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7 Truths About Money and Military Life

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7 Truths About Money and Military Life

Having a career in the military can be a great way to provide for your family with a steady paycheck. In addition to basic pay, your service member will also receive BAH, BAS, and other special pays based on what they are doing during their military career. If they deploy, they might earn extra military pay, and when re-enlisting, they might earn a bonus.

Money can be a sticky subject but there are some things to be aware of when it comes to money and military life. Here are a few things to keep in mind whether you are new to military life or have been a military spouse for some time.

Usaa and NavyFed pay a day early

Both USAA and NavyFed will pay a day early. This can get a little confusing when the 1st or the 15th falls on the weekend or even a Monday. There always seems to be some questions about when you will actually be paid. Here is a list of 2019 USAA Paydays and 2019 NavyFed Paydays.

Raises might take time

Your spouse comes home and tells you they got a raise. You re-do the budget to reflect the raise, but then, the next time they get paid, you don’t see the extra money. Raises are not always going to happen in a timely manner. The good news is, they will receive back pay based on the date they did get the raise, once it goes into effect.

If the military screws up pay, you will have to pay it back

Is your spouse still getting extra deployment pay after they get home? Does it seem like you are getting extra BAH? If you notice anything like that, please know that eventually, the military will figure it out, even if you don’t tell them.

And when they do, they will take that money back quickly. If you or your spouse notice an issue, your service member should talk to Finance, and make sure not to spend any of that extra money or you will find yourself in trouble when the military takes it back.

Saving money is always a good idea

Savings during military life is always a good idea. You never know when you might need that extra cushion. A PCS might cost you more than you think, military pay could get messed up and your spouse might end up with a less than normal paycheck, or you might need to take an emergency trip back home.

Setting up automatic savings is easy. You can usually do so with your bank. Even if you can only save $20 extra dollars a month, that can add up. Take a look at your budget and figure out where you can start saving.

You 100% need a budget

If you don’t already have a budget, start today. Having a budget is going to help you stay on top of your money. You need to take a look at all the income you and your spouse are bringing in and where all of your money goes.

Keeping a budget will also help you stay on track at the grocery store, what you spend on fun, and for clothing and other items your family needs. USAA has free budgeting tools and Mint has some free budget templates you can use.

Moving back to the US can shock your budget

If you have been stationed overseas, and move back to the US, you can be in for some sticker shock. There are a lot of expenses that can come up when you move back to the states from overseas.

You might end up living in a hotel longer than you thought you would, and could be tempted by all the stores and restaurants you have been without during your time in another country. Be smart with that and try not to go too crazy when you first move back. You will also be losing COLA, which you might have gotten used to receiving each month so make plans to redo your budget, even before you arrive back in the states.

Use a bonus wisely

During your service member’s time in the military, they might be able to earn a bonus. If they do, you are going to want to make sure to use that bonus wisely. Think about what would be best for your family.

You can use a bonus to pay off debt, put towards a new home, take a trip, save for retirement, or pad your savings. While spending a bonus upgrading all your electronics or buying a brand new car can be tempting, make sure to make wise choices with any extra money that comes into your home.


9 Ways To Save Money On A Super Tight Budget

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9 Ways To Save Money On A Super Tight Budget

There are many reasons why a military family could be on a tight budget. They could be saving for a PCS, trying to pay off debt, or trying to make their paycheck stretch a little further. There could be times during military life when you need to have a super tight budget, and times when you can spend a bit more. Whatever the reasons, there are things you can do to help you save money, not overspend, and be able to stick to your budget.

9 Ways To Save Money On A Super Tight Budget

Here are 9 ideas for saving money on a tight budget:

Eating out

Eating out will get you. We are a family of five, and sometimes even fast food is between $25-30. If you are doing this too many times a month, it can add up. If you do go out to eat, try to find coupons and use your military discount. Look for kids eat free nights, and be smart about what you order. Try to look at eating out as a treat, not an everyday thing.

This post contains referral/affiliate links!

Coupon

If you don’t coupon already, you should. There are many different ways to do so. From clipping the coupons that come in the mail, to using an app like Ibotta. You should also do your research about if the Commissary is truly cheaper than another grocery store in your area.

Meet friends for coffee

Going out to lunch or dinner with friends can sometimes cost $20-25. If you meet for coffee, you can spend less than $5 and still have a good time. And if you have kids, look for coffee shops by a playground. We have a few here at Fort Campbell that have been lifesavers for me over the years.

Shop thrift stores

Thrift stores can be fantastic places for finding deals. Whether it is clothes that you know your kids are going to grow out of in less than a year or replacement dishes for your kitchen. Some thrift stores have days were specific items are on sale or where they offer certain discounts. Make sure to check to see if you have an on post thrift store too.

