Posted on May 31, 2014
Best Tips & Advice for Balancing the Home Budget?
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This is among those topics that we can't discuss enough... So, what are those tips, techniques, and tried-and-true strategies you've used over the years to: a) stay on budget, b) save on monthly expenses, c) invest/plan/save for the future, and d) live within your means. As most of us know, it can be challenging living on a military budget, particularly in the early years of our careers... so what have you learned that you can pass on; what are those helpful tidbits of wisdom you can share; what are your lessons learned; what did you do right, what did you do wrong; what did you learn from it, and if you had to do it all over again, what would you do differently? Please feel free to share any articles, quotations, excerpts, links, or anything else necessary to help illustrate your point(s). Well, this should be an interesting and thoroughly helpful discussion, so let's get things started; thank you for all that you do, and... wishing you all the best and continued success!
Budget
Mentorship
Finance
Edited 10 y ago
Posted 10 y ago
Responses: 16
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What I do that has helped me is to pay my bills when I get paid. All the Bills due between the 1-14th I pay on the 1st all bills from the 15th-the end of the month get paid on the 15th. This includes transferring some into savings (paying myself). I then know that the money I have left is for food gas and whatever play money I might want until I get paid again. This has worked for me and I don't have to ever worry if I have enough money because I can't remember what bill is due. I haven't balanced a checkbook in almost twenty years and I have never run out of money.
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MSgt Ediberto L.
SSgt Gregory, I learned my financial lessons the hard way and would like to add on to your words of financial wisdom by stating not just to save money but learn to invest it wisely by having your money work for you instead of just the banks. Folks, banks take/invest your money after you deposit it and get a much better rate of return while you as the account holder get the crumbs. Don't get me wrong, a savings account is a good start and beats saving your money under a mattress. However, if you look at what banks are paying you in return for your savings you'll see that your money is, for the most part, working for them and will not build you any considerable wealth over time like say a mutual fund would do for example. I recently read an article that the Army is testing a program where the service matches soldiers’ contributions to TSP. This program only applies to new enlistees who fill critical specialties. The Army will match 5 percent of the pay the soldier contributes to TSP; the first 3 percent will be matched dollar for dollar, and the next 2 percent matched 50 cents on the dollar. That said, folks, consider finding a "licensed" financial expert to guide you through the pros and cons of various investment options. TSP is a good option but everyone financial situation is different. So, whether your time in service be 5, 10 or even twenty years worth, investing wisely will provide you/family with a good cushion to help once your military career comes to an end and a new chapter in your life begins. Just food for thought folks. Take care all, and thank you for your service!
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I have been warned by many on Rally Point to start saving for retirement now and I took that very seriously. I opened a retirement savings account and I used the USAA tool to help add up what I will have saved over the next 15 years. I was honestly shocked that saving $100 a month for retirement didn't evolve into a million dollars.
That was a much-needed reality check because even at 30, I still occasionally expect things to magically "work out" lol. So I added $30-50 more per paycheck into that savings.
I appreciate the advice, because retirement was the last thing I was thinking about.
That was a much-needed reality check because even at 30, I still occasionally expect things to magically "work out" lol. So I added $30-50 more per paycheck into that savings.
I appreciate the advice, because retirement was the last thing I was thinking about.
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Cpl Jerry Millar
The power of compounding interest! I used to volunteer at Junior Achievement and would go to middle schools to talk about money. I would always start by asking the students if I gave them a choice between $2.50 every day for 1 month or 1-cent today and then I would double the amount every day for that same month, which would you choose…
The math is surprising, to say the least!
The math is surprising, to say the least!
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