-
MilLife Topics
- Military Basics
- Deployment
- Transitioning & Retiring
- Casualty Assistance
- Moving & PCS
- Housing & Living
- Recreation, Travel & Shopping
- Relationships
- Parenting
- Special Needs
- Health & Wellness
- Safety From Violence & Abuse
- Financial & Legal
- Education & Employment
- I am a…
- Benefits & Resources
- Benefits
- Back to Menu
- View Benefits Finder
- View Benefits Finder
- Moving
- Military OneSource Services
- Planning & Prevention
- Discounts & Perks
- Pay & Leave
- Education & Employment
- Recreation
- Family & Child Care
- Relationships
- Health Care & Emotional Well-being
- Retirement
- Assistance Programs
- Housing
- Shopping
- Legal
- Travel
- Popular Benefits
- MilTax
- Space-A Travel
- DOD MWR Libraries
- Resources
- Back to Menu
- View Resources Finder
- View Resources Finder
- MilLife Guides
- Military OneSource Network Websites
- Podcasts
- Government Websites
- Webinars
- External Websites
- Directories & Tools
- Online Learning
- Mobile Apps
- Popular Resources
- MilitaryINSTALLATIONS
- Plan My Move
- Moving Personal Property
- DPS Login
- Other Resources
- Data, Research & Statistics
- Products
- Back to Menu
- View Products Finder
- View Products Finder
- Popular Product Types
- Book/Booklets
- Fact Sheets
- Brochures
- Flyers
- Educational Items
- Posters
- Popular Products
- 5 Ways to Help a Friend Who’s Experiencing Domestic Abuse
- Creating Calm in 5, 4, 3, 2, 1: Kids Book
- Non-medical Counseling Flyer
- A Survivor’s Guide to Benefits Booklet
- Non-medical Counseling Fact Sheet
- MFLC Program Brochure: Child & Youth
- Confidential Help
24/7/365 Access to Support
No matter where you serve or live, free and confidential help is available.
- In Crisis?
- Veterans/Military Crisis Line
- Back to Menu
- Veterans/Military Crisis Line
- PhoneLive ChatInternationalWebsite
Dial 988 then press 1 or text 838255
- National Domestic Violence Hotline
- Back to Menu
- National Domestic Violence Hotline
- PhoneLive ChatText
Call 800-799-SAFE (7233)
Text “START” to 88788
- DOD Safe Helpline - Sexual Assault Support
- Back to Menu
- DOD Safe Helpline - Sexual Assault Support
- PhoneLive ChatWebsite
Call 877-995-5247
- 988 Suicide & Crisis Lifeline
- Back to Menu
- 988 Suicide & Crisis Lifeline
- PhoneLive ChatTTY
Call 988
Use your preferred relay service, or dial 711 then 988
- Domestic Abuse Victim Advocate Locator - Family Advocacy Program
- Back to Menu
- Domestic Abuse Victim Advocate Locator - Family Advocacy Program
- Interactive Tool
In the United States, call 911 if you are in an emergency.
For those outside the United States, call your local emergency number.
- 800-342-9647
- Call Us OCONUS
- Call Us TTY/TDD
- Live Chat
- About Us
- Browse By Program/Office
- Casualty & Mortuary Affairs
- Child & Youth Advocacy
- Child & Youth Programs
- Commissary, Military Exchange & Lodging
- Family Advocacy Program
- Military Community Support Programs
- Military & Family Life Counseling
- Military Family Readiness Programs
- Military Funeral Honors
- Morale, Welfare & Recreation (MWR)
- Office of Special Needs
- Personnel Accountability & Evacuations Operations
- Spouse Education & Career Opportunities
-
Contact Military OneSource
Information and support for service members and their families. About the Call Center.
- 800-342-9647
- Call Us OCONUS
- Call Us TTY/TDD
- Additional Ways to Contact Us
ARTICLEManage Your Money With a Spending Plan
3 minute read • Jan. 2, 2024Financial troubles can directly impact unit readiness by undermining your job performance, personal life, and potentially leading to a loss of your security clearance. This affects not only your life but also the overall readiness of your unit.
Avoid financial troubles by taking charge of your finances, creating a realistic plan, and spending less than you earn. While this plan sounds simple, overspending is common, and it’s easy to find yourself in financial trouble. The National Guard wants to help.
A spending plan provides control by outlining your income, expenses and potential areas for savings. It serves as your first step toward achieving larger financial objectives, helping you identify resources to meet your goals.
Begin by adding up your monthly expenses and subtracting them from your take-home pay. Then think about your financial priorities beyond your monthly bills, such as paying off high-interest credit card debt, building an emergency fund and saving for college or retirement.
Keep in mind that achieving these long-term goals can enhance your financial situation:
- Paying off credit card debt provides extra cash by eliminating bills and interest.
- Contributing to a pre-tax retirement plan reduces taxable income while growing funds for the future.
- Establishing an emergency fund offers a financial cushion, preventing costly debt.
If you’re married, complete this action plan with your spouse. You’ll want to set goals and identify any expenses you can reduce together. This will help avoid misunderstandings or overspending.
This action plan requires six steps:
- Add up your monthly expenses. List the bills you have to pay every month, such as your mortgage or rent, car payment, insurance premiums, utilities and phone bills.
- Add up your household’s monthly take-home pay. This includes after-tax pay for you and your spouse and any other income, such as investment or rental income.
- Subtract your expenses from your income. If you’re close to zero or get a negative number, take a second look at your non-essential expenses, such as cable TV, entertainment and travel. These items are easier to trim if you’re spending too much or if that money is needed elsewhere.
- List additional financial priorities like emergency funds, credit card debt repayment, and retirement or college savings. Determine the target amount and desired timeline for each goal, then calculate monthly savings targets by dividing the time (in months) into the amount.
- Match your money with expenses and goals. By clearly outlining income and expenses, identify areas for trade-offs to generate extra cash and enhance your long-term financial standing. Adjust spending until you’re either spending less than your income or saving enough to meet other financial priorities.
- Review your plan and priorities every few months. A spending plan is a “living document” that will change with your needs and situation. Life happens. And your spending plan should be flexible enough to change with whatever comes your way.
With your spending plan in hand, Calculate Your Net Worth and take the next step to finding out where you stand financially.
Learn about military bases worldwide. Get installation overviews, check-in procedures, housing, neighborhood information, contacts for programs and services, photos and more.
Your session will expire in 5 minutes.Click "Extend" below to stay logged in.
This site is for testing purposes only.If you are part of the general public, navigate to the public site. This site is solely for testing and approving site pages before they are released to the general public.