Trying to figure out a budget for my new income, help please. | TigerDroppings.com

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13SaintTiger
New Orleans Saints Fan
Member since Aug 1904
Member since Sep 2011
3625 posts

Trying to figure out a budget for my new income, help please.



I'm a army 2nd LT so medical/health/dental are all paid for.
Base pay (and only taxable income:) $2,867
Housing Allowance: $1158
Food allowance: $234

Bills:
Rent (includes all utilities/furnished apt:) $779
Loan: $500 a month on 25k 2.99%
Insurance: $159
Phone: $60
Food: $500
Gas: $150 (if that, I'm in the field a lot)
Girlfriend: priceless (been dating for 4 years, will end up getting engaged this summer and probably married next year when she finishes dental hygiene school. She has school loans.)

What do I do with the rest of the money I am sitting on every month (just a tad bit above 2k?)

Any advice on possible way to budget and make smart decisions would be helpful. I am heading to sleep now and will check back in the morning. TIA.


Eta: the numbers are per month.
Also I have no credit cards and no investments.




This post was edited on 5/20 at 9:21 pm



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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Trying to figure out a budget for my new income, help please.


Use mint.com to track all spending.

Deploying soon?






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13SaintTiger
New Orleans Saints Fan
Member since Aug 1904
Member since Sep 2011
3625 posts

re: Trying to figure out a budget for my new income, help please.


quote:

Deploying soon?


High probability but I won't know for sure until the next month or so.






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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Trying to figure out a budget for my new income, help please.


If you do, put off the wedding until you return. I can't say that enough. Don't think you're the exception.

Don't know how many in my company who got married shortly before leavIng and later found out their wife had been getting dicked all year. In fact, the Army made a guy pay his wife about 5k as he was going through a divorce
In the process. She cheated on him and worked the system.


Eta- on second thought, don't play the market while gone. Sry, on phone.

Anyway, save that money and invest it while you're gone. Again, another reason not to get married. I made 10k in the market while deployed. I don't recommend playing the market. Don't need the stress on top of that stress if you have a real deployment.

See of you're frg will raise money for satellites so you can get internet in your tent.


I'd be putting at least 1k in retirement accounts.




This post was edited on 5/20 at 9:42 pm


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oR33Do
Memphis Fan
Tuscaloosa
Member since Oct 2012
11198 posts

re: Trying to figure out a budget for my new income, help please.


Honest advice, use 50% of your extra income to pay off debt, then save the rest.


This post was edited on 5/21 at 3:19 am


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GenesChin
Texas A&M Fan
The Promise Land
Member since Feb 2012
13095 posts

re: Trying to figure out a budget for my new income, help please.


My dad made a killing investing his 2nd LT pay every year that was left over. If he wasn't still in after 35 years, he could easily retire off that not even including his Army pension





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kennypowers816
LSU Fan
Houston
Member since Jan 2010
1975 posts

re: Trying to figure out a budget for my new income, help please.


1 - To be honest, I wouldn't pay down the debt too aggressively. You have a pretty good rate and you'll likely need/want the cash in the future.

2 - I would put a decent portion of your "extra 2k" into a liquid savings account. If you think you'll be getting engaged and married eventually, you'll probably want the cash for a ring and wedding some time in the near future. If you wont be spending it on a ring and/or wedding, you may want it put it towards a house (even though you'll probably be able to get a VA loan).

3 - Open an IRA (Roth would be my preference) and contribute at least a little bit to that every month. You could easily hit the $5500 max contribution and still have a lot leftover in liquid savings.

4 - Get a credit card to help build credit. The other loan is good payment history but having a couple of revolving credit accounts on your history will be good for you down the road. But the number 1 rule with this... PAY IT OFF.

GL and Thanks






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