Key Takeaways:
- As a Junior Enlisted member, focus on setting SMART savings goals, cheap cell phone plans, and eating at the chow hall.
- NCO’s need to save money on child care, home insurance, and using Google FI for home internet.
- Senior Enlisted leaders can save more by using shared funds, signing up for AARP, and using the Armed Forces Vacation Club.
Looking for ways to save money while enlisted?
Here we’ll show you 22 great ways to save thousands of dollars each year you serve.
These tips have allowed me and my wife to become Air Force millionaires before 36.
So check out the helpful read to learn how to set SMART goals as a junior enlisted, save money on child care as a non-commissioned officer, and more.
Enjoy!
How To Save Money While Enlisted (22 Simple Ways)
Good Ways For Junior Enlisted To Save Money
Junior enlisted fall between the ranks of E-1 to E-4.
At that rank, you’re probably gonna need some savings for a new car, moving out of the dorms one day, or a nice cushy emergency fund because you might not re-enlist.
No matter the reason, we’ll prepare with some helpful tips below.
1. Create A SMART Savings Goal
This is where dreams can become a reality, and you can start your journey to become a millionaire while enlisted. A savings goal is a key to achieving that great feat or increasing your overall savings rate. So what is a SMART savings goal? A SMART goal is:
S-specific
M-measurable
A-attainable
R-realistic
T-timely
For example, a military member wants to save $40,000 in 4 years by saving 70% of their monthly paycheck. This is an excellent goal because it is very specific, measurable, attainable, realistic, and timely.
You can use the app GoalsOnTrack to help create, track your savings goals and adjust your spending plan. This app is great because it allows you to see your progress during your military career and make changes to your plan as needed, especially for high achievers like yourself.
2. Get A User-Friendly Budgeting App
When you’re just entering the military, keeping track of your personal finances is essential, mainly because you are tight on funds and thus may be your first ever paycheck. To help you out, Personal Capital is a great budgeting app that gives you a straightforward and user-friendly interface to track your income and expenses and provides user-friendly budgeting tips.
Additionally, with Personal Capital, you can easily see where your money is going each month and adjust your budget accordingly. This is extremely helpful when you have limited income and must make every dollar count. Finally, the app offers free investment advice tailored to your financial situation, so you can make the most of your money.
Personal Capital is a great budgeting tool for military members, as it is easy to use and provides military-specific budgeting tips. Personal Capital is an excellent option if you want to take control of your finances and save money.
3. Tell Your Friends and Family About The Goal
You need to get yourself an accountability buddy (or several). When it comes to trying to achieve savings goals, military members have a unique challenge. You may be stationed far away from your support system, making it difficult to stay on track.
But there’s one saving grace: you can turn to your military family for help. Telling your friends and family about your goal can help you achieve it.
A study published in Psychological Science found that people who share their goals with friends and family are likelier to achieve them. Researchers believe this is because people feel accountable to others when they know that others are aware of their goals.
So if you’re trying to save money, it would be a good idea to tell your military buddies or family members about your goal. Having that accountability can make all the difference in whether or not you’re successful.
4. Eat At The Chow Hall
In 2022 the average cost of groceries for 1 person was $400 per month! As a new military member, you do not get Basic Allowance for Substanaance (BAS). So what s a new troop supposed to do? Eat at the chow hall! And as much as possible.
Military service members can eat 3 meals daily, 7 days a week, completely free. And the food is pretty good! So take advantage of this great benefit and save yourself some money.
If you get tired of chow hall food and decide to go off base, use the Ibotta app to save money on groceries. Ibotta is a free app that gives you cash back on everyday purchases, like groceries, apparel, travel, and more. And as a military member, you can get u to 10% more cash back when you sign up and redeem your first offer. Just enter your email address to get started.
5. Do Not Get Cable
Another big way to burn money is cable. In military families, cable tv may often be seen as a way to stay connected to home. However, the average cable bill is $217 per month! That’s over $2,500 a year on something you can live without. There are so many ways to get around cable now. With internet speeds as fast as they are, you can easily stream services like Hulu, Netflix, and Disney Plus for much cheaper.
To compare the savings, let’s say you got the military discount for the internet, which is around $60 a month. Then, you could get Hulu and Disney Plus for $13 a month. This means your total streaming service would be about $73 per month. So in one year, you would spend $876- almost $2000 less than if you had cable!
