On Memorial Day, we honor the soldiers and veterans who have given us the freedoms and liberties we enjoy each day. To show our appreciation, we’re sharing our tips to save money for soldiers and veterans while serving and at home.


As we’ve discussed before, members of the Armed Services receive special benefits and tax breaks for their service. In addition to special tax deductions, credits, and the programs they have access to, we’re sharing some helpful tips that you can take advantage of whether you’re active duty or in the reserves.


One unique set of benefits that help any service member save are found in the Servicemembers’ Civil Relief Act (SCRA). The act protects the rights of service members and reservists if they are required to relocate or if they are deployed on active duty due to their commitment of service. Essentially, the act allows members of the military to exit a lease or rental agreement without penalties.


Here are some other strategies and money saving tips for those who are serving:


Housing Expenses

  • Rent – If you live off-base in a city or town where the military is a large employer, then chances are your landlord will have a clause in your rental agreement that allows you to vacate the term of the lease with either 30 or 60-days’ notice if you receive orders for relocation or receive deployment orders. If your lease does not have the clause, negotiate it into your lease.

  • Utilities – Some utilities you can afford to live without while you’re gone. Consider terminating service for your cable, telephone, or other systems that aren’t necessary.

  • Storage – If you are able to vacate your lease, consider putting your belongings in storage. Costs can be minimal, and with the increase is movable storage units (e.g., PODS), you have relocation options for after your deployment.



  • Auto Insurance – There are several insurance agencies that cater to servicemembers and veterans. Check with your insurance provider about discounts or reduced costs if they know your car will be parked in one place while you’re on deployment.

  • Consider Selling Your Vehicle – Consider selling your vehicle before your deployment if you do not have a lien on it. Invest the cash from the sale of the vehicle and earn interest on the proceeds.

  • Vehicle Leasing – When considering a new vehicle, think about whether a lease may suit your needs best. While some may argue that the value of the payments doesn’t justify arrangement, if you’re being moved around or deployed with regularity, it may make more sense. Thanks to the SCRA, if you’re called into active duty, receive orders to move, or are deployed, you can work with your lease holder to terminate the arrangement.



  • Admission & Store Discounts – Many stores and attractions provide discounts for those who are serving or who have served. When purchasing plane tickets, renting a car, or making hotel reservations, ask about either military discounts, or discounts for veterans.


Special Offers

  • Credit Unions & Financial Institutions – Soldiers and veterans have access to certain financial institutions and their programs that can help them save.

  • VA Home Loans – When it’s time to settle down, explore the VA Home Loan option. Besides the competitive interest rate, allow for a low down payment, and is guaranteed by the U.S. Department of Veteran Affairs.

  • Insurance Discounts – Many home, property, life, and health insurance companies have created military discounts. Explore possible discounts with your carrier.


Military/Service Benefits

  • GI Bill – If you’re considering going to school after your enlistment is over, find out if you qualify for one of the GI Bill programs. In some cases, your entire higher education expenses could be paid for.

  • VA Benefits – Similar to the GI Bill, Veteran Affairs offers benefits for veterans have they’ve transitioned to civilian life. Here’s a previous article where we covered some of their programs and how they affect your taxes.