Here are some advices for saving money in the military.
- You’ll get a great income as a service member – Make sure to spend your salary wisely. As a young service men or women, you can count on almost 100 percent of your paycheck being disposable income. You were busy on training, sleeping on barracks, eating in the chow hall, so definitely saving is really a challenge once you’re off base. So long you have your focus and goals and keeping your head, you will have a significant savings. How? Plan, persevere and persist!
- Plan for your future – Everyone will surely retire- including high ranking officials. Looking ahead will help you manage your savings. As you progress through the ranks, try to live the same way and keep the same habits. Don’t live above your means. Plan well and spend wisely as they say.
- Pay yourself first – Meaning, ten percent of all your income should immediately go into savings. The percentage amount may change for you, but the premise is the same. If you’re just starting out, you won’t have debt or significant bills, so paying yourself is the priority. Decide what percentage of your salary will go into savings. Set up multiple savings accounts is another way to compartmentalize your savings. One account could be for property savings, one for education, and so on. Consider this transaction just as automatic as your taxes.
- Use the right credit cards – Choose a write credit cards such as: The Capital One® QuicksilverOne® Cash Rewards Credit Card may not be just meant for military members, but it is a great cash back card, offerings 1.5% unlimited cash back on any purchase.
- Education is the best investment in your future – The training you received in boot camp will translate into certain college credits. However, you should be wary of this and find out exactly what the details are since some training is ineligible or the credits received are obscure. The GI Bill is available for you to take college, vocational, business technical, distance learning, certification tests, apprenticeships, flight training, and job training for veterans and reserves. The Montgomery GI Bill education benefit can be worth over $69,000. That’s thousands of dollars worth of investment in your future while you’re enlisted and long after. The other bonus is that while you’re in the military, you have the time to study since your daily routine is different than a civilian. This makes it the ideal time to upgrade your skills and education. If you’re married, there are educational incentives available for spouses as well.