up living room end tables, kids’ items, storage shelves, and even bikes. I have also set out a lot of stuff on the curb. If you are a new mom or expecting a baby, wait it out a bit before buying all the items on your registry. If you are near a military community, many baby items are just set out on the curb still in perfectly good condition. Every base home is different, so it can take creative ideas to make furniture fit in each home.
The items you pick up from a curb alert can be changed with easy DIY home décor ideas to fit your home. These ideas can help maximize space in homes that are small. The Homes I Have Made is a great blog written by a military spouse who shares ways to change up furniture and get organized after each PCS move.
Embracing Thriftiness Bulks Up Savings
Saving money as you move closer to the end of a military career is vitally important. There are a lot of additional expenses in civilian life. Take some time to look at your household spending. Set up a budget to look for areas where you need or want to save. Then use these saving strategies to embrace a thrifty mindset and see the money start adding up in your bank account as a result.
Additionally, AAFMAA offers financial planning tips and advice for military members before, during, and after retirement.
About Jaimi Erickson
Jaimi is a mom of 4, military wife, and writer. She blogs about motherhood, kids activities and homemaking tips at The Stay-at-Home Mom Survival Guide. Connect with her on Instagram, Facebook or Pinterest.
