• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

US Military

  • Branches
    • Army
    • Navy
    • Air Force
    • Marine Corps
    • Coast Guard
    • National Guard
    • Air National Guard
    • Find A Recruiter
  • Find A Recruiter
  • Military Benefits
    • GI Bill
    • VA Loans
    • Military Scholarships
    • Military Friendly Colleges
    • Money
  • Jobs
    • Military Pay Chart
    • Veteran Jobs
    • Civilian Jobs
  • VA Loan Rates
  • Military News
    • Top News
    • Benefits
    • Careers
    • Education
    • Featured Columnists
      • Larry Fowler
      • Scott Ostrow
      • Kim Lengling
      • Dr. Sasha Toperich
      • Rick Stewart
  • USM Shop
  • GI Bill
  • VA Loans
  • Military Scholarships
  • Top Military-Friendly Colleges and Universities in America

How To Live On A Military Budget

March 10, 2017 By larryf

Keeping your military budget in order is not an easy task. Let’s face it, you’re likely not become the next millionaire while serving your country. So, here’s a few important tips on keeping your military budget in order.

Find My Military Recruiter Near Me!

Whether you’re single or married, have children or don’t, just joined the military or you’re on your second contract, you have to keep your finances in order. Your military career and happiness depend on making sure you don’t have to be stressed out about money. Here are some of the ways you can keep your financial house in order if you’re in the military.

Have Budget Meetings With Your Family

If you have a spouse, you need to sit down every month (preferably twice or three times a month) and talk about the budget. Of course, you will need to have a budget you create together to work from. It can be a difficult thing to blend your finances if you were both used to spending money the way you pleased before you were married.

It’s very important to look at the short-term, but also talk about where you want your finances to be in two, three or even ten years. Make sure you discuss the monthly budget and how you are on track to reach the desired goals you have set for your financial house in the future.

Does Your Spouse Work? If so, Use One Income for Expenses Only

If you and your spouse are both employed, don’t combine the incomes to create your budget. This is very dangerous, as employment for a military spouse can be difficult. The income of a military spouse should be treated as savings of money to pay off debt. It should never be used to pay bills or take on new bills.

When the spouse in the military gets deployed or your family has to move, it could make it difficult for you, the military spouse, to keep your job. If you’re not counting on that income to pay bills, it will make life much easier.

Don’t Use Credit Cards

You will be tempted to use credit cards for things you think you need, but you really don’t need. Credit card debt is a killer for your budget and your financial goals. You want to avoid any type of debt as much as possible, as it will cause more problems than it will ever solve.

Have a Monthly Budget You Stick to

Your monthly budget should help you keep track of all the bills you need to pay, how much you spend on things, such as groceries and gas and how your monthly income breaks down. Tracking everything in a budget sheet makes it much easier to see where your money is going, how much you can save and how you can make adjustments to increase your savings.

If Necessary, Minimize and Downsize

It’s not uncommon for new military recruits to want what they want and want it now. This is dangerous and should be avoided. However, if you’ve already gone through this period, it may be time to minimize what you own, downsize to the things you really need and eliminate anything you don’t need. You don’t need to keep up with the Jones or try to impress others. A smaller home and less stuff means you won’t have as many expenses to deal with in your budget.

There are several things you can do to ensure you keep your military financial house in order. It becomes a team effort once you’re married, but even if you’re not married yet, a budget will help keep you from stressing out about money all the time.

Filed Under: mostpopular

[related_posts_by_tax format="thumbnails" limit_posts="100" image_size="sidebar-thumbnail" public_only="true" posts_per_page="6"]

Primary Sidebar

USMilitary.com Career Guide

Sign up to receive USMilitary.com email updates and to hear what's going on with all military branches!

Featured Columnists

Larry Fowler

Larry Fowler is the publisher of USMilitary.com Network one of America's premier privately owned

Autobiography Compares Christian Living With Navy SEAL Training (BUD/S).

Scott Ostrow

Lt Col (Dr.) Scott A. Ostrow retired from the Air Force in September 2005 and has been teaching

Must Read: The Truth About The ASVAB Test Prep From The Man Who Wrote The Book

Kim Lengling

Kim Lengling is a Air Force Veteran whose passion is to help support veterans and their

The Moving Wall: Women Who Paid The Ultimate Price For Their Country

Dr. Sasha Toperich

Dr. Sasha Toperich is the Senior Executive Vice President at Transatlantic Leadership

Sarraj’s Dangerous Dance With Power

Rick Stewart

Rick Stewart is a former United States Air Force Survival, Evasion, Resistance, and Escape (SERE)

Announcing American Patriots Unsung Magazine

Nathan B. Nelson

Capt (ret) Nathan B. Nelson is the Director of Military Affairs for the 1st Congressional district

Three Critical Considerations for Every Veteran Prior to Leaving Active Duty

Laquan Daniels

Laquan Daniel is a military recruiting expert with over 17 years of specialized experience in the

Important News For Military Transitioning Veterans

Veteran Buzz

Hire Military Veterans

Which Companies Are Most Likely to Hire Military Veterans?

July 30, 2018 By Ben Ehinger

High-Paying Jobs for Military Veterans

5 High-Paying Jobs for Military Veterans

July 2, 2018 By Ben Ehinger

High Paying Jobs Not Requiring a Degree

June 28, 2018 By Ben Ehinger

Footer

  • Advertise With Us
  • Privacy Policy
  • Write For US
  • Link to Us

Recent

  • Autobiography Compares Christian Living With Navy SEAL Training (BUD/S).
  • Apache Attack Helicopter Pilot: To Maintain a Watchful Eye, “Above the Best”
  • Peering Into The Future: NATO 2030 Initiative Announced
  • What Military Branch Sees the Most Combat?
  • From Belarus “With Love”, Yet Again

Search

© Copyright 2021 USMillitary
Web Design by Goebel Media Group


THIS IS A PRIVATE WEBSITE THAT IS NOT AFFILIATED WITH THE U.S. GOVERNMENT, U.S. ARMED FORCES, OR DEPARTMENT OF VETERANS AFFAIRS. U.S. GOVERNMENT AGENCIES HAVE NOT REVIEWED THIS INFORMATION. THIS SITE IS NOT CONNECTED WITH ANY GOVERNMENT AGENCY.

​Tips
Discounts
News

​

​

Join the USMilitary.com Newsletter Today!

By subscribing you agree to our terms & conditions

x