Saving takes the kind of discipline, time and a commitment that military families already have. These seven steps will help you start now to gain control over your financial security.
Pay Raise for 2020
Military personnel are receiving a 3.1% increase in their basic pay in 2020. This raise is for both active-duty and reserve service members.
- Examine your monthly cash flow to see just how much is coming in and going out. Start by checking your pay on the basic pay tables and on myPay. Then look at your expenses. What does your housing payment look like? How much do you spend on car loans, household bills, and entertainment costs?
- Track your spending habits for one month on your smartphone or in a small notebook.
- Write down your short-term financial goals. It’s a good idea to start building an emergency savings account, reducing your debt or saving for a family vacation.
- Write down your long-term financial goals. Home buying, saving for retirement and contributing to a college savings plan all apply. It’s never too soon to start.
- Prioritize and set savings goals for each item. If you need help, consult a personal financial manager on your installation or call Military OneSource at 800-342-9647 to reach a financial counselor. OCONUS/International? Click here for calling options.
- Check out Military Saves’ countless resources and tools to help you create accurate figures.
- Don’t overthink it. Make saving automatic by using allotments or a scheduled bank transfer each month.
With the help of your personal financial managers and Military OneSource financial counselors, you’re in a strong position to start saving for your future.