As a military member, you already have so many financial responsibilities. The last thing you need is to throw away your hard-earned money on something you can easily live without. So, save yourself the money and don’t get cable!
6. Buy A Tracfone or Mintmobile Cellphone Plan
Many folks give me crap for using a Tracfone, but I’m only paying $200 a year! I’m in the military, so every penny counts.
I’ve been using Tracfone for years and never had a problem. You can buy a Tracfone for as little as $10 and the service for $200 a year.
MintMobile might be a better option if you’re a young service member with a family. They have family plans to net you less than $15 a month. You’ll pay less than the national average of $127 a month.
7. Use Military Discounts
Discounts, discounts, discounts. Ask for them, use them. For example, many businesses offer military discounts but don’t advertise them. So always ask if a business offers a military discount. You’ll be surprised how many places will provide you with a deal.
You can also use militarycostcutters.com to find businesses that offer military discounts. Military Cost Cutters is a veteran-owned business that allows military community members to discover and take advantage of military-friendly company discounts. Sign up to become a member, and gain access to the complimentary mobile app.
Lastly, check Military OneSource, your local family and readiness center, or ask your leadership. They will often have a listing of businesses in your area that offers military discounts.
8. Use Base Facilities As Much As Possible
You can save a lot of money using what is around you. For example, the military provides many on-base facilities like the movies, gym, commissary, auto hobby shop, and bowling alleys. Utilizing these military installations can save hundreds of dollars.
Plan your week and spend your free time at the gym or bowling with friends. You will save money and have a good time doing it.
9. Use Cash Only
“If you don’t got it, you don’t get it.”
That rule made me a millionaire while on active duty.
I use credit cards, but AS SOON AS I MAKE A PURCHASE…
I PAY them off entirely.
If you follow that rule, you will be on your way to accumulating wealth in no time.
How To Save Money As A Non-Commissioned Officer
Now you’re moving up to the middle enlisted ranks of E-5 and E-6.
Now, you might be starting a family, buying a home, or maybe it may be time to buy a new car.
Whatever the case, the tips below will get you squared away.
10. Explore Cheaper Childcare Options
In 2022 the average childcare was $694! That’s ridiculous! So how do one lower those expenses?
Check out Childcareaware.com. They help service members with affordable child care. Sometimes giving you 50% cheaper child care.
On top of that, you can use your mother, other family members, or friends as childcare. It’s always good to have a backup plan for cheaper childcare in case you need it.
I have had the blessing of having my mother-in-law raise my young kids for the 1st five years. She moved in, we provided her housing, essentials, and an agreed payment, and we saved over $150,000 in child care because of her!
11. Get Just Liability Insurance for Your Vehicle
As an NCO, your car is probably paid off, but you still probably spend a butt ton on insurance every year. But did you know that you can get just liability insurance for your vehicle and save yourself thousands of dollars a year?
Here’s how it works:
Liability insurance is the bare minimum insurance you are legally required to have in most states. It covers damages you may cause to someone else or their property in an accident. It does NOT cover any damages to your own vehicle.
So, if you have a paid-off car and you’re a safe driver, you really don’t need anything more than liability insurance. And the best part is that it’s much cheaper than full coverage insurance.
The average insurance cost is $1771 per year. But if you switch to just liability insurance, you can save over $1000 a year!
There are a lot of different insurance companies out there, but we recommend Allstate. They have great rates for NCOs and are a very reputable company.
So there you have it! Switching to just liability insurance is a great way to save extra money as an NCO. Savings made easy.
12. Shop Around For Cheaper Home Insurance
When I became TSgt, I bought my first home. And I soon realized how important it was to shop around for home insurance instead of going with the 1st one I came across. The prices can get slightly ridiculous, so it’s best to shop around.
As a military service member, you’re eligible for special rates on your home insurance through Allstate. Allstate offers 20% discounts for active duty, reservists, National Guard, and veterans. And if you have good credit, you may be able to get an additional discount.
So, for example, if the average cost of home insurance in your area is $1,383 per year, you could save over $275 per year by switching to Allstate. That’s a significant amount of money that can be put towards other bills or saving for your future.
If you’re looking for home insurance, check out Allstate for its military-friendly rates. You could save a lot of money on your home insurance!
