Military Consumer Month: Smart Shopping for Military Spouses

Feeling empowered to make smart money moves is critical year-round, but this Military Consumer Month is dedicated to raising awareness of the importance of savvy purchasing decisions and maximizing your hard-earned money. The month isn’t just about consumer protections and avoiding scams; it’s about making conscious choices that benefit your family’s financial well-being. Here are some key areas to focus on:

1. Develop and stick to a spending plan:Creating a spending plan is essential with the uncertainties of military life including potential deployment-related costs or adjustments to income. Establishing your monthly spending habits allows you to clearly see where your money is going and identify any opportunities to fund other goals. If you’ve been eyeing a major purchase, save up for it in advance and build that into your plan. This reduces the need to take on debt. Consider consulting with a Personal Financial Counselor in your area for personalized guidance.
2. Leverage military discounts:Many businesses offer exclusive discounts to the military community. Take advantage of these! Researching and utilizing military discounts can significantly reduce your expenses. Be sure to verify the discount and any associated terms and conditions before making a purchase.
3. Smart shopping strategies:Avoid impulse buying. Compare prices, read reviews and take advantage of sales and coupons. Consider buying used items when appropriate — this can save you a significant amount of money, particularly with furniture and household goods during frequent moves. Time your purchases strategically. For example, buy off-season clothing or wait for holiday sales.  And be sure to check out local thrift shops on or near your installation.
4. Prioritize needs vs. wants:Differentiating between necessities and desires is key. During financially challenging times, focus on covering your essential needs first, such as housing, food and transportation, before spending on desires like entertainment or dining out.
5. Utilize trusted resources:Numerous resources exist to support military families along their financial journey.
   • The DoD Office of Financial Readiness offers a wide range of financial education resources, covering everything from smart shopping strategies to planning for a secure retirement.
   • The Federal Trade Commission and Consumer Financial Protection Bureau are valuable resources if you’ve been targeted by scams, experienced identity theft or need assistance with fraudulent activity.
   • Military OneSource provides 24/7 support for your MilLife with confidential counseling and live support on an array of topics.

Military Consumer Month is a call to action to be proactive in managing your finances and making smart consumer choices. By leveraging military discounts, budgeting effectively and utilizing available resources, you can improve your family’s financial well-being. Let’s embrace this month as an opportunity to learn, grow and make the most of our hard-earned money. Remember, informed spending is empowered spending!