Two Questions involving SLRP and the Career Starter Loan

Jcleppe said:
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.
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Thank you, this is exactly what I meant.

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.
 
DS was tempted, but opted not to take the loan at all. He had no desire to start his career in debt. He drives a 2000 Jeep Wrangler with umpteen thousand miles on it that should run for umpteen more, hopefully, and has managed to save several thousand during school from his tuition refunds (scholarships equal more than total cost of attendance at his school). Hopefully he's got enough saved to get the first apartment, etc., squared away

If I'm not mistaken isn't "umpteen" the number our Congress and President like to use when talking about budgets?? Sorry I digress....:coo2l:
 
sheriff3 said:
Can someone please tell me how to use the quote function? thanks.
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If you click on the +Quote and Reply links (in the lower right hand corner of each post) on the posts you want to quote, they will appear in a box at the end of the thread. You can add multiple quotes from others' posts that way.
 
That doesn't seem impossible, I can go without gratuitous amounts of entertainment if I need to (not meaning to sound like a stoic hero or a scrooge, but I can deal with living without lol, If I have the opportunity to choose Internet, Xbox, or Cable, I feel it's safe to say Internet is the only thing I truly need, for example). I can allocate one weekend a month to go to a range and depending on where I'm stationed, my free time may be filled up during hunting season. Take vitamins and you really only need peanut butter and jelly on whole grain bread to stay healthy if you have to, and it keeps you from getting fat (always looking at the bright side lol).

Cynical humor aside, the primary vehicle I'm looking at is a Nissan Frontier. Cheap, not huge, lasts forever, can take it in the woods, etc. I would like a new vehicle for the warranty and the fact that I assume, as an officer, I won't have much time to work on an older vehicle. Just in case ya'll were worried I'd get a used Corvette or a Ram Big Horn Dually......
 
Full Metal Bulldog said:
Cynical humor aside, the primary vehicle I'm looking at is a Nissan Frontier. Cheap, not huge, lasts forever, can take it in the woods, etc. I would like a new vehicle for the warranty and the fact that I assume, as an officer, I won't have much time to work on an older vehicle. Just in case ya'll were worried I'd get a used Corvette or a Ram Big Horn Dually......
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Nissan Frontier is a good choice. I've driven one for 10 years and about 109,000 miles. Only problem I ever had was with the climate control panel. The thing runs like a top. Still, I would say look at dealer financing vs starter loan.
 
Full Metal Bulldog said:
That doesn't seem impossible, I can go without gratuitous amounts of entertainment if I need to (not meaning to sound like a stoic hero or a scrooge, but I can deal with living without lol, If I have the opportunity to choose Internet, Xbox, or Cable, I feel it's safe to say Internet is the only thing I truly need, for example). I can allocate one weekend a month to go to a range and depending on where I'm stationed, my free time may be filled up during hunting season. Take vitamins and you really only need peanut butter and jelly on whole grain bread to stay healthy if you have to, and it keeps you from getting fat (always looking at the bright side lol).

Cynical humor aside, the primary vehicle I'm looking at is a Nissan Frontier. Cheap, not huge, lasts forever, can take it in the woods, etc. I would like a new vehicle for the warranty and the fact that I assume, as an officer, I won't have much time to work on an older vehicle. Just in case ya'll were worried I'd get a used Corvette or a Ram Big Horn Dually......
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You're underestimating how miserably lame some of the cities outside posts are. LOL

I'm being sarcastic, but to be honest, you can get by with the basics while you start building what you have. There's someone in my BOLC class that literally only has a blowup mattress for furniture while they wait to get time to get theirs. Initial startup costs (everything mentioned in the thread so far) WILL be your killer, and you'll likely need more money than you probably think. On top of getting housing situated and all that other stuff, there's stuff you'll need for your BOLC class that won't be magically issued and you might not be getting paid yet. I'm not sure if it works the same if you are TDY to BOLC, but for those of us that PCS'd, you can get a travel advance to help with costs. Once you finish your travel stuff (either DITY move or whatever) and turn in all your receipts, now you wait 6-8 weeks to get reimbursed. That could be a good chunk of money that won't get to you for awhile. And at some random point down the road, you'll magically see a huge chunk disappear, and that's the Army collecting the advance back. That could be an unexpected roadblock.

I can't remember what MS year you are, but you've got some time before this becomes reality, right? I think you are already a leg up on most of your peers, so it's good you're atleast thinking of this early. Just weigh your options, you'll see all types of vehicles driven by all different groups. You've got the new car lot with the hottest rims around at the junior enlisted barracks sometimes, or the LT (as in my class) that drives a ridiculous truck with a 7inch lift on 38"s, or those that drive beaters. Get what fits your needs, but more importantly what you can afford and maintain.
 
Full Metal Bulldog said:
That doesn't seem impossible, I can go without gratuitous amounts of entertainment if I need to (not meaning to sound like a stoic hero or a scrooge, but I can deal with living without lol, If I have the opportunity to choose Internet, Xbox, or Cable, I feel it's safe to say Internet is the only thing I truly need, for example). I can allocate one weekend a month to go to a range and depending on where I'm stationed, my free time may be filled up during hunting season. Take vitamins and you really only need peanut butter and jelly on whole grain bread to stay healthy if you have to, and it keeps you from getting fat (always looking at the bright side lol).

Cynical humor aside, the primary vehicle I'm looking at is a Nissan Frontier. Cheap, not huge, lasts forever, can take it in the woods, etc. I would like a new vehicle for the warranty and the fact that I assume, as an officer, I won't have much time to work on an older vehicle. Just in case ya'll were worried I'd get a used Corvette or a Ram Big Horn Dually......
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You are probably not going to find a small pickup (either Nissan or Toyota) under a manufacturer's "certified" program. Not too many leased out to be cycled through. Both manufacturers will be bringing out new compact truck models in the next year or two, so you may have the opportunity to shop the last year of old model vs first year of new model situation. With either of these two trucks, I wouldn't sweat the "new vehicle bugs" issues. Trucks are too simple (electronics aside) for major screw-ups on new designs. The question will be is the extra price (new redesigned vehicles NEVER come at a discount) worth it.

Personally, I'm a fan of the Taco more because I like the 4-banger (can't kill it) and it is the best vehicle bar none in retaining resale value because NOBODY turns a 4-cylinder Taco in to the dealer. They drive them until the wheels fall off (which never happens). If you like the 6, I'd take the Nissan. You'll have a harder time getting a discount on the Taco (the Nissan is more frequently discounted). You can't go wrong with either though.

BTW, you'll fit in just fine with the rest of your newly minted officer friends. My daughter noticed that ~80% of her BOLC class drove pickups, Jeeps, Xterra, etc.
 
I meant to add this the other day, but when looking at the housing packet when I first checked in, there is an option to also get an advance that will cover your first months rent and utilities/deposit, not to exceed 3 months BAH. But, depending on your branch, if you're TDY (most BOLCs), you won't get BAH and you'll probably just be put up in temp housing.
 
I am curious to see if that is an Army thing or if it has changed since the last time we took it. Bullet always took it when we PCSd with the AF, but for us it was up to 1 months base pay because it was a 0% loan paid back over a year.
 
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