13. Carpool
To save money on gas, you need to start using shared transportation. But how would one do that? Insert Zimride.
Zimride helps you connect with other drivers who are going the same way as you. It’s an excellent program that makes getting where you’re going easy! Super easy–all you need is a profile, book a ride, and post a ride of your own! Zimride profiles allow you to preview your interests, music preferences, and comments before offering a ride. Carpooling is an excellent way to reduce your carbon footprint and save money on gas.
If you’re looking for a way to save money and be more eco-friendly, carpooling is the way. Zimride makes it easy and fun!
14. Make Food At Home
A military member’s life can get hectic. And if you’re an NCO, you have 10 jobs, not just one, leaving you little time to prep your meals, making you go out a lot. But to save money, you must start making your daily food at home. It’ll take some meal planning and time getting used to, but in the long run, you’ll save a lot of money by not eating out as often.
How do you do it?
If you want to save time and eat healthier, visit Platejoy. You may get custom meal plans, unique recipes, and shopping lists to assist you to maximize your food budget while eating well. Plus, they have healthy eating options for busy people. And if you’re short on time, they offer optional grocery delivery through Instacart and Amazon Fresh.
So if you’re looking to save money as an NCO, make your food at home and use Platejoy to help you!
15. Streamline Fashion
As a middle enlisted member, your wardrobe should be established by now. This means staying out at the club, testing out the latest fashion trends is probably a thing of the past, and you should have a staple of jeans, shirts, blouses, and dresses you can cycle through. But if you still choose to buy clothes, try Zulily.
Zulily is a website that allows you to discover top trends and deals, all for a friendly military budget. You can find clothes for work, play, and everything in between. So go ahead and check out their website today. You won’t regret it.
16. Get Rid Of Home Internet (Just Use Your Phone)
If you want to save thousands a year, get rid of cable, get rid of the internet, and use just Google FI.
For just $20 a month, you can get unlimited talk, text, and data with Google FI. That’s it. $20 a month for everything. And if you have a family, you can add up to 3 additional lines for just $20 each.
Now, if you have Fi service, your phone will automatically connect to free, unsecured Wi-Fi hotspots when available. So you don’t even need a home internet connection. Just use your phone as a hotspot, and you’re good to go.
If you need a home internet connection, you can get one with Google Fi. For just $40 a month, you can get unlimited tethering.
Start saving thousands now. Switch to Google FI.
17. Get A Costco Membership
Costco! You might be living off base and maybe shopping less at the commissary. You must get a Costco membership if you want to save hundreds a month. You can join as a military member for just $60. With this grocery store membership, you can shop at any Costco location in the United States, Puerto Rico, and Canada.
Here are some of the best ways to save money as a non-commissioned officer:
- Take advantage of the 2% cash back on all Costco travel purchases. This can add up to significant savings on your next vacation.
- Use the Costco Anywhere Visa card to earn cash back on all your Costco purchases. This can be a great way to offset the cost of your membership.
- Shop at Costco for your groceries and household items. You can often find the best deals on these items, saving you a lot of money each month.
- Take advantage of the exclusive savings to military personnel on gas, travel, and more. These savings can add up to significant savings over time.
- Use your Costco membership to buy gift cards for friends and family. This can be a great way to save money on gifts while still giving them something they will love.
If you are a non-commissioned officer, there are many great ways to save money by getting a Costco membership. These are just a few of the best ways to save. So take advantage of them and start saving today!
How To Save Money As A Senior Enlisted Military Member
You’ve finally made it!
As a SNCO, you fall into the E-7 through E-9 category.
You have unique expenses that consist of new garments, formal events to going to, and morale activities to fund, which can be pricey.
Check out the following tips to help ease that Senior enlisted financial burden.
18. Use Shared Funds
When you become a SNCO, there’s a high chance you will be put in a management position. And with a new job, there’s a chance you will be spending out of pocket for morale events, going away parties, or awards. But you should not have to pay out of pocket for these activities.
Two funds can help you with these expenses: the Stripe fund and the fundraiser pool.
The Stripe Fund is where you get the office service members to donate 1 dollar for every stripe they have. This fund can help pay for picnics, sports tournaments, and other morale events.
