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yourmilitarymoney has written 211 posts for Your Military Money

Veterans Day Discounts Announced

Active duty, veterans, and many uniformed service members can take advantage of special discounts on this and every Veterans Day. Military.com maintains a wealth of information about the current discounts and free offerings being presented each year. You can also visit the VFW and the  American Legion pages for their information.  Advertisements

Understand you TSP options

Led a great conversation yesterday with a group of active duty military and civil service professionals to discuss options in the Thrift Savings Plan. I was interested to learn that there are more than 4,000 TSP millionaires now! That’s a significant increase over the past couple of years.  You can take a look at the … Continue reading

Prepping for Veterans Day Deals

Military.com and militarybenefits.info are a couple of websites that do a great job of tracking Veterans Day discounts–along with other discounts that you can get every day based on your service. If you plan to take advantage of some of the one-day deals keep these tips in mind: Read the small print. Meals are often … Continue reading

Keeping Your Cool During Back To School

Back to school often mean a spending extravaganza, a budget bending binge where you have to have everything right now. Whether you are purchasing the 600 red pencils that the teacher says is “on the list” or it’s the new MacBook Pro, it’s easy to justify extraordinary spending on education. It’s necessary to budget for … Continue reading

Pack Your Chute: 5 Things to do Now to Get Ready for Transition

Whether you are retiring from the military this summer, like I am, or still have years to go, there is value is putting a plan of action in place to be prepared for the transition financially. Sure, discussions of retirement locations, job transitions and career choices are a huge part of the transition, but this … Continue reading

Max Your TSP in 2014

Again this year Yourmilitarymoney has calculated the percentage of base pay you’ll need to allocate to the Thrift Savings Plan to max out your annual contribution. In 2014 you can save $17,500 plus a catch-up provision of an additional $5,500 if you are over the age of 50. In addition, if you serve in a … Continue reading

Current Budget Crisis Averted

Yes, Congress and the President did what needed to be done and passed a continuing resolution and raised the debt limit. These actions averted a potentially devastating government default. What this means for military families is that your November 1 paycheck will arrive right on schedule. As posted previously, credit unions stepped in early to … Continue reading

Preparing for a Delay in Military Pay

Originally posted on Military Retirement Locations:
You’ve read that the government is quickly reaching its self imposed debt ceiling. This has, in the past, at least threatened a delay in military pay until congress acts. During my 25 year career we’ve seen the threats at least three times, but only once was there a delay…

Preflight Planning

As an aviator, I’d never consider jumping in an airplane, taking off and then start thinking about where I’m going, but in personal finance that’s how it usually works. You start working, bring home the paycheck and spend the money. By the time you realize that you need a plan, months or even years have … Continue reading

Should you pay for TSP advice?

The Thrift Savings Plan, or TSP, became available to military members more than a decade ago. It offers us the ability to save money before taxes come out, allowing the money to grow over time and then be taxed as ordinary income when we tap into it. Most military members are not professional money managers, … Continue reading

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