Are there any expenses in the military and what are they?

What will i have to pay. I bunk on the boat, i eat for free, so what is their to do besides save money?

Boat means you are going to a submarine, if you are then you can't stay in it because as a newbie you will usually hot rack (meaning share a rack/bed with 2 other guys and sleep in shifts). There is also no room for clothes or anything else on board. So you are assigned to barracks. Now if you are on a Carrier or LHD you can live on board or you can be assigned to barracks as well. Barracks are free if you are eligble for them.

For meals you can eat in the galley or you can eat out in town. If you eat in the galley then it is deducted from your BAS (eating allowance -- which is only 280 a month), so you can eat outside of that as well, you will need money for that. Then there is clothes outside of uniforms, for port calls you generally have a specific dress code that you must adhere too. You might want to buy a new computer, sheets, etc... if you live in barracks so it feels more like home. You will also either have a cell phone or a regular phone so there is that monthly bill. Then you may decide you need a car because you hate relying on local transport, so there is the monthly car payment & insurance. You will also want to save money to rent a car, stay in a hotel, eat out, play tourist and buy souvenirs when you are visiting different ports. So it can add up in the end.

Put money into your TSP or other savings accounts so that you always have a backup.

i read another thread that talks about basic pay and allowances being separate.. So 1458 is mine to keep .. and the allowances are for housing,bills etc. Can i have a confirm on this? Btw thanks a lot Navywifeinparadise.

Not really. You see you must contribute social security and Medicare, pay income taxes (a bit). Housing allowances are for those who live off base or have a family. The BAS is only paid if they do not feed you. You get food one way or another. There are special pays - combat, sea duty, etc.

While in boot camp you will have little time or place to spend money. During A school and other training there is more opportunity to spend, but you will find that $1,500 is not much. Also, I just looked and for the first 4 months the pay is $1,203.90 per month.

In order to qualify for housing allowance (BAH) you either have to be married and live off base, or be an E4 with more than 4 years in or an E5 to live off base. Otherwise you will live on a ship or in barracks and not get BAH.

Allowances are separate and non taxable, but all pay is taxable. You need to take out Federal, State, Medicare, & Social Security. GI Bill is $100 a month for 12 months, SGLI is $29 per month, along with a few other things that can be taken out as well. So remember to alott for all of that.

Don't forget your uniforms. Your first set is paid for, but your second will be deducted from your paycheck. But you'll be in Boot Camp, so you won't even notice it.

However, every year on your aniversary month, you will receive a small uniform allowance. It's never enough to cover all your niform expenses, but it is only really designed to Help you replace a small amount of your uniforms.

Your entertainment will also have to come out of your own pocket. Movies, books, video games, stereo's etc...

I wouldn't reccomend buying anything bigger than an Ipod or personal player and maybe a small lap top if you don't have one now.
You'll be moving around so much after bot camp, and the less you have to take, the better you are.

It's hard to shove what you have in your Sea Bag as it is.

Any way, what are you signing up for? MOS/rate wise that is.

I've already signed up, Im in the DEP right now until November 1st, which is when im going to the Great Lakes for boot camp. I'm mostly trying to save up to start my own business one day, and trying to figure out the figures. More expenses then i thought im trying to come up with a rough estimate of the most i can save every month.

If you are going to start up your own business, make sure that while AD you go to college when you can and use the Tuition Assistance, up to 16 credits are covered per fiscal year (October 1 to September 30). So you can get quite a bit under the belt before getting out that can help you a lot. You will also get credit for some of the things you had to do with the military. My dh was able to get over 30 credits when he started going.

Also the Fleet & Family Support Center offers classes on balancing checkbook, buying a car, buying a house and so forth as well, they are free.

quote:

Originally posted by 10807670:
I've already signed up, Im in the DEP right now until November 1st, which is when im going to the Great Lakes for boot camp. I'm mostly trying to save up to start my own business one day, and trying to figure out the figures. More expenses then i thought im trying to come up with a rough estimate of the most i can save every month.

Save,??? Ha ha!!!

Honestly the only way to save is to make rank fast and early in your career. And if you are single, stay that way. The military doesn't pay you more if you're married unless you're separated for a long time. But that's not enough money to even think about because they tax it too.

If you are going to join the Navy, do it for the experience and job skills yo'll learn. Don't join and think you're going to make a lot of money.

