Improving your financial situation doesn’t always mean investing in the next Nvidia. It’s often a series of small steps that lead to marked improvements over time. We’ve written a few articles in the past about how small changes such as spending less on coffee or tobacco can lead to significant improvements in the long run (See Turn Your Coffee Habit into A BMW) – those prices didn’t age well with inflation. Today we will highlight few items that can have a significant impact on your financial well-being if done well over time.
- Start contributing to your Thrift Savings Plan or Roth IRA. Starting to make a monthly contribution today — even if it’s just a few hundred dollars a month — will have a significant impact when you’re looking to retire in 30+ years.
- Create a budget for this month and look at your spending habits. You might be surprised at what you see. By tracking your spending habits for just one month, you can see areas that you can save, and potentially put the additional money towards debt, a down payment fund, or your TSP.
- Sell unwanted items on eBay or Craigslist. It’s time for spring cleaning, so getting rid of unwanted items might help clear up needed space in your home. Alternatively, donate the items to Goodwill or a Veteran-focused charity.
- Increase your investing acumen with Morningstar! Morningstar offers a military discount on their all access, industry leading investment platform. Get started with a 14 day free trial!
- Use your tax refund to create an emergency fund or pay down debt. Rather than spending your tax refund on something else this year, consider using it to improve your financial situation.
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Military Money Matters 