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Sometimes life is not easy for American service members and their families in terms of finances. A large percentage of this population is under the age of 25 and continuously moving from one place to another every time there is a deployment. With an income that is low in the first place this instability causes great monetary disruption every time the household needs to be moved. Military wives often take the brunt of much of this stress but luckily there are multiple ways stay-at-home military wives, particularly ones with kids, can take charge of saving some of that hard earned money. Check out these 4 money saving hacks for military wives and take control of your families financial security now!
Certificates of Deposit
You can invest in these types of plans, also known as Cd’s, for a short or long time and enjoy high returns. The good thing about certificates of deposit’s is that you don’t have to fear about your investment. These generally come with a fixed rate of return and can be a better choice than standard savings accounts and market accounts because of the higher returns they guarantee.
Refinance auto loan
Another hack all military wives should be aware of is that you can refinance your car loan which will provide you with extra cash in hand each month. Some companies tend to offer better deals on auto loans than personal loans so if you are interested in lower interest rate payments, improved cash flow and lower monthly payments due to extension then check out refinancing all your car loans. You can search for a competitive auto loan from a reputable financial institution that charges about a 3.75% interest rate for your new car on google.
This is not a solution that you want live by but if you can pick up a credit card that doesn’t charge a yearly fee and offers you a high credit limit, you might find a way to have some extra money each month. Just make sure their APR is not more than 7.9 to 8.9% and only pick a card that offers reward points every time you spend. You can redeem them later once they accumulate to a certain amount.
As a military wife you can also stop trowing money out the window on rent and apply for a home mortgage loan. If you know you will be stationed in a certain area for a few years owning a new home can be easy and affordable. Look for types of home loans geared for military families that have low interest rates and offer rebates on the purchasing price. For help you can join the Navy Federal Credit Union or another organization for military families that will provide excellent financial solutions.