The good thing is that the military will pay for 75% of your tuition AFTER you pay for the courses and then show them your passing grades. Most of the states you'll be stationed in will or should also pay 25% of the tuition reembursement, so there's how you can go to school for free. But again, you will have to come up with the money in the first place.

This is why I didn't go to college. My wife went to finish her degree and then I was supposed to go. But we had to shell out the money in the first place and couldn't afford for us to have all that money out at the same time. I was suposed to go to college after she graduated. But the Marine Corps is a lot more demanding than the Navy at times.

Another good thing is that when/if you get out, there are a few organizations that help veterans get money/funding to start your own business.

quote:

Originally posted by 10807670:
I've already signed up, Im in the DEP right now until November 1st, which is when im going to the Great Lakes for boot camp. I'm mostly trying to save up to start my own business one day, and trying to figure out the figures. More expenses then i thought im trying to come up with a rough estimate of the most i can save every month.

By the way, what type of business are you thinking about?

My husband just left for RTC on Monday. My question is this, when he's in "a" school, will he need money? Would it be easier for him to open a seperate account that I transfer money into each month, or to have a credit card with bills that come to me? He doesn't want to pull from our checking since it would be hard to keep track of the balance and he doesn't want to risk leaving us short to pay bills.

Yes, you should consider opening up a 2nd account with both names on it but that is his account. He will have some expenses in school like meals (when not eating in the galley), clothes, phone cards, etc...

This way he can use it while in school or deployments, etc... He can set up a monthly allotment going into it through his pay each month. It will be taken out of the 15th & 1st pay, but only be paid on the 1st of each month. And you can have the option of putting money into it as well.

I would just go to the bank and have them open a second/linked account. Then all you have to do is transfer money into that account. You can do this either on line or call the bank and have the teller do the transfer or do it at the ATM. Allotments are for insurance payments or something like that. He doesn't have to have any allotment set up with his pay. Then when he uses his ATM, he will be asked which account to withdraw the money from. Then obviously, he will chose number two...

By now, most everyone should have a cell phone and not use calling cards, as they are more expensive than a cell. He should not need any money for food since he will be fed at the chow hall. He might need a littl extra for uniform/equipment though. But as I said before, you can always jus transfer that when he needs it.

But it will be needed when he is on deployment though. $100 a week will be more than enough.

quote:

Originally posted by sgtjmackinjersey:

By now, most everyone should have a cell phone and not use calling cards, as they are more expensive than a cell. He should not need any money for food since he will be fed at the chow hall. He might need a littl extra for uniform/equipment though. But as I said before, you can always jus transfer that when he needs it.

But it will be needed when he is on deployment though. $100 a week will be more than enough.

Cell phones may not be allowed at first I have heard of that, so phone cards would be required and should always be kept on hand.

With him in school he doesn't have to eat at the mess/galley he can use the other base facilities as well so he will need money for that. When he is in school & at the commands you will see BAS on his pay. This is Food Allowance for around $280 each month. BUT this is to feed him only, not the family, AND everytime he uses the galley/mess an amount will be deducted from that 280. When he goes out to sea it will be just about all taken out, leaving only around $30 a month left in for incidentals.

quote:

Originally posted by Navywifeinparadise:

quote:

Originally posted by sgtjmackinjersey:

By now, most everyone should have a cell phone and not use calling cards, as they are more expensive than a cell. He should not need any money for food since he will be fed at the chow hall. He might need a littl extra for uniform/equipment though. But as I said before, you can always jus transfer that when he needs it.

But it will be needed when he is on deployment though. $100 a week will be more than enough.

Cell phones may not be allowed at first I have heard of that, so phone cards would be required and should always be kept on hand.

With him in school he doesn't have to eat at the mess/galley he can use the other base facilities as well so he will need money for that. When he is in school & at the commands you will see BAS on his pay. This is Food Allowance for around $280 each month. BUT this is to feed him only, not the family, AND everytime he uses the galley/mess an amount will be deducted from that 280. When he goes out to sea it will be just about all taken out, leaving only around $30 a month left in for incidentals.

I'm so glad tht you see it that way. I know a lot of wives that would get upset when their husbands would deploy and the BAS was cut. Then they would start crying about nbot being able to do the stuff they were doing when he was stateside.

I always told my Marines to tell their wives to get a job. My Marines would always ask me what to do and how to get their pay corrected. The Marine Corps doesn't pay you to get married. She wasn't issued in your Sea Bag, so don't expect the Gov't to support her.

For the person what sort of business I was thinking of owning.. It would probaly be an investment firm, financial advising firm, or something of that type.