If the Army supposedly pays so well, why are so many soldiers ending up in terrible debt? (Including myself)?

logand_101

You Gotta Manage Your Money Right Man!!!

gwaz

when i was in the army [25 years] we used to get paid on friday have a great weekend and be broke on monday
then i got married and have been broke ever since [without the great weekends ]

BITE ME

Because you don't know how to budget your money.

michael r

I left the military after 4 years with a new car and 25K in the bank...try being a little responsable maybe?

neoncowgirl1982

The Army doesn't supposedly pay so well. I'm not sure where you heard that it did, but if you had looked into the pay grades in an branch of the military (do not include officers because they do get paid well) then you should know that the Army is not a well paying job, but it does have an excellent benefits package, lol. Anyway, there's your answer. As for being in debt, partying and not budgeting has that affect.

Mr. US of A, Baby!

People wind up in debt whenever they live beyond their means. How well you are paid has nothing to do with it really, just how well you manage the funds you have.

When I was 17 thru age 25, I rarely cared about more than my next leave or liberty tour and spent my money like tomorrow would never end. I'm sure as you mature you will decide to hold back some and "pay your self" more often on payday.

Lastly, and this is just a suggestion....Why not utilize that New GI Bill and enroll in college, so you can get a better paying job?

When I was in the service, I only had the Vietnam Era Education Assistance Program (V.E.E.A.P.), which was only $8,100 total and I had to put in $2,700. of my own funds. Somehow, I still managed to earn my degree. I believe you can too.

c321arty

If you are single and at least an E4 living in the barracks it's not to bad. If you are married and living off post it can be rough, even with your housing allotment. You get free medical and dental, you shop at the post commissary, which saves you money. You can buy everything from sporting supplies to kids school clothes. But right outside every millitaty base there is miles of pawn shops and loan companys. You have to budget and avoid the shylarks. Once you get in debt it's hard to get out of it. You get your base pay, clothing alotment, housing alotment, and an alotment for your wife and each child. But you have the unexpected exspense, your car breaks down, the price of gas goes through the roof, T.V. shoots craps, your car insurance goe's up, there's always something. You have to try to save for those things so you can avoid the shylarks.

Bob

I have to react to some of the previous entries - The military pays exceptionally well. If you consider the additional benefits to include housing, food allowances, medical, recreational, etc. As an Air Force Recruiter, now Retired AF, I compared my pay to many of the civilians working factory jobs and my pay alone was well above any of them and that was not taking into consideration the additional value of the benefits. If your company doesnt provide Health, Dental or Life Insurance, try going out and getting it on your own and seeing how much that alone costs.

Overspending - I spent 20 years in the Air Force and I was never too far ahead every month. On the other hand, I was never behind. It all has to do with managing your finances. You also need to realize that a good portion of the civilian population is also in terrible debt.

In the military, you get young kids that are now out on their own, buying a new stereo system, brand new car, out drinking with his buddies every night. It all adds up to not having much by the time the next pay day comes around.

Also Credit Cards - Everyone has them and you just can't make the minimum payment. You'll never get the balance down to "0". Many people have more than 1 credit card and make the minimum payment.

People have to realize that their incomes are limited and if their monthly debt payments rise above what they are paid, that person is in a world of hurt.

If you are in debt, do a consolidation of all your credit cards on One card (pref the one with the lowest interest) then cut up all the rest of the cards. Try to make at least $50 more on each payment of that final credit card. Before you buy an item, ask yourself if you NEED it or if you WANT it. If you NEED it, ask youself do you need it today or can it wait for next week.

Give yourself a Treat every payday. Make it moderate.

Start three banking accounts - One where you pay bills out of, one where you have your fun money and a final one for savings or as a backup funding for times when you need it.

david g

If you are in/on active duty,actually you are paid very well.When you consider the many things you dont pay for like you would in the civilian world(food,rent, etc.).Of course this applies to single soldiers.
What I have seen among the younger soldiers is that because the younger soldiers have limited experience working in the civilian world(lower/minimum wages).They think they are making good money because they have more of it available to spend.Since they don't have to pay for things you would have to if you were a civilian.
When I first got in, I could tell, looking in the parking lot that the decent cars belonged to the officers or senior NCO's.Now, privates have the same cars as the Captain or the Master Sergeant.The difference is that the private has to re-enlist to keep all the stuff he couldn't afford if he was a civilian.

Leroy

I joined the Marine corps in 1956. We were paid $78.00 per mo. in boot camp. After boot camp it went up to $91.00 and 10 cents a month for a private. As a Sargent, with a wife and child , With Q alotment it was $239.00 a month. I had to get a part time job. I don't know what the pay scale is now? But I would do it again. The brotherhood> Once a marine allways a Marine. Semper Fi guy!

memm

The military does not so called pay so well... as you know that is why military personal have to work extra jobs and thier spouses have to work just to make ends meet... just like many other americans have to. If you live out of your means of course you will be in debt. But for military personal it is worse because there are hidden costs for families that most americans are unaware of. So if you are in debt, live with-in your means... you can live on base to help yourself get out of debt.
US Army Vet

JOHN H

Well speaking from personal experience i think alot of it has to do with coming home from a long deployment,being glad to be alive and not really thinking past more than