TOP 6 FINANCE TIPS FOR FUTURE MILITARY MEMBERS

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Thinking about joining the military? That’s awesome! But before you take the leap, there are some important money tips you should know. Whether you’re heading into active duty or the reserves, managing your finances early can set you up for success. In this blog, I’ll share six key money tips I wish I knew when I first joined. These tips cover everything from banking to credit, investing, and even avoiding common money mistakes. Let’s dive in!

1. OPEN A NAVY FEDERAL BANK ACCOUNT

As soon as you graduate from boot camp or basic training, open a Navy Federal bank account. Why? Navy Federal is one of the best banks for military members. It’s easy to use, has great customer service, and even thanks you for your service! Plus, it’s more established than other military-friendly banks like Frontwave.

Navy Federal has branches all over the U.S., making it super convenient. They also have cool features in their app, like showing your scheduled pay and early direct deposit options. Trust me, switching your military pay to Navy Federal is a smart move.

2. INVEST IN YOURSELF EARLY

When I say “invest,” I don’t just mean stocks or real estate (though those are great too). I mean investing in yourself. Buy books, take courses, or learn new skills during your free time. If you don’t have extra cash, consider a side hustle like food delivery (DoorDash, Uber Eats) or working security. These jobs are flexible and can help you earn money for self-improvement.

For active-duty members, saving a little from each paycheck can go a long way. For reservists, a part-time job or side hustle can help fund your personal growth. Remember, the more you invest in yourself, the better your future will be.

3. APPLY FOR THE MILITARY STAR CARD

f you’re joining the military right out of high school, you probably don’t have much credit history. That’s where the Military Star Card comes in. It’s a great way to start building credit. I started with a $1,000 limit and used it for small purchases at the PX (like a sandwich). I paid it off in full every month, which helped me build a solid credit score.

A good credit score can help you move out on your own, get a car, or even rent an apartment. Plus, the Star Card offers 0% APR on military clothing, so it’s perfect for buying gear like boots or uniforms.

4. DON'T FINANCE A CAR YOU CAN'T AFFORD

Here’s a classic military mistake: financing a flashy car with a high interest rate. Don’t be that person! If you need a car, buy used and reliable. If you have to finance, follow the 20/4/10 rule:

Put 20% down.
Take a loan for 4 years or less.
Keep your monthly payment under 10% of your income.

Stick to this rule, and you’ll avoid drowning in car payments. Trust me, your future self will thank you.

5. THINK LONG-TERM

It’s easy to get caught up in short-term pleasures, like buying snacks from the vending machine every day or splurging on things you don’t need. But those small expenses add up fast. During my time in MOS school, I saw fellow Marines spend hundreds on snacks and drinks. Meanwhile, I saved over $10,000 by being mindful of my spending.

The same goes for your health. Avoid habits like vaping or excessive drinking. You’ve already pushed your body through boot camp—don’t ruin it with unhealthy choices. Take care of yourself, and your body (and wallet) will thank you in the long run.

6. TRY EVERYTHING AND DON'T SETTLE

One of the best pieces of advice I can give is to try new things and don’t settle for less than you deserve. Whether it’s a job, a side hustle, or a personal goal, keep exploring until you find something you love. Many military members get stuck in jobs that don’t fulfill them or pay enough. Don’t let that be you.

After boot camp, I tried everything—food delivery, security work, and more. Each experience taught me something valuable. Don’t be afraid to take risks and put 100% into whatever you do. You’ll learn and grow along the way.

FINAL THOUGHTS

Joining the military is a big step, and managing your finances wisely can make the journey smoother. From choosing the right bank to building credit and avoiding common money traps, these tips can help you stay on track. Remember, it’s not just about the money—it’s about building a life you’re proud of.

If you found these tips helpful, let me know in the comments! And if you’re already in the military, share your own money advice. Let’s help each other succeed. Thanks for reading, and good luck on your journey!

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