Military Pay for January 13, 2012

With the second military payday of 2012 set for January 13, it’s important to think about how you’ll handle your finances this year. Some military members are in a saving phase, while others prepare to finance a home with a VA loan.

No matter what long-term aspirations you have, there are some immediate financial matters that your second 2012 paycheck could handle. Take a look at this list of ways to use your 2012 pay.

Holiday debt

The scariest part of holiday shopping isn’t always the mobs at the stores. Your credit card bills probably aren’t very merry either. Pay down as much credit card debt as you can without spending your entire paycheck. Don’t let balances
linger because the interest will cost you.

Tax preparation

Even though the second military payday of 2012 comes two months before taxes are due, preparing your finances now to pay Uncle Sam later is wise. You can figure out which marginal tax bracket you’re in based on your income. Before the tax forms show up in the mail, you should have an idea of what you’ll be paying.

Bills and balances

Don’t overlook monthly bills, housing costs, car payments, college loans or any other payment that’s due. The beginning of the year is a good time to figure out how much these payments cost each month so you know what’s left from your paycheck after mandatory payments are made.

Savings

With all of the expenditures above, it may seem impossible to set aside any money. When you save money, it doesn’t need to be in large sums. Put aside what you can afford, whether it’s $5 or $500.

It’s a new year, so now is a great time to start healthy financial habits. After all, February 13 marks only one of many paydays in 2012.

Image courtesy of sillygwailo under a Creative Commons license on Flickr.