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Hi! I'm interested in learning or finding resources on how I can save a little more money while my husband is gone for 6+months. I am due with baby #2 in a few weeks here and he leaves shortly after. He's military and all expenses on his side will be taken care of.
I already plan to garage his car that he uses for work and remove the insurance. It's owned free & clear. I'm told my homeowner's insurance will cover should anything happen to it over that time as long as it's in the garage. Any insight? We do plan on confirming this with our insurance company first however, both are through the same company.
I am considering not going back to work for the extent. I've planned over the last year to have several things paid off right before he leaves to cut some of our bills back and I'll be making my last payments on those items next month! I am also banking our tax refund.
Anyone have anything to recommend to cut back on monthly bills or to look into. I've hit a wall and can't really think of anything else!
Does he have a cell phone that you can shut off? Or if you're on a family plan, you can shut his line only off.
As far as the insurance, make sure you actually know where the language is in your homeowner's insurance contract...don't rely on the word of someone at the company because when it comes to the contracts, their verbal word means nothing. Also check with your auto insurance side of the provider....sometimes if a car has even a lapse of 1 day in coverage, whether it's being driven or not, it will drive your rates up when coverage restarts. Depending on how your insurance company does things, it might be more beneficial to reduce coverage to the minimum that is required in your state (usually liability only) to ensure the coverage doesn't lapse and cause you a penalty.
You'll automatically save money on some things with him gone. Less gas, less groceries, less water, and when my DH deployed last year I actually cut way back on the power bill because to keep myself busy, I got myself out of the house every day for at least 2-3 hours to go to the park or a playgroup or to see friends. Between the saved money and the extra hazard/family pay, we were able to pay off my DH's car, which was a financial goal we were working toward through the deployment. Do you have any financial goals you want to accomplish while he's gone? Like maybe save x amount for a vacation or x amount in the savings account or start/contribute more money to savings accounts for your children? Just something to think about - if you go into it with a specific financial goal, you'll be more cautious with what you spend money on. You may find yourself getting out of the house a lot and it's so easy to go to the store and shop shop shop....well in my experience
Thanks for the tips on insurance! I wasn't quite sure what or how to ask about this and now I'll have a list of things I'll be sure to get answered so we can make a decision.
I like the idea of having a goal. Originally - before we knew how long he was going to be gone and if I was pregnant! - we were planning on rolling the "paid off" item payments together and applying them to the remainder of student loans. With me not working, that makes it near impossible to do, but I could try to put a chunk of money in savings every month like I'm making those extra payments and then apply it when we're comfortable financially. I like the idea of having a goal like that. I was extremely motivated to pay as much off as possible this year and little things keep popping up - like a new baby!!
Having a plan and a goal is the BEST bit of advice I can give. Also, what has made a huge difference for us saving money is to keep track of every single penny you spend. Once you do that and have a set budget you are less likely to spend money because you know you'll have to be accountable for it. I know that when I get bored at home it is super easy to just go to a store to "browse" and always end up buying stuff so try to avoid that.
One thing that helped us was we turned off our cable ($50) and just do netflix since we can do streaming as well. If you aren't big TV watchers you can just cut it completely. Call companies like that and see if they have a better deal for you. I agree you will save more just doing laundry for three instead of four etc. Be very frugal with lights, energy, water etc. We do the cash envelope method to track our money too. I found that I spend less when I only have cash and not just swiping the card. I also was way more aware of how much I spent. I hope things go well for you.