With individual fundraisers, you can use an app like Givelively to help with the expenses. People can donate to your cause, and you can use the money to pay for things like awards or going away parties.
Both options are great ways to help ease the financial burden of being a SNCO.
19. Don’t Attend Every Military Function
As a SNCO, it’s your job to represent your people at official functions, but not every official function. Because if you do, you could end up paying hundreds of dollars a year out of pocket when you don’t have to. Here’s what you can do to lower those prices.
Delegate
If you have a JNCO or other NCO who can represent you at an event, send them instead. There’s no need for you to be there if someone else can do the job just as well. Not only will this save you money on expenses, but it will also free up your time to focus on more critical tasks.
Prioritize
Some events are more important than others, and you should prioritize accordingly. For example, if there’s a base-wide awards ceremony, but none of your direct troops are nominated, you don’t need to go and represent your squadron or brigade.
Saving money as a SNCO doesn’t have to be complicated. By delegating to other NCOs and prioritizing your events, you can quickly lower your expenses without sacrificing your responsibilities.
20. Skip The Optional Miltary Garments
If you are a MSgt in the Air Force, DO NOT BUY A MESS DRESS! It can run you over $1,500, and you might only wear it once! The same goes for other services. Just go with the regulation’s bare minimums.
21. Use Armed Forces Vacation Club
Want to take a trip somewhere with the family but don’t want to spend an arm or a leg? Use the AFVC (Armed Forces Vacations Club)!
This website offers military members super cheap vacation packages all across the world. All you have to do is sign up and start browsing through their selection of destinations.
You can find vacation deals for as low as $329 for a 7-night stay. And the best part is, there are no blackout dates! So you can take your vacation whenever you want.
The AFVC is a great way to save money on vacations, so be sure to check it out the next time you plan a trip.
22. AARP
I know, I know, AARP is for older people, right? Wrong! Anyone can join AARP and save money on credit cards, insurance, prescriptions, etc. Plus, as a service member, you can get an additional discount on your membership.
In addition to the great discounts you’ll receive as an AARP member, you can also take advantage of their credit card services. With AARP credit cards, you’ll get cash back, no annual fees, and a 0% APR for 15 months.
What’s stopping you? Why wait another day? Join AARP now and begin saving money!
FAQ
How much money can you save while in the military?
It’s feasible for federal employees serving their country to save over $1,000,000 during a career.
Will the military kick you out if you make too much money?
No, the military will not discharge you for making too much money.
How do you become financially stable in the military?
A few key things a member of the military can do for financial stability. The first and most important thing, make sure you are credit savvy and understand how to use credit wisely. Secondly, save as much money as possible to have a cushion in case of unexpected expenses. Finally, be mindful of your spending and stick to a budget. All else fails. There are plenty of financial counselors available in your on-base facilities.
Is it easy to save while in the military?
Yes, it is easy for military, active duty service members to save money. One of the best ways to do this is to have a savings plan, stick to it, and keep feeding that savings account. Another tip is to make use of credit cards with cashback or rewards programs so that you can earn money while you spend.
How do marines save money?
Like anyone in the coast guard, the army reserve, or any other U.S. Department of Defense branch, active duty members in the Marines have to be mindful of their spending and make an effort to save money. Marines save money by using credit cards wisely and not impulse buying. Another way is to plan for their money by talking to a financial advisor, setting financial goals, and sticking to a budget. This way, they will have plenty for Thrift Savings Plan (TSP) or tax-free Roth IRA investing.
Summary
Savings are important at any stage of life, especially when enlisted in the military. You work hard for your money, so making the most of every penny is crucial. We hope our tips have given you a few ideas for saving money and living a more comfortable life on a budget. Now go out there and start saving!
Related Articles:
- How To Become A Military Millionaire (3 Simple Steps)
- THE Financial Independence Guide (Read Now To Master Money)
- 21 Easy Ways How To Save Money Every Month
What tips will you use to save money as an enlisted member? Please tell us in the comments below!
Hello! I'm Charles. 1st gen millionaire, real estate investor, health enthusiast, and military veteran. In the last 17 years, I have managed billions of dollars of resources for the Department of Defense. Created financial management plans that enabled fellow service members to get out of thousands of dollars in debt and tailored wellness plans that helped people reverse and eliminate high-blood pressure, pre-diabetes, and obesity. Learn more about me here.