I'm curious as to how much money it is reasonable to expect to save during your first 4 years of the CG. Single, no kids, no loans, no bills, no nothing.

Ok, so coming in as a E-1:

Basic 2 months ~ $2400

E3 ~ 1500 a month, 4 years = $72,000. 22320

(Assuming you stay E-3, I know I won't.

That by the 30% tax of a single male.

I'm looking at $52,080.

Is that reasonable? I mean ofcoarse you're going to have your occasional expenses. The occasional beer. Anyone pull that off? Or come close?

Can't remember that far back...

I did get savings bonds.. every time I got advanced I increased my bond. I had a nice stack of them that I cashed in for my Corvette...

Wray...

"Is that reasonable?" No.

Basically, you're going to want to have a life. That's going to include buying stamps, going out for a burger, having a cellphone, buying stuff in liberty ports, having a beer, listening to some music, and basically enjoying life.

You're also going to want to shave, put on deodorant, brush your teeth, and clean your clothes. (Well, at least I'm assuming so.)

Reasonable is setting up a savings and investing program you're comfortable with. You can add to this with your tax refunds, your advancements, federal pay raises, and perhaps a part-time job. If you're looking to save money on your enlistment, I'd "reverse engineer" the problem. Identify how much money you want at some point in the future. Then identify how much you'd need to save at some growth rate to reach that goal.

From personal experience, I would have HATED pocketing every dime I made on my first tour. I got to see Alaska, Central California, and Washington, DC. It would have been no fun being a tightwad while being exposed to all that these places had to offer.

Just my two sense...

As Wray indicated, I can't remember so far back. But I can't compare me w/ you since I got married shortly after boot camp. We lived paycheck to paycheck, saved very little but as much as we could for the unexpected. Never received or requested any financial aid from the government. The only time I applied for a CG mutual assistant loan for a deposit of an apartment we ended up renting, I was turned down. Now, my wife and I don't even qualify for the tax rebate despite having two daughters in college ALL paid by us. Bottom line, as indicate here, have a life but be smart about it.

In my 4yrs I didn't save anything. I was young and nieve. All my money went to clothes and pizza! That is my one and only REGRET in life. Now I am frugal as heck, and live BELOW my means. If you can stay out of debt, that would be awesome!!
If you get a boat out of boot camp, I recommend you eat every meal on that boat. Eating out is very pricey. Give yourself a budget and stick to it.
1500/mth- 1000 in savings(pay yourself first), then the rest is for your needs like shampoo, soap, etc. If you eat meals at the base, or on the boat you will have more than enough for extra stuff. Even a beer every now and again.
I recommend doing a MMA, Money Market acct with Usaa or someone. The % is higher than a savings acct, and it goes up with the amt of money you put into it, and it is touchable. Unlike CD's where you have a min of time you need to keep the money in it without having to pay a penalty (or interest back). You can save for your future really fast that way.
If I can do a family of 4 on 400/mth, gas/groceries...I am sure you can use 500 bucks for yourself and have a good life Good luck, and remember to live below your means. The way the economy is headed you want to save as much as possible!!

You're putting the cart before the horse. First things first, come up with a reasonable budget that you can live with. Once you've done that then you can start pondering saving and investing. 52K in 4 years is a lofty goal for E5 and below. It can be done but it takes self control to stay within a budget that will allow you to amass that much. Bottom line... Yes it can be done with proper budgeting and wise investing(I doubt mere savings will get it done)

I honestly knew someone when I was in that saved 90% of his pay and invested his money. I look back and remember him always eating on the boat, declining expensive trips to the mall or out to the bar, and living WAY below his means.
It is very possible. He was a nonrate-to a second class when i knew of him doing it.
It all depends what your goal is, I just know that it is maybe a little far fetched..but possible

quote:

All my money went to clothes and pizza! That is my one and only REGRET in life.

That is your ONLY regret, Hag? You've lived a safe and sheltered life.
Get out there, take some risks.

I saved quite a bit my first enlistement, but not because I wanted to. Luck of the draw gave me an isolated LORSTA in the Aleutians. For a young, twenty-something it was not unlike being sent to prison for a year. Couldn't imagine prison being much worse....except maybe the lock downs at night...
From the experience I managed to save over $20 grand. Loss of freedoms wasn't worth it.

my first tour in i had $50 a month spending money. i was digging myself out of debt and it wasn't fun at first. but with a creative mind and some basic stuf around the unit, you can have fun for free. once i got out of debt i was used to living at that low standard and it took me almost a year to notice the money adding up. it can be done, but if you invest into a retirement fund and take care of your bills, just leave a grand in your bank and have fun with the rest. you only live once. have fun doing it. just take care of your obligations first.

Badge157-That is my biggest regret, and the only one I can think of really. Everything else is just a learning experience. Saving money is also a learning experience, but if I knew then, what I know now on how to budget and stretching a buck...man, I would be a rich ol' hag
Life is short, but save for when you are old and crusty.

Have a budget but have fun too. I saved some money and spent A LOT on beer and traveling. My wife asked me a couple years ago if I regretted spending all the money I had when I first enlisted (before we met). Without hesitation, I told her no. I have many memories that can never be replaced. Don't be a miser just so you can have more when you're older. Moderation is the key.

well with me its easy i lived everyday as it was my last, when you die you cant take it with you. but i am single with no kids and was 17 when i joined. now a little smarter but still i still have fun

My son is an E-3 in the Marine Corps....my advice, don't even think about buying a cellphone!! I don't even want to know what his bills are.

Don

I lived pay check to paycheck till I met my wife to be and decided I better put a nest egg together if I wanted to get married and start a family. I was 25 at the time broke but happy and before I got married I had saved 80,000 plus. It was back when interest rates were high in the mid eighties so it was a game to see how much I could save and make at the same time. Lived in a triple decker, top floor, hot all summer and cold all winter, roaches, etc... in Cambridge, ma.
Looking back, those were the days my friend.
Enjoy your youth, when its time you'll naturally put something together.
Peace,
Dick

If you're lucky, handy and creative, you can make money 'outside' the perameters of your CG job When I was onboard our cutter, I was one of the ship's barbers. I also hemmed pants, ironed shirts and sewed buttons. There was a guy who did the same thing. We were sitting fat and happy when it came to third day in a liberty port when all of our shipmates came back a day early because they were all broke.

BTW, I didn't save a dime but had the time of my life! I got responsible after shipboard life though because I had to and there was less fun to be had ashore LOL.

quote:

Originally posted by 21yrsUSCGUSCS:
My son is an E-3 in the Marine Corps....my advice, don't even think about buying a cellphone!! I don't even want to know what his bills are.

Don

PSSST DON!!!! Get him on a family plan with you. Trust me, it IS cheaper. AT&T gives military discount; gave us 19%. We made a deal with our son and for three years, its worked out nicely. (hint: you'll probably want to get it in your son's name though to reap the military discount).

quote:

22320

Like most people already mentioned, don't try to save every last penny you make!! You need to go out every now and then and have some fun or else your life will... well suck(IMO).

Make sure you do save though! I've been in for 5 years now and have nothing saved.. it's pretty lame, I'm just not good with money. I have been living good though, eating out all the time, driving 40k truck, blah blah. I could easily have at least 20k saved, plus interest, but I don't. So ya, dont make that mistake.

Now that I'm married with a baby, I'm starting to save. Better late than never.