Finances

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xeonv2

USAFA '15
5-Year Member
Joined
Dec 28, 2010
Messages
57
I was wondering how much money, on average, a Cadet saves per month etc. :smile: Also, once you open your Cadet bank account is it a good idea to still have another bank, or would the Academy's bank suffice? Any more general information about finances in the Academy would be a great help ...:biggrin:
 
xeonv2 said:
I was wondering how much money, on average, a Cadet saves per month etc. :smile: Also, once you open your Cadet bank account is it a good idea to still have another bank, or would the Academy's bank suffice? Any more general information about finances in the Academy would be a great help ...:biggrin:
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I was just discussing this with my C4C son the other day. The pay varies from month to month. This month he is netting $ 505. Some months he gets more, some he gets less. It all depends what is being taken out for his uniforms, computer, books, etc...
My son uses the bank that is at the Academy, I think it is in Sijan or a building on the south side of the campus. He has a debit card, they take care of all his financial needs. He said that older cadets have recommended using USAA and he mostt likely will at some point, but for now, this is really convenient. I am amazed at the growth my son has displayed regarding his finances.
 
As Devildog said, the pay varies from month to month, depending on what they take out. The base pay is $980 a month.

Personally I have two bank accounts. One is USAA which I have my pay go to. I also have a Bank of America account, which is connected to my parents. So if I ever need a little extra cash, I have it (Though I don't plan on that happening :thumb:). Always good to have a backup though.
 
Base pay is actually $960.90 and as a three degree I usually save 25% of base pay, which is about $240.23 a month. It's much easier to start saving early instead of getting in the bad habit of "saving whatever's left over" because there is usually none left over under that mentality.
 
DevilDog said:
This month he is netting $ 505. Some months he gets more, some he gets less. It all depends what is being taken out for his uniforms, computer, books, etc...
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WOW, I'm amazed at the desperity between USAFA and USNA. Someone else posted a C4C finance chart earlier, and I was surprised to see c4cs netting so much. Back in my day (at USAFA) we only netted $60/month our 4deg year. My current Plebe only gets $100/ month pretty much regardless. I thought the monthly pay would be pretty much consistant among SA's, understanding of course that it will very somewhat depending on whats taken out from month to month, but netting $505 after expenses is great for a c4c!
 
falconchic88 said:
WOW, I'm amazed at the desperity between USAFA and USNA. Someone else posted a C4C finance chart earlier, and I was surprised to see c4cs netting so much. Back in my day (at USAFA) we only netted $60/month our 4deg year. My current Plebe only gets $100/ month pretty much regardless. I thought the monthly pay would be pretty much consistant among SA's, understanding of course that it will very somewhat depending on whats taken out from month to month, but netting $505 after expenses is great for a c4c!
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He also said that there will be months that he will get $ 40. So it can vary greatly. I am not sure how it works.
 
"I thought the monthly pay would be pretty much consistant among SA's,..."





Midshipman at USMMA don't receive any monthly pay unless they are at sea and then they are paid by the shipping company.......
 
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My kids maintain accounts at home as well, though they generally have minimum balances in them. Seems a good idea to this thrifty mother.
 
falconchic88 said:
WOW, I'm amazed at the desperity between USAFA and USNA. Someone else posted a C4C finance chart earlier, and I was surprised to see c4cs netting so much. Back in my day (at USAFA) we only netted $60/month our 4deg year. My current Plebe only gets $100/ month pretty much regardless. I thought the monthly pay would be pretty much consistant among SA's, understanding of course that it will very somewhat depending on whats taken out from month to month, but netting $505 after expenses is great for a c4c!
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USAFA cadets are responsible for purchasing their books with their money. USAFA does not allow cadet to have accounts for books or varies other items purchase on campus. DS has friend at USNA and books are purchase on account and there is a card Mids can use make purchases on the yard. This limits the amount received by Mids each month. I believe there is a point and time when Mids receive a large refund if spending was modest during the first year. Also USNA have more uniforms than USAFA and I am sure the expense for clothing is alot more.
 
There were two months in a row where my pay was $0. Armed Forces Bank kindly charged me service fees for my checking account because they said I didn't have direct pay set up, even after convincing them that I did have direct pay...my pay was just $0.
 
agolson said:
USAFA cadets are responsible for purchasing their books with their money. USAFA does not allow cadet to have accounts for books or varies other items purchase on campus. DS has friend at USNA and books are purchase on account and there is a card Mids can use make purchases on the yard. This limits the amount received by Mids each month. I believe there is a point and time when Mids receive a large refund if spending was modest during the first year. Also USNA have more uniforms than USAFA and I am sure the expense for clothing is alot more.
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Good Point, I wasn't aware of the difference with the textbooks (in my day books were "issued" for 4deg) and you're right about the uniforms!
 
This should give y'all some kind of idea. This is what has been deducted from my son's pay as of end of dec. He is a firstie. Total expenses are $12, 523.83. He has also paid $5,086.50 in taxes. Total pay has been $41,064.11. So that has left him with $23,453.78 to spend as he pleases which averages out to approx. $550/month.

Of course, he has also earned quite a bit more in TDY pay during his Olmstead trips and his summer internship. I think his summer internship was nearly $3,000 for the five weeks.

Anyway, I don't think you will find a more exact accounting anywhere else.


Barber $313.50
Dry Cleaning $490.09
Laundry $370.28
Tailor $885.50
Linen $249.43
Computer & Textbooks $3,200.55
SGLI $1,187.00
Clothing $3,847.11
Debt $569.98
Media Pubs. $271.00
Radio $11.00
Allied Arts $280.00
Athletic Assn. $454.50
AOG $10.00
Misc. $383.89
 
Excellent information Bandit! Thanks for the post and good luck yo your son. :thumb:
 
falconchic88 said:
I thought the monthly pay would be pretty much consistant among SA's,
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By law, monthly gross pay is the same for all 4 military academies - $974.40 (2011).

TITLE 37 > CHAPTER 3 > § 203 (c)

A cadet at the United States Military Academy, the United States Air Force Academy, or the Coast Guard Academy,
or a midshipman at the United States Naval Academy, is entitled to monthly cadet pay, or midshipman pay, at the
monthly rate equal to 35 percent of the basic pay of a commissioned officer in the pay grade O–1 with less than two
years of service.
 
Does the basic pay change each year at a SA?

In other words, is the base pay lower for a freshman than a sophomore, etc?
 
Does the basic pay change each year at a SA?
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It doesn't change due to rising from one class to another as Luigi says, everyone gets the same base pay.

However, they do get an increase in pay if the military gets an increase. Basically it is always 35% of whatever a O-1 with less than 2 years service receives
 
December salary

The salary varies from month to month. December's was higher because the cadets needed more to buy XMAS presents and the like. I continually send my son money (hey, I can't get out of the habit) but it is just because I think he won't have enough if he wants to go out with friends for dinner or whatever. He tells me the upper classmen often sponsor their evenings, but still, I want him to be able to pay his own way.
Just a mom's thoughts...
 
kbtrans said:
December's was higher because the cadets needed more to buy XMAS presents and the like.
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Are you saying that the SA intentionally decreased the money debited from a cadets monthly pay in December to allow them a greater net amount?
 
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