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Military Financial Preparation: An Introduction

military financial preparation

Utilize Military and Civilian Benefits in Your Financial Preparations

Understanding your military pay factors, military benefits that can save you money, and tricks to reduce spending is crucial for financial planning. Understanding your finances and developing a healthy cost-saving mindset can help you throughout your military career.

Understanding Your Military Pay Factors: Types of Military Compensation

For more info on DFAS, please view our Military Pay Guide.

Save For Retirement Early with the Thrift Savings Plan (TSP)

The Thrift Savings Plan is a contribution plan and is designed like a 401(k) or Roth 401(k). The TSP offers many paths for investing in your retirement.

Know Your Legal Protections

Service Members Civil Relief Act (SCRA)

SCRA protects active-duty military members when breaking rental leases if Permanent Change of Station (PCS) orders are received, break a car lease and/or cell phone contract, and protects against certain legal actions during deployments.

Extra Ways to Save

Banking and Insurance

Purchasing a Vehicle

Take advantage of discounts offered to the military community by car companies. Find car and truck discounts for military and veterans here.

Travel and Recreation

RELATED: Travel Savings Guide and Planning and Travel Discounts for Military and Veterans

Military Discounts

Discounts offered by several types of companies can be a great way to save money. Check out our discount section to find a verity of discounts.

>> Never miss a military discount!  Sign up to receive the MyMilitaryBenefits discount newsletter and start saving today!

Differences Between Home of Record and State of Legal Residence

Your home of record as listed in your military records is very important; some states offer veterans education benefits or other compensation for military service, but only to those who entered the military from that state as their home of record or listed the state as the official home of record. Not all state-level benefits are offered conditionally in this way, but enough of them are that it warrants mentioning here.

Knowing the basics of your military pay will help you plan for a successful financial future. By pairing military benefits with civilian benefits you can maximize your budget. Always make sure to plan for curveballs by practicing good saving habits.

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