BR2011 said:
Definitely save a good portion but keep a good chunk to have fun your firstie year and to pay for "life start up costs" (apartment, TV, Bed, pots/pans, etc) after graduation. I knew a bunch of people who blew it all on a car and ended up in the same cashless cadet position they had been in the first 3 years and had to wait for a few ENS paychecks to clear before they could buy stuff out in the real world. You don't want to miss out on fun weekends in NYC or Boston because you don't have the money for them.
Or worse yet, some will start to use their credit cards to live, and go deeper and deeper in debt because now they have to pay off the starter loan, plus credit cards, which means less disposable income, and than they use the cards more, getting into a downward trend that becomes harder to get out of with every month.
You would be amazed how much a 1st time PCS will cost. Apts will want a security deposit, cable, water, electric, gas, etc., may also want a deposit or installation fees. Those items alone can run you a thousand depending on where you live...look at your BAH rate, that will give you a rule of thumb. For our rental in NC, we require 1 month security, 1 month up front, and if they have a pet, 1 month there too. That is basically 4500 just to get in the house. Granted our home is for an O4 rate, but you get the jist, it is money you will need access to right off the bat.
That is also before as BR stated you buy your bed, dresser, linens, pots, pans, etc. I am not even touching a sofa, a kitchenette, or that flat screen tv and surround sound. You will be looking at a couple of grand just there...seriously even buying all Wal-Mart furniture will dent your wallet.
Take a gander on Target and you will see a set of linens, including towels on the cheap will be 150. Pots and pans, 75. Dishes, glasses, utensils, 200. First time food shopping bill to buy staples, will be a couple of hundred...salt, pepper, oil, garbage bags, laundry detergent all adds up.
Our DS spent about 800-1000 and he is living in the furnished Qs (bed, and living room, but nothing else) so he lucked out financially, but what did occur which he was not expecting was his pay was messed up, and he didn't get paid for close to a month. Had he not saved part of that money in an easy access account, he would have been living off of his credit cards.