Log In× Close
May 16, 2025
by Greg Turner
You’ve made the decision to join the military. Congratulations! As a new service member, you’re about to have plenty of new experiences and responsibilities thrown at you in a short amount of time, and it’s important to not let yourself become overwhelmed. One of the best things you can do is to get a handle on the things you can control right now, so you have a solid foundation in place as you progress through your military career.
One of the places where preparation is the most important is your finances. A career in the military brings with it a great deal of responsibilities, one of which is money management skills. Here are some tips to help you prepare financially so you can focus on serving our country.
This applies not only to military recruits but to anyone entering the workforce. For many new recruits, especially those enlisting just out of high school, this may be the first time you are responsible for your own finances. A budget is a monthly spending plan that helps you manage your income and expenses, as well as identify areas of potential savings. Start tracking your income, bills and discretionary expenses and learn how to set spending limits for yourself so you can start saving money for the future.
Service members in particular have additional benefits compared to the civilian workforce. In addition to your pay, your budget should consider any benefits such as a basic housing allowance or special duty pay, as well as expenses unique to military recruits. Members of the military also have special access to free personal financial counselors, and some military installations have their own personal financial management services.
Online banking has made it easier than ever for consumers to monitor and transfer funds from anywhere and anytime. However, military members deployed abroad may encounter some difficulties when trying to access their bank accounts while overseas thanks to anti-fraud protection measures many financial institutions have put in place. Make sure before you deploy that your Bank is aware, so they can help to protect your account for potential fraud.
Research the Housing Market Where You Are StationedDepending on how long you are going to be deployed, you will need to decide whether it is better for you to rent or buy a home. No matter what you choose, make sure you research the housing market where you’ll be stationed before deciding.
Look into the availability and applicability of a basic allowance for housing, if one is provided. While not intended to cover all housing costs, BAH can provide uniformed service members with equitable housing compensation based on housing costs in local civilian housing markets when government quarters are not provided.
As part of your budgeting plan, you should set money aside in an emergency fund to prepare yourself for the unexpected. If you’re eligible for an enlistment bonus, you should put that money away into an interest-bearing savings account rather than spend it on an immediate big purchase. Most financial advisors suggest having a savings cushion of at least three months’ living expenses.
If you find yourself struggling to maintain an emergency fund while paying for monthly expenses such as food, rent, and other essentials, consider reaching out for help. The military provides recruits with free financial management services that can help you get a better handle on your budget.
This is another tip that applies to more than just those entering the military. Wise use of credit will help your credit score, which will make it easier for you to make large purchases in the future. It can be easy to see credit as free money, however spending within your means is encouraged.
Part of your budget should include paying down debt at the end of each month. If you’re having trouble achieving a zero balance, look for areas where you can cut back on spending and put some more of your monthly budget into paying down your debt.
When you’re planning on taking out credit, it’s important to comparison shop for the best interest rate. You will want to keep an eye out for government-supported assistance for military members and their families, such as VA loans. Additionally, you should research GI Bill benefits, which may help you to pay for school and cover certain expenses while you are training for a job.
Military members have access to certain benefits that your average consumer doesn’t. You will find discounts in areas including insurance, travel, dining out, sporting events, and other recreational activities. Don’t pay full price if you can avoid it! Take the time to shop around and search for sales or other discounts.
Certain military installations offer free services to enlisted individuals. Many installations have their own public library where you can check out free books, music, magazines, and videos. You can also access these resources via the MWR Digital Library. You should consider taking advantage of your installation’s gym and keep an eye on the installation newspaper for free activities that are only available to service members.
These are just some of the skills you will want to develop in order to achieve financial wellness, not only as a member of the military but as a consumer in general. The most important thing to remember is don’t be afraid to reach out and ask for help, whether it’s from financial advisors provided by the military or your local community banker. Like any life skill, budgeting, saving, and comparison shopping are not something you can get good at overnight; they require you to develop good habits that make practicing these skills second nature.
Greg Turner has been at Community Banker with New Tripoli Bank since 2024 and has over 20 years of experience in the banking and finance industry. He holds a BA in Communications from the University of Pittsburgh and has served as a Signals Intelligence Officer in the United States Air Force. He enjoys skiing, racing go-karts, watching motorsports (especially Formula One racing) and hockey, and going to museums and Broadway plays.
Log into Online Banking