Pay down your debts month by month and pay them off one by one.Also, consider taking the credit cards, store cards and gas cards out of your wallet and putting them in a secure location in your home. But beware of overdrafting and the penalties that come with it, even if you have overdraft protection. That way, you can’t spend more money than you have available. Use cash or a debit card when possible.And make sure your plan is realistic, which may increase your chances of staying with it. Consider where you want to be with your debt in three months, six months or a year. First, acknowledge that you have debt issues.If you’re carrying debt, you can use the money you save with the tips above to help pay it down: You may also consider searching for tech products that can help maintain your home more efficiently. Also, check your windows and doors for drafts and put some insulation around areas where you feel cold or warm air seeping in. Turn off lights and lower heat and air-conditioning settings when you’re not home.You can also check with family or friends or online for cheaper service, but be sure you aren’t sacrificing quality. Consider calling your provider periodically to check for money-saving promotions. When searching for cellphone service, an internet provider and car insurance, etc., there is often a better deal to be had either through your current provider or elsewhere. It may be less expensive if you sign up for longer periods, but make sure you can cancel at any time without incurring penalties. Lower the cost of subscription-based content.You may be able to reduce what you pay for homeowner’s or car insurance by paying for six months or a year at a time instead of month-to-month or by bundling your insurance with the same provider. Take measures to lower the costs of insurance.That way, you won’t end up with interest charges or paying late fees. Try to pay off your credit card balances on time each month.You can also get better interest rates on credit cards and help yourself in similar ways by following guidance to improve your credit score. ![]() There are many credit cards that do not charge an annual fee. Consider getting rid of any credit cards with annual fees.Many stores also give you the option of withdrawing cash from your account when you make debit-card purchases from them. Or open an account with a bank that pays other banks’ fees for using their ATMs. Use your bank card only at no-fee ATMs.If you’re on an installation, consult the installation’s bank or credit union. If you are paying bank fees for not keeping a minimum balance in your account, for example, find a bank with a better offer. Make sure you’re getting free checking.Here are some tips for saving money over the long haul: The goal is to save enough money to ensure a bright financial future. It’s important to take a long view when creating your spending plan, making decisions about using credit and preparing for financial emergencies. It’s cheaper than joining a health club, and the workout can be just as good. Use the gym on your installation and MWR facilities for free.Your installation’s MWR clubs may offer specials as well. Check your local or installation newspaper for free activities.You may also find these resources on your installation for free, at centers for single service members or via the MWR Digital Library. Check out free books, music, magazines and videos. And you’ll sometimes get the best prices and shop tax-free at your local exchange and commissary. You can also take advantage of online discounts. Try shopping at outlets or searching for sales. Don’t pay full price if you don’t have to. Find discounts in areas such as insurance, travel, dining out, sporting events and recreation. Try waiting a week and see if you can live without the item you want, or if you can find it cheaper somewhere else. According to some estimates, homemade meals cost just half what you’ll pay at a restaurant, minus a tip. Invite friends over for a potluck dinner instead of going out for a more expensive meal. ![]() Your weekly trips to the coffee shop or buying lunches from fast-food restaurants can add up quickly. Make sure to track your spending and save where you can. If you have family members, get their input and set priorities to give them a clear view of your income and the family’s expenses. You can seek advice from one of the military’s free personal financial counselors or your installation’s personal financial managers or counselors. Log in to myPay to see what you have to work with, then create a spending plan to help you stay on track. Good financial management starts with knowing your income and expenses.
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