5 Ways to Save in 2012

Did you set a New Year’s resolution to save money, reduce your debt, or spend less? Here are 5 suggestions to help military families save in 2012:

  1. Buy Your Groceries at Cost– Shop the commissary and you’ll buy groceries at cost. Unlike other grocery stores, the commissary does not make a profit. The 5% surcharge you see at the bottom of your receipt goes toward building new stores and renovating older ones.
  2. Save your Pay Raise– Service members will see a 1.6% pay raise in 2012. Don’t add this extra money to your family budget; instead mark those funds for savings or paying down your debt.
  3. Automatic is Best – Whether you have short-term (an upcoming move) or long-term (retirement) savings goals, automatic deduction from your pay check or an allotment is the way to go. Before your pay even hits your checking account, a portion can be set aside for your savings goals. Service members can set up or change allotments on the myPay website
  4. Consult an Expert– As a military family, you have access to free financial counselors at your local military installation or through Military OneSource. Whether you’re interested in eliminating debt, growing your nest egg, or making plans for your tax return, Accredited Financial Counselors can help. Learn more by calling Military OneSource at 1-800-342-9647. 
  5. Use Free Tax Preparation Services– Don’t pay for a tax advisor; use one of the free services available to military families. Military OneSource Tax Program will launch the H&R Block at Home® free electronic filing tax service later this month. You can also visit your local installation tax center for free tax preparation assistance.
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