9 Ways To Save Money On A Super Tight Budget

Find free events

Almost every community is going to have something free for you to do every weekend. You just have to look for what they are. On Facebook, you can search for events by city, topic, and date. If you want to do something fun with your family, look and see what is going on and what you might want to do. You can have a lot of fun at free events and can save money by going to them.

Cut your bills

Do you have cable? Cut it and get Netflix. Using too much data? Get a smaller package and save on your cell phone bill. There are different ways you can get your current bills a little lower. Even $50-100 a month can make a difference.

Say no

Saying no is powerful. You don’t have to say yes to everything. I know this is hard for some but if you can say no sometimes you will save yourself some stress and some money. If someone invites you and your kids out to a movie and you didn’t want to see it, say no. You could invite the friends over for a playdate instead. Don’t feel like you have to say yes to everything, especially when the more you say yes to the more money you will spend.

9 Ways To Save Money On A Super Tight Budget

DIY vs hiring someone

If you can do a DIY project instead of hiring someone, do it. There is a lot of advice and ideas out there for learning how to do things around your home. Check out YouTube and Pinterest for ideas.

Use your library

With a good library, you never really have to buy books. Not only can you get paperback and hardback books, but you can also get Kindle and Audiobooks using apps like the Overdrive app. Check with your library to see what they offer. In addition to books, your library might have a lot of community events going on such as movie nights, or even classes.

What creative ways have you been able to cut back on your spending and save money when you are on a tighter budget?

Military Spouses, Marriage, and Money

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Military Spouses, Marriage, and MoneyMilitary Spouses, Marriage, and Money

The topic of military spouses and money gets people going. Despite the fact that life does cost money, asking about money, your service member’s pay, or anything to do with how much money you are making can get a lot of different responses. From those who help you figure out what you need to know about money issues to others who seem to take the slightest question about finances and blow it out of proportion.

The truth is, as a military spouse we need to be aware of the money coming into our homes. It doesn’t matter if we have a job and make more than our service member or if we stay at home with the kids and don’t bring in any income. Finances are important, and we need to pay attention to them.

Military spouse Money

You should have a say

When money comes into a household, that money is spent on your rent or mortgage, utilities, food, home repairs, cars, children, and more. In some marriages, both partners work. They both bring in a regular income. For some, this means all money goes into the same account. For others, this means that you each have your own account and decide who will pay what.

The problem is when one spouse does not work for any pay, and they feel like they don’t have a right to say where the money goes. This is BS right here. You are a married couple, and you should have a say where the money goes. If your spouse isn’t allowing you to have a say about any money simply because you don’t bring in an income at the moment, something isn’t right.

Not being allowed to work

There are plenty of frustrations to finding work as a military spouse but your spouse saying that you can’t, even if you want to, shouldn’t be one of them. If the couple decides together that one of them will stay home with the kids and the other will be a sole provider, they should live their lives that way. The issue isn’t becoming a SAHM or not, the issue is when a spouse wants to work and her spouse is telling her she can’t.

military spouse and money

Times change

When we got married, we both worked full-time. Over the last 15 years, my husband and I have done different things, and the percentage of how much each of us made has changed over time. While there is the traditional idea that one makes all the money and the other stays at home for all those years raising children, this isn’t quite the norm anymore.

For one thing, living on one income can be difficult, especially when you add multiple kids to your family. There will be food and diapers, then sports and braces and it truly doesn’t ever end. Life with kids costs money, and it isn’t always wise to have a stay at home parent. A lot of stay at home parents I know make extra money from home or even have a night time part-time job.

Over the course of your marriage, who makes what might change. Not every service member stays in for 20 years and wants to be in the military for a career. Not every SAHM wants to be one forever. There are so many more options out there too, from working from home to going back to school and finding a new career.

Budgets are a must

Having a budget is a must. That way you and your spouse can get on the same page. You can see what is coming in and what is going out. Although one of you will probably be the one in charge of the bills and getting paid, both of you should be in on the budget to see what your goals are and how close you are to achieving them. Having a budget tells you what you can spend each month. On your bills, on food, and on fun. Budgets allow you to save and pay things on time.

Military Spouses, Marriage, and MoneySometimes they won’t have access

For us, having my husband in charge of the bills while he was deployed wouldn’t work as well. As the military spouse back at home, I could always call a bank or a credit card company. He hasn’t always been in a place where he had access. This is an important part of getting used to military spouse life. Ask yourself what would work best. Maybe for some, having the service member in this role makes sense, but for most of us, doing so can cause more frustrations.

Resources about money and military

Here are some fantastic websites to check out about money and the military:

Military One Source

Foxtrot and Pennies

Budget Loving Military Wife

Kate Horrell: The Military Finance Coach

Military Wives Saving

At the end of the day, you have to do what is best for you and your service member. That might look different than what other people are doing and that is okay. Just make sure that you are working towards the life that you want and not stuck in a place where you are being left behind.

What are your best military money tips?