Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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As a shameless plug in this week’s military personal finance roundup, check out the Veterans United Live chat on relationships and money we hosted on Tuesday, April 30. After all, the roundup’s theme is about relationships, either with people and money or different facets of spending money. Within social circles, there is sometimes pressure to spend money when you don’t need to. The same goes for romantic relationships, though those may be even more expensive.
But we sometimes put a bit of a twist on relationships here, meaning they’re not just about human interaction. Take a look at these blog posts to get an idea of what we mean.
Starting a family is arguably the biggest change in an adult’s life. Although the unique sleeping schedule that goes along with having a child may seem like the most drastic change, taking on the role of financial provider for another is a huge undertaking.
According to new studies, it costs the average family $235,000 to raise a child to the age of 18, not including college. The financial investment in starting a family is no joke; if you’re thinking of starting a family, look for these financial signs you’re ready to take the leap.
We take aim at overspending in this military personal finance roundup. Spending beyond your means is a surefire way to ruin your budget, fall into debt, hurt your credit score and ultimately affect your finances in the long term. Temptations to overspend are omnipresent, so it’s not solely the fault of consumers to overspend.
The best thing to do is be disciplined and live within or below your means. It’s certainly easier said than done, but these blog posts are full of tips that can help you avoid overspending and save money.
Evidence shows that as little as one-third of America’s youth possess a basic knowledge of financial terms and concepts. This lack of monetary skills is likely to follow through into adulthood, when it will truly become an issue in the real world. Anything from purchasing a car to saving for retirement can be made tremendously difficult without a basic knowledge of interest, bank accounts, investing and other related topics.
We can all agree that financial illiteracy is potentially harmful for anyone, but the question of how to address the issue at an early age can be a difficult one. Children don’t typically need to make major financial decisions until they suddenly find themselves living away from home, so may not get much practice handling their own money. To avoid a jarring transition parents should be proactive in engaging their kids with good financial habits.
Since everybody has to eat to survive, it’s fitting that this week’s military personal finance roundup is about food. Everybody knows food isn’t free and if you’re not careful, food can destroy your budget. With that in mind, we put together a handful of blog posts about food. It might sound silly, but every tip and penny counts nowadays. Have a look at what other personal finance bloggers have to offer when it comes to money and food.
Talking about retirement rattles some people, but it’s the focus of this week’s military personal finance roundup. We’re not talking exclusively about retiring from the military, but retiring for good. Leaving the workforce may be decades away for you, which is why it’s smart to think about retirement now. Don’t wait too long to start putting money aside in the Thrift Savings Plan or other individual retirement accounts.
This probably isn’t the first or last time a roundup’s theme is retirement. Nevertheless, peruse these blog posts about retirement and get aggressive about preparing for it.
With tax season coming to an end, the stragglers waiting until the last minute are rushing to file on time. The IRS estimates around 25 percent of Americans waited until the last two weeks to file. If you’re one of the last-minute filers, be sure that the rush and deadlines don’t make you an easy target for scams.
In this military personal finance roundup, we take a look at entertainment and its relationship to your money. Don’t feel like you always have to spend money to be entertained. Thanks to the spring season, weather is improving, which means you can do all kinds of fun things outside. But if you’re more of an indoors person, there’s no shortage of entertainment for you.
Take a look at these blog posts that discuss several types of entertainment and money. How do you like to be entertained? What fun things do you do frugally?
Budgeting for a wedding is not easy. A recent survey indicates that, in 2012, the average cost of a wedding was $28,427, with some of the priciest weddings happening in Manhattan at $76,687 and Chicago at $49,810. Between scouting for the best venue and choosing the loveliest bouquet, your dream wedding may be eating away your budget faster than expected.
Here are five easy tips to save you from a financial headache while tying the knot.
This week in the military personal finance roundup, our focus is on a status symbol, mode of transportation and common cause of debt: a car. There’s no question that cars are convenient for transportation. With a car, you are free to go wherever roads go, and sometimes where they don’t.
But it’s not free. Insurance, maintenance and gas add up quick. Still, cars continue to be a popular option in the U.S. With that said, here’s a host of blog posts related to automobiles. How do you balance the convenience of a car with its costs?
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