Deployment Goals: Financial

Greetings in Christ Jesus, Fellow Soldiers.

One of the mistakes we often see fellow soldiers make (and perhaps we make it as well) is to blow the money they get from an AT or deployment on trivial things. For many soldiers, this is the most money they have ever seen in a short period of time, and it burns a whole in their pocket. So, instead of plugging their additional income into their budget and delegating money for paying off debt, adding to savings, moving toward a downpayment on a house, or filling retirement or childrens' college funds--they buy new electronics and flashy vehicles.

As with so many other things, such short term investments seems exciting in the moment, but ultimately not satisfying. While our days are numbered by God, we must not give in to the meaningless mantra of "Eat, drink, and be merry, for tomorrow we die." The reality is that tomorrow will most likely carry with it responsibilities for a spouse, children, and retirement. Here is an example of arranging a financial goal:

Main Goal: Eliminate Debt

Secondary Goal: Pay off credit cards ASAP

Secondary Goal: Pay off car loans

Secondary Goal: Build emergency fund to prevent reliance of credit cards

It's a helpful rule of thumb to start with the debt with the highest interest rate. Also, if something has an incredibly low interest rate (i.e., student loans), it might be better to simply pay the minimum and put your money in savings accounts that accrue interest. Another example:

Main Goal: Put $15k in Savings and $10k in Retirement

Secondary Goal: Fill your $10k deployment account ASAP (accrues 10% interest)

Secondary Goal: Set aside $500 from each paycheck for savings account

Secondary Goal: Set aside $1200 from each paycheck for Army TSP (retirement account)

These are just a few ideas and there are many more wonderful avenues to take. Most of my extra money will go toward savings and retirement (along with a deck for our townhouse).

Key takeaway: Invest in your future and use God's money wisely!