{"id":35679,"date":"2016-04-22T19:23:40","date_gmt":"2016-04-22T19:23:40","guid":{"rendered":"https:\/\/one.sightlinemg.com\/navytimes\/native\/uncategorized\/how-servicemembers-can-make-cents-of-personal-finance\/"},"modified":"2026-08-08T07:12:36","modified_gmt":"2026-08-08T07:12:36","slug":"how-servicemembers-can-make-cents-of-personal-finance","status":"publish","type":"native","link":"https:\/\/one.sightlinemg.com\/navytimes\/native\/navy-federal\/how-servicemembers-can-make-cents-of-personal-finance\/","title":{"rendered":"How Servicemembers Can Make Cents of Personal Finance"},"content":{"rendered":"\n

Today, your financial questions can be instantly answered with a quick search on a smartphone.But does it fit your unique financial situation? And more importantly, can that information be trusted? Serving in the military means you face situations more complex than the general public, like managing your finances while stationed in a remote area, or PCSing.\u00a0Since you have distinctive financial challenges and opportunities, it’s even more important that you have resources and tools tailored to your financial needs.\u00a0<\/p>\n\n\n\n

Knowledge is power<\/h2>\n\n\n\n

A recent Navy Federal Credit Union survey, Military Millennials and Their Money<\/a>, conducted by Forrester Consulting found that millennials prefer to do their own research before making a financial decision. Military Millennials rely on digital sources of for most of their financial advice, and today there are so many digital resources and tools available to help.<\/p>\n\n\n\n

Bank on the web for info<\/h2>\n\n\n\n

It\u2019s no surprise then that Military Millennials feel like they are on track to meet their five year financial goals. But how do you narrow down all the information that\u2019s available and find a resource that understands your financial situation? As a military service member, you\u2019ll probably reach major financial firsts before your non-military peers, such as purchasing a home. Having a comprehensive tool that addresses all of your financial needs in one place is crucial to your success. After all, life is complicated and there are always multiple financial factors in play at one time \u2014 it\u2019s about learning to balance those priorities to reach your goals.<\/p>\n\n\n\n

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MakingCents, Navy Federal’s latest online resource for financial education, offers financial information tailored to your financial goals.<\/p>\n\n\n\n

Photo Credit: Navy Federal Credit Union MakingCents<\/a>, Navy Federal\u2019s latest online resource for financial education, takes you on a step-by-step journey through their selected financial “track” \u2014 buying a car, or home, or opening a first credit card. Delivered in everyday “real person” language, the site takes the complexities and jargon out of the process, and educates users looking to improve their personal finances and their ability to manage credit.<\/p>\n\n\n\n

Once an account has been activated, you can continue to use the site to explore topics, monitor your progress and even save and share related articles. The website is designed to tailor information specifically for you, based on your financial goals. Anyone can use the site \u2014 members and non-members alike.<\/p>\n\n\n\n

Take it one step at a time<\/h2>\n\n\n\n

Young recruits should take time to find a trusted source for financial information, online or otherwise. Doing this, and then creating a budget are the foundational steps of building your financial life. A trusted financial partner will be a crucial asset as they progress through their financial lives. Starting off strong will help you set and reach your financial goals.<\/p>\n\n\n\n

Creating a budget is the first step to get a handle on your spending, especially once you\u2019re getting a steady paycheck. Once you know what your spending habits are, you can begin to understand how to balance this based on your income and financial goals. You can start now by looking at recent checking account and credit card statements to get an idea of what you\u2019re spending each month. But your financial life is more than just maintaining a budget. It\u2019s about saving, investing and planning for those large future purchases.<\/p>\n\n\n\n

Make saving a priority\u00a0<\/h2>\n\n\n\n

You should have enough in your savings to cover three to six months of living expenses. At first that number seems overwhelming. But start small and slowly add to your savings order a period of time will help you keep the end goal in sight. Even 20 dollars a week adds up quickly, just be sure to set it aside where you aren\u2019t tempted to spend it. And once you\u2019ve hit that milestone, consider savings products like certificates, bonds, stocks or even investment properties.<\/p>\n\n\n\n

Start thinking long-term to retirement<\/h2>\n\n\n\n

Planning for retirement is a natural extension to your savings plan. Whether you\u2019re taking advantage of a Thrift Savings Plan or opting for an IRA, there are a wide variety of options that\u2019ll work for any financial situation. Starting early in your career allows you to take full advantage of the power of compound interest. Here\u2019s an example:<\/p>\n\n\n\n