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OCS Connect > Financial Planning
Financial Planning
This pillar provides parents with essential knowledge to help their enlistee manage military pay, benefits, and long-term financial security. Topics include budgeting, the Thrift Savings Plan (TSP), housing allowances, tax benefits, insurance, and financial discipline. By understanding military finances, parents can support their child in making smart financial decisions and planning for the future.
Helping Your Service Member Use Deployment Pay Wisely
Aside from base pay, service members on deployment are eligible for a variety of special pay and benefits. These may include Imminent Danger Pay, Hardship Duty Pay, Family Separation Allowance, and tax-free earnings, all of which are designed to serve as compensation for the challenges, risks, and sacrifices associated with deployment.
Financial Resources for Service Members: Where to Find Help
The U.S. military offers a wide range of financial resources to help support service members and their families. These resources range from basic pay and special allowances to education benefits, housing assistance, savings programs, and emergency financial aid.
Budgeting Basics for Service Members: A Guide for Parents
Budgeting is an essential skill for anyone looking to secure their financial future. As a parent, you are responsible for imparting these essential skills to your new service member. But since military life is significantly different from civilian life, your new service member will need more than just regular civilian budgeting tips.
Understanding Military Pay: A Parent's Guide to Your Child's Income
Military pay isn’t like your typical paycheck from a civilian job. This often comes as a shock to many new service members who expect a payment system much like what they had been used to in their civilian jobs. Military pay typically comes in different parts, the most important being base pay.
Military Housing Allowances Explained: Maximizing Benefits for Your Child
Taking advantage of allowances is an important step to avoiding financial pitfalls for service members. The Basic Allowance for Housing (BAH) is one of the most essential of these allowances, one your new service member must not miss out on. In this article, we will help break down exactly what it is and how your service member can make the most of it.
Managing That First Paycheck: Tips for New Service Members
When your new service member gets their first paycheck in the military, it’s a big moment for them. In most cases where the service member in question is still a young adult, this may be their first real paycheck and their first step toward financial independence. In a case like this, they’d need some financial guidance.
Avoiding Financial Pitfalls: Supporting Your New Service Member
Since military pay is significantly different from regular civilian pay, everyday financial advice might not be a great fit for your new service member. In this article, we will share with you three tips we’ve found to be helpful to new service members looking to avoid financial pitfalls in the military.