Military money saving tips | Armed Forces Financial Services

We know everyone loves to get a good deal and save money wherever possible so we’ve put together some top tips designed, to help those serving in the Armed Forces, Veterans and military families.

Tip 1

If you’re struggling with the cost-of-living crisis (and to be honest, who isn’t?) Discover My Benefits is an easy-to-use tool for those working in military or defence and their families. You can use it to find out what support and benefits are available.

Tip 2

You may be surprised at how much you and your family can earn and still qualify for universal credit support to help with your living costs. If you’re not already claiming Government benefits, it’s worth checking the benefits calculators to see if you could be eligible.

Tip 3

If you’re in financial difficulty, you can access money and debt guidance for free.

The Money Navigator Tool from MoneyHelper provides guidance based upon your own circumstances and helps you find support in your area.

Tip 4

Even if you own your own home, you could still be able to claim the following miltary allowances

Home to Duty Travel and Get You Home (Travel). For more details, see here

Over-37s package – this supports those who serve unaccompanied later in their careers, by helping with the cost of settling your family. It also means the extra costs for your soldier’s Single Living Accommodation (SLA) are waived. See Army Families Federation advice page

Tip 5

If you’re struggling with the cost of energy bills or need more support The Royal British Legion is offering grants of up to £200 a month to help members of the Armed Forces community struggling to pay their energy bills.

Tip 6

Did you know if you’ve served at least one day in HM Armed Forces (Regular or Reserve) you’re eligible for a Veterans railcard? The railcard gives 1/3 off most rail fares! You can also nominate a companion to get 1/3 off when travelling with you and up to 4 children travelling with you get 60% off! The railcard is also available to Merchant Mariners who have seen duty on legally defined military ops.

Tip 7

If you’re on certain benefits and are struggling you may be eligible to Government support to help pay the interest on your mortgage. Find out more here

Tip 8

Did you know the government has put together a ‘top tips’ for Service Personnel, offering practical advice on a range of financial issues – check it out here

Tip 9

The Defence Discount Service (DDS) may help you save money at thousands of different retailers. Registering with DDS is free, but the privilege card which offers additional benefits costs £4.99 for 5 years.

Tip 10

The Governments ‘Help to Save’ scheme helps working families on tax credits or Universal Credit to build up savings. The new scheme rewards savers, with the Government giving you 50p for every £1 that you manage to save.

To open an account, you need to be resident in the UK and either:

Claiming Universal Credit and have employment earnings of £617.73 or more for the last month
Be getting tax credit payments and be eligible for working tax credit.

Tip 11

The Forces Help to Buy Scheme is aimed at supporting first-time buyers and those who have to move home because they are assigned elsewhere. Regular service personnel will be able to borrow 50% of their salary up to a maximum of £25,000. The loan is interest free and repayable over 10 years.

Tip 12

See Help for Households on gov.uk for information on how the Government can you support with the cost of living and tips on energy saving.

Tip 13

Army Families Federation (AFF) is a great resource for Military families.

If you are experiencing debt issues, AFF debt and savings page has a list of debt organisations that can help.
For support with childcare costs, see AFF Childcare & Early years page, which has information on different childcare options and financial support available.

Tip 14

Whether you have toddlers or teens, you could get support.

Find out about government help with childcare costs for parents.

Visit childcarechoices.gov.uk/ to see what you’re entitled to.

Tip 15

Big savings on the brands you love – Blue Light Card

The UK’s leading discount provider for the emergency services, NHS, social care sector and armed forces

Tip 16

Worth knowing about if you’re currently serving.

Tickets for Troops provides free tickets to members of the Armed Forces for a variety of sporting, musical and cultural events.

Tip 17

British Forces Discounts have partnered with businesses to bring you exclusive discounts and offers that you won’t find anywhere else.

From restaurants and clothes to holidays and days out, you can enjoy great savings. Take a look at their selection of Forces discounts, offers, and deals here