Creating a Positive Relationship With Your Money When You’re In The Military
Money and finances can trigger a range of emotions. Throughout our adult lives we can feel shame for making purchases that we really didn’t need, confident about the amount of money we’ve saved for retirement or regret for not saving for emergencies when we had to use credit to pay for an unexpected expense. Many people will describe themselves as “good” or “bad” in how they handle money
Saving Automatically When You're In The Military
Do you ever find yourself wondering if there is a magic formula to saving? Does it seem that everyone around you knows the secret to saving money successfully except you?
And, if we’re being honest, we know saving can sometimes be challenging with the unpredictability and the career obligations of military life that may require spending money.
It’s not unusual to feel unconfident about saving, no matter how much money you earn. Confidence doesn’t necessarily come with having a lot of money. Rather it comes from building healthy financial habits and using the resources you know are available to you – this is your financial confidence!
A great place to start building your financial confidence is to set up automatic savings. The military makes this relatively simple as you can create an allotment that goes to a savings account. When you are saving a dedicated amount of money every week, every month, or on some other regular interval, you can begin to feel a sense of control over your saving habits. Whether you are saving just $5 or $10 a month or more, it’s the fact that you’re doing it automatically that is important.
Saving automatically is the formula for successful saving for anyone – including you. Getting started doesn’t have to be a hurdle, either. Consider which one of the following two strategies would work best for you and follow the steps we’ve outlined.
- Instruct your employer to split your directly deposited paycheck into two or more accounts at your financial institution with one account being a dedicated savings account.
- Direct your financial institution to automatically transfer money into your savings account.
For option #1, log onto your MYPAY account or use form DD Form 2558 to create an allotment to a savings account of your choice.
If you want to use option #2, contact your bank or credit union, telling them when and how much money you want automatically transferred into your savings account.
By utilizing either of these automated saving methods, you can feel confident about building a healthy habit of saving. Imagine how good it will feel to see money accumulating in your savings account on a consistent basis. Instead of that voice in your head telling you that saving is hard, you’ll be able to say with confidence, “I am saving regularly!”
Military Saves has a number of resources that can help you get started saving automatically:
- The Spending and Savings Tool helps you get a clear view of your finances (inclusive of the military lifestyle) and determine a realistic amount you can save regularly.
- ThinkLikeASaver podcast where you can learn about making saving easier, saving in spite of inflation and many other topics designed to support your saving habit.
- The Military Saves Pledge, which can help you make a saving plan and receive ongoing support through emails and text messages.
So, remember your unique financial situation calls for you to make the choices that will work best for you and your family, which will ultimately increase your financial confidence and help you continue making informed choices throughout your saving journey.