What kind of expenses should I expect while in the military?

Question

I'm currently in the AFROTC at my university and I'm deeply involved with investing and my finances. I wanted to get a projection of how much REAL income I'd be making a month (I've already seen pay scale charts), but I wanted to know what kind of expenses I should expect to be paying. I mean, the military pays for house, food, things such as that, so I was wondering what military men and women really make and what they would need to spend their money on.

Also, this question should be answered with the assumption that I'd be making officer pay and that I'm single. However, it would be great to know typical expenses a married couple would have.

Answer 1

Well first off, your going to have to buy your own uniforms as an officer, expect that to be several thousand.

Second, officers do not receive free food.

You will be paid $192.74 a month BAS, you will have to provide your own meals from that 192, or use your base pay.

Figure on about $80 a week to eat.

As a 2nd LT. you will probally share a suite with one or two other officers. Your own bedroom, with a central living room and kitchen.

So you will have to pay for cleaning supplies, dish;s, glass's etc.

You will have to pay for phone, cable service( though they may be provided)

you will pay for a car and insurance( yes you will need a car)

And all your entertainment expenses.

You will pay to wash your uniforms and for dry cleaning.

Your gonna be an officer, so your uniforms will have to be kept top notch.

You will have to pay officers club dues. ( not that much )

Basicly it is easier to tell you what the government is gonna pay for ( housing, electricity, water, garbage disposal, basic cable)

You will pay for everything else.

Answer 2

Ok, as a single officer, you can live in the BOQ's, but I really wouldn't suggest it. I hear they're nice in the af, but who really wants to live in dorm room on base. You can live off base and draw BAH, which will cover the cost of your rent, you can even pocket some money if your rent is cheap. But then you pay the same bills that everyone else pays, water, electric, cable, trash, pest cont. I don't know about the af but no single officers in the army live in the BOQ's. I've never heard of an officer with out a care either, so that'll add car and insurance payments. Oh and the food is only free while your in training or deployed. When you're not in training you'll draw BAS, which is only like $150 a month for officers which wouldn't even cover the cost of the chow hall for 3 meals a day, 30 days a month.
When you really think about it, you'll be paying all the regular bills that civilians have to. Unless you're one of those guys that likes to blow their money, you'll still have the opportunity to bank some cash.

Answer 3

You'll still have to pay for your rent and food, but you will get a tax-free housing allowance based on where you are stationed and a small subsistence amount. Both are available on-line.

TSP is a great investment plan. Very low fees, pre-tax, but no match for active duty. You may want to look at a Roth IRA as well-max the Roth then hammer away at TSP.

You'll pay a small amount for dental for dependents. While the plan isn't so great, neither is civilian plans. SGLI is our group term life insurance-good rate for $400K, which is more than you'll need until you have a family. Don't get any other life insurance until you have kids-lots of ways Uncle Sam takes care of our families if something happens to us.

Gyms, pools, tennis courts etc are free on base for active duty. Saves about $50-$100 a month in membership fees. As you said you were going AF, congrats. Best facilities in good places.

And pay is tax-free in combat zones-not worth going just for that, but its a nice benefit for doing our job as citizens and military.

Best wishes for as fulfilling a career as I'm having.

Answer 4

Uniform 'maintenance' is absolutely required so allow for that (even though you are paid a uniform allowance you never seem to see it when you need it). And haircuts and toiletries. Oh and round trip airfare for when you go on leave. Other than that everything is taken care of provided you make friends with people that have a vehicle.

For 3 years I lived single in the barracks, walked to work every day and hitched rides with my friends to hang out. I was able to save a ton of money. But after 3 years I finally broke down and bought a car.

Answer 5

The military now allows its members to contribue to TSP (Thrifts savings plan) Its one the best investment vehicles in the country. You are limited to a certain percentage of income you can invest, however you can exceed the amount with a commanders approval. Good luck and enjoy, military is a great way of life. And they didn't have TSP when i was in.

Answer 6

You should be able to put quite a bit away....

The only bills you could possibly have are car( or some type of vehicle) note, insurance, a cell phone bill (if you have one) and possibly repaying your student loans unless you are getting the government to do that. Other than that, I don't see what else you could possibly have to pay for becuase every thing else is taken care of....

Answer 7

whatever you choose to spend you money on. there are guys that live in the BOQ, eat all of their meals exclusively in the chow hall/galley, and only have car expenses and maybe a cell phone bill. then there are the ones that live out ion town, buy every meal at Mickey D's, own every video game system on the market with every game out there, and buy a sports car that gets 3 miles a gallon.