Like a coin, there are two sides of your military paycheck. There’s what goes into your paycheck — basic pay, allowances and special and incentive pays — and there is what comes out.
Saving money takes time, discipline and commitment, which is nothing new to military families. These seven steps will help you on your journey to financial security.
Under the military’s new Blended Retirement System, about 85 percent of all active-duty and reserve service members will receive a retirement benefit, even if they don’t qualify for full retirement. That’s a big difference from the low numbers of service members today saving for retirement. Your future self will thank you if you begin saving even modestly today for your tomorrow. Recent changes make it easier to save for your future.
In the military, you learn to prepare for the future by using the tools at your disposal. Saving money is one important aspect of this. The more money you save, the more prepared you will be for opportunities or unexpected events that come your way. Read about several savings tools to help you get the most out of your military pay.
When you and your family are preparing for a deployment, set savings goals that will make the most of your special payments.
If a combat deployment is in your future, be sure to learn about the Department of Defense Savings Deposit Program, a savings account that earns you 10% interest, before you deploy.
You can take control of your financial future today. Start small with a few simple changes to save more, spend less, and better manage your day-to-day finances.
Millions of people fall victim to identity theft or financial scams each year, costing them money, time and aggravation. Don’t be one of them. Learn ways to protect your personal, military and financial data, and reduce your chances of getting swindled and slowing you down as you build financial security.
During deployment, you may be eligible for military pay entitlements, like family separation allowance or combat pay. This is an ideal time to save money or pay off debt. Here are steps to reach your financial goals.
Your monthly Leave and Earnings Statement, or LES, is one of the most important financial documents you have for mastering your money and achieving your financial goals. Here’s how to decipher the code.
The certification process has gotten easier for students age 18 and older covered as a child annuitant under the military Survivor Benefit Plan. SBP students now have more time to file their certifications each semester and can file school certification forms online.
Learning to balance your budget is a necessary life skill. While it sounds like a chore, once you develop some sound budgeting strategies, you can enjoy the security it provides and build wealth. Plus, keeping sound finances is important for your security clearance.
Gearing up for a deployment can be stressful. But getting those orders cancelled or postponed can be more so, especially after spending weeks, even months, preparing yourself for the mission—and your family for the changes.
You’re learning to navigate the new world of the military, and that takes knowledge and resilience. At Military OneSource, we’re here to support your military career with the tools you need to be a successful member of the armed forces.
We’ve got some tips on how you can make the most of your basic pay — from the most important parts of your actual pay stub to picking the right bank account, to even getting a “raise” by increasing your Thrift Savings Plan contributions.
Deployed service members are expected to file their taxes. Fortunately, the Internal Revenue Service realizes service members and their families face unique circumstances and offers tools — and some special extensions — to make tax filing easier.
The Department of Defense offers military parents a variety of child care services so each family can find a solution that fits their needs. Military OneSource now provides MilParents another way to find hourly child care.
Sometimes strength means asking for help. Military OneSource and the Military and Family Life Counseling Program offer free, confidential, face-to-face non-medical counseling to support you with military and family life challenges like preparing for and handling a move or nurturing a relationship with a deployed spouse.