What is TSP?Use TSP
For officers, you probably do better by getting a rental off post. Usually you can’t even find on base housing as a bachelor JO.
Also, officers normally don’t eat in the chow halls in garrison. There are exceptions. When I was a commander and “owned” some of the cooks in the chow hall I would eat there about once a week. Also, I would sometimes go there on holidays such as Thanksgiving.
But as a JO you can save money if you are careful with your spendings. Don’t get a new car. Avoid eating out. Don’t go to Starbucks each day. Watch out for recurrent charges on your credit card. Use TSP.
Depends on a lot. I've generally been able to find rentals under BAH that effectively saved me money as opposed to living on base. Later, I've bought homes so my mortgage builds wealth, later renting them (admittedly a headache at times) when I PCS.I feel like you wouldn't really need to spend all that much since the military would pay for your living expenses and everything else. Could you just save all of your money?
You have a car payment? Insurance? Cell phone? Netflix? A meal out? A new laptop? Video games? Movie tickets? Concert? Just....hobbies? You aren't going to save all of your money. The trick to building financial freedom is prioritizing investment goals first then enjoying what remains after.
Thrift Savings Plan. Under the Blended Retirement System (BRS), the government contributes to your TSP account (1% automatic, matching up to 5%). BRS combines the traditional military retirement pension (2% x YOS x average of your highest paid three years in service) with a 401k like plan. This came about in the 2016 National Defense Authorization Act (NDAA). It allows military members to get some type of retirement benefit regardless of service time.What is TSP?
This has now been added to the Acronym list.
Very common.Do single junior officers typically share an apartment to cut costs?
It also seems like it depends are where you are stationed. DS is an Ensign currently stationed in Japan. For him, and I think any other base in a foreign country, he is reimbursed, up to a set limit, for what he actually pays in rent. So there is no incentive to have a roommate. He found a great apartment near base where the rent was conveniently exactly his reimbursement amount (funny how that works near a base). His friends that are stationed stateside get a set BAH (basic allowance for housing). They get the same amount no matter if they spend it all on rent/mortgage or not. Many of them have roommates and are able to pocket some money.Do single junior officers typically share an apartment to cut costs?
Additional facts. The BAH is indexed to local cost of housing in U.S. It also goes up with each promotion.It also seems like it depends are where you are stationed. DS is an Ensign currently stationed in Japan. For him, and I think any other base in a foreign country, he is reimbursed, up to a set limit, for what he actually pays in rent. So there is no incentive to have a roommate. He found a great apartment near base where the rent was conveniently exactly his reimbursement amount (funny how that works near a base). His friends that are stationed stateside get a set BAH (basic allowance for housing). They get the same amount no matter if they spend it all on rent/mortgage or not. Many of them have roommates and are able to pocket some money.