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Old 03-02-2012, 12:21 AM
 
Location: portland for now
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I'm going to boot camp for the marines and I plan on saving as much money as I can for when I get out. my question is whether or not it is possible to save 40,000 or more in four years of being in the military.
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Old 03-02-2012, 04:14 AM
 
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It is possible but you will basically have no living expenses. There are many factors to consider also. One is whether you will join as officer or Enlisted and what your starting rank will be. If you are starting out as a E-1-E-3 it will be very hard. But If you are deployed for the majority of those four years it will be a whole lot easier to save.

Is doable but you will basically not have any money to spend on anything else.

Is there a reason you need to save $40k?
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Old 03-02-2012, 06:57 AM
 
Location: Virginia Beach
519 posts, read 1,555,090 times
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Quote:
Originally Posted by daellis99 View Post
It is possible but you will basically have no living expenses. There are many factors to consider also. One is whether you will join as officer or Enlisted and what your starting rank will be. If you are starting out as a E-1-E-3 it will be very hard. But If you are deployed for the majority of those four years it will be a whole lot easier to save.

Is doable but you will basically not have any money to spend on anything else.

Is there a reason you need to save $40k?
Don't be an idiot like me and spend your money on useless electronics. When you're in you stay in Barracks which is free place. So I would imagine the only bills you'll have is for a car and cellphone; not sure if you can have tv/internet in your rooms (we didnt) but if you did then you'll have that to pay for too.

You can google 2012 Military Pay and you will see your base pay. Just look up what rank you'll be and at how many years....probably E-1/2 with less than 2 years. That'll be your monthly pay and you should also get BAS which I think is $300something. From there you can figure it out on your own. If you're deployed overseas its tax free and you'll get other types of pay.
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Old 03-02-2012, 08:17 AM
 
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I think it's totally possible ... You'll have decent jump on savings when you receive all your backpay for bootcamp. I'd set up an allotment once you get to your first duty station.

When I was active duty, I was shocked at how much money everyone else spent on electronics, cell phones,gaming systems, etc.... And eating out at fast food places for lunch or breakfast everyday rather than eating at the chowhall .
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Old 03-02-2012, 09:08 AM
 
Location: New Mexico U.S.A.
24,130 posts, read 38,859,608 times
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Quote:
Originally Posted by PNWdrifter View Post
I plan on saving as much money as I can for when I get out.

possible to save 40,000 or more in four years of being in the military.
Right now Basic Pay for an E-1 with over 4 months service is $1,491 per month. If you don't get promoted in those four years (which is hard to do) you will have drawn $71,568 in basic pay. There are other pay benefits.

Is it possible? Yes. Is it probable? It is up to you.

Good luck to you and keep in touch!


Rich
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Old 03-02-2012, 09:32 AM
 
11,987 posts, read 10,678,285 times
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Quote:
Originally Posted by PNWdrifter View Post
I'm going to boot camp for the marines and I plan on saving as much money as I can for when I get out. my question is whether or not it is possible to save 40,000 or more in four years of being in the military.
This is a great goal, PNW. I love talking to my young soldiers about doing something like this. I have had some savers, but never any as aggressive as you would like to be. It's possible. You can work out a budget and stick with it. Finance will help you set up direct desposits which will automatically deduct money from your paycheck and deposit it into another account. I highly recommend you do this. It will be much easier to save money you never see. Depending on your goals, I also think you should look into the Thrift Savings Plan. This will help you maximize your interest. However, you shouldn't use this if you're saving for short term (ie not retirement) goals.

I don't know how old you are, but if you're young, this is a great way to start your life. After your enlistment, you'll be a head and shoulders above your peers in experience and financial resources. It's a great way to get a leg up on life.
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Old 03-02-2012, 09:50 AM
 
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I know personally of two cases of someone doing this in the Marines. One gut only did four years. He had a fiance bu did not plan on getting married until he got out. I never saw him spend a single penny the entire time I served with him. He rode his bicycle to work, he ate the chow hoe, he didn't drink or smoke or go out. He even got dropped from Corporal's course when he refused to buy the $10 class t-shirt, which was the uniform for the class.

The other case was some one who did 20+ years. He was married, but they only lived off of one of their incomes. i can't recall if it was his or his wife's. Upon retirement he had close to a million dollars in savings. I think this was sans any investments beyond interest accrued on the savings account.
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Old 03-02-2012, 03:44 PM
 
2,633 posts, read 2,961,848 times
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Deploy, deploy, deploy.
Free lodging, free meals, free laundry, free entertainment (gym and MWR), extra pay, tax free. Set up an allotment for the 6% special savings account. Sell your car so you're not spending on insurance or payments. Pare down all your worldly possesions until they fit in two suitcases, a storage locker, and travel bag. Toss your junk in a buddy's garage and forward your mail so you still have a residence and keep collecting BAH.

When back home, split a place with 12 of your closest friends. Withdraw cash from each paycheck and live off of that until the next paycheck. Keep one personal credit card that you use only for emergency purposes. If you need a car, buy one in cash that's at least five years old and drive it until the wheels fall off. Get on a first-name basis with your Unit Deployment Manager and volunteer for every thing that comes down (there's always shortfalls to fill. especially for places other than Iraq or Afghanistan).

Whatever you do, don't get married. All this is from personal experience.
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Old 03-02-2012, 05:07 PM
 
Location: TX
867 posts, read 2,518,703 times
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Smoke_Jaguar4 nailed it right on the head.

On my last Army Reserve deployment in 2008-2009 to Iraq, I saved right around $40,000. So I would say that saving $40,000 in four years is very doable.

As a stateside E-4 at Fort Benning, GA I saved about $800 a month. Granted I lived a rather "no frills" lifestyle but it's very possible. The elimination of many living expense makes saving in the military a cinch.
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Old 03-03-2012, 07:52 AM
 
Location: Forests of Maine
29,722 posts, read 47,472,880 times
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Use an allotment. They will automatically send part of your pay to your savings account. Each time you get a pay raise, just increase your allotment.

When you get a $100 pay raise, increase your savings allotment by $90.

Ride a bicycle, not a car. Eat on-base, live in the barracks.

$10 for a t-shirt? that sounds dumb to me, you need the course to make advancement. Buy the T-shirt.

Good luck
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