Life on a Budget for a Military Family:

The Budgeting Life:

Ever since I was a child I have always saved my money.  My mom would ask where I got so much money when I wanted to buy something. Well, it came from underneath my bed. I would stuff all my money under it until I absolutely knew what I wanted. I remember my first big purchase as a kid was my first surfboard, and I still have it today. I watched many people as I grew up struggle financially. I also never knew how people could waste so much money at the same time.

We have all been there at one time or another.  We struggle financially, we cannot pay our bills on time, and then the interest adds up on our debt.  Or maybe you are just using all of your money paying bills, and you have nothing left over for yourself, or at least you do not think you do. Maybe you are one of those people who eat out 24/7, but you do not realize how much you could save if you cut that in half.  No matter what, everyone can fit into this category.  Everyone at one point or another struggles financially, or knows someone who has.

People are always surprised when they hear that I am going on vacation, buying something (even if its small and cheap), or going out on weekly day trips. Then, I always get questioned why I am spending money that I do not have.  I personally do not think military members get paid enough.  As a 21-year-old I am proud with what I have in my bank.  But do not get me wrong it took a while to save that, and now I use only one main paycheck to live off of. I still go on my annual vacations out of the country, fly home to see family when I can, and go on my weekly adventures because I budget.  I put specific amounts of money away each month purposely, so that I can later use it for our trips/vacations.

Here’s how I budget

One paycheck is roughly $2,508 on the 1st and 15th.  This is where I break down each paycheck for budgeting.

*Newer updated budget at the bottom as of 12/2020*

2017 Budget

On the 1st this is our budget

• Rent in SoCal is $1695
• Savings $100
• Emergency Money $80
• Rachel’s Saving $50
• My Dogs Account $50
• Date Night/ Eating Out $80
• Vacation $100
• Gas $180
• Shopping $100
• Groceries $100
• + $300 from 15ths Pay
• 5% Paycheck in TSP $123

We then I take $300 from the 15ths pay check to add to the 1st so in the end on the 1st of each month I have about $2,808. In the end this adds up to a cost of $2,658 and we have $150 left over I usually put away for vacation.

For the 15th its different, and here it is

• Car Insurance $143
• Gas $30
• Electric $30
• Water/Sewer/Trash $60
• Renters Insurance $33
• Phone Bill $115
• Savings $100
• Saved for 1st Pay  $300
• Groceries $100
• Gas for Car $180
• Shopping $100
• Emergency Money $80
• Date Night/ Eating Out $80
• Rachel’s Saving $50
• My Dogs Account $50
• 5% of Paycheck to TSP $123

In the end of the month, with my second paycheck, I only spend $1,574.  Leaving me with $934 left over, that again I put away for vacation.  All in all, I spend $4,232 a month with $1,084 left over for vacation or whatever I would like to spend it on, not including any extra money leftover from my budget categories.

Budgeting is not that hard, what is hard is trying to stick to the budget.  However, once you stick to the budget you will see your bank account rising.  You will be able to afford those day trips and vacations that you always wanted.  Every family is different and you may have to tweak your budget based on your family’s needs, but you can still save money and build your bank account up no matter what.  If you need help, guess what, I make budgets for families, and even single people who need help financially.  Feel free to contact me or find me on Instagram @rachelslackodonnell.  There you can also find all of the adventures we go on, and my dog too.

Check out my next blog to come on ways to save more money aside from budgeting! You would be surprised at how much money you can save when following these tips.

2018 New Budget in SoCal w/ the House I Bought

On the 1st this is my budget

• Mortgage in SoCal is $1455
• Savings $100
• Emergency Money $80
• My Dogs Account $50
• Date Night/ Eating Out $80
• Car Gas $200
• Shopping $100
• Groceries $100
• 5% Paycheck in TSP $127

I pay my mortgage on the 14th of every month, but the payment does not come out until the 15th. Therefore, on the first we set aside $1455 for my mortgage payment from the 1st. Then I transfer the money back into my regular checking account on the 14th for the money to be taken. On the 15th of every month $2,452  is taken out for my mortgage payment. The left over $300ish just stays in my savings account.

For the 15th its different, and here it is

• Mortgage in SoCal $1455
• Car Insurance $142
• Gas/Electric $85
• Water/Sewer/Trash $140
• Phone Bill $115
• Savings $100
• Groceries $100
• Gas for Car $200
• Shopping $100
• Emergency Money $80
• Date Night/ Eating Out $80
• My Dogs Account $50
• 5% of Paycheck to TSP $127

2020 Budget in Japan

Paycheck is about $5,800 a month

1st

• Rent 105,000 yen (roughly $1,000)
• Trash 1,250 yen (roughly $12)
• Savings $100
• Emergency Money $80
• My Dogs Account $50
• Date Night/ Eating Out $80
• Car Gas $80
• Shopping $100
• Groceries $150
• 5% Paycheck in TSP $127

15th

• Rent 105,000 Yen (roughly $1,000)
• Trash 1,250 Yen (roughly $12)
• Electric 2575 Yen (roughly $25)
• Water 973 Yen (roughly $10)
• Phone Bill $140
• Savings $100
• Groceries $150
• Gas for Car $80
• Shopping $100
• Emergency Money $80
• Date Night/ Eating Out $80
• My Dogs Account $50
• 5% of Paycheck to TSP $127

I am still figuring out what my “normal” paycheck will be, but roughly it is about $5,800. Again, as before, I split my rent and trash up on the 1st and the 15th. Then take about 106,000 yen out of my savings account on the first to cover the 2nd half of rent then I “pay myself back” when I get paid on the 15th.