Pima
10-Year Member
- Joined
- Nov 28, 2007
- Messages
- 13,900
Thank you, this is exactly what I meant.This is a budget we worked up the other day with my son, thought I would throw it out their as an example.
2934.00 Base Pay
Deductions
220.93 FICA/Med Care
440.01 Federal Witholding at 15%
450.00 Starter loan payment based on 25,000 loan
120.00 Cable/internet +-
55.00 Cell phone
75.00 Auto insurance +-
20.00 Insurance
Total Hard Cost Deductions $1380.94
2934.00 Base Pay
(1380.94) Hard deductions
1553.06 Balance
1553.06 Balance
253.00 BAS Non taxable
1806.08 New Balance
Out of this $1806.o8 you would need to budget for:
Food
Gas
Incidentals (Soap, laundry, toiletries, Car maintenance, ect.)
Entertainment
You will need to budget along the way for household items, remember, you don't need to buy them all at once, and like Goliedad said, raid your parents house and hit the Goodwills. There will also be a network at your new post you can use to try and purchase items from those that are leaving.
In the OP's case he will have the added bill every month for his student loan. Even with this payment if you budget well and don't buy everything at once there is no reason you can't save money each month.
The above was based on living on base where they take your entire BAH, if you can get lucky and get a roommate at your new post you can pocket some of your BAH which can be substantial depending on where you live.
Also remember that at your 2 year mark you will get a bump in pay of $915.00 per month, if you have learned to live within your means and still save money your first two years, you will be able to increase what you pay on your loans and still put more in savings and toward retirement.
Even with your loans and payments, if you live smart you can do well and save money as you go. Take advantage of the TSP and try and max your ROTH every year if you can, the ROTH should be your first priority above the TSP if you can only afford one.
Now remember they don't pay forward to move to your first duty station in advance...show up on the 7th of the month, it maybe you are too late to get paid on the 15th like pur DS.that means paying 3 weeks out of placket.
The starter loan was created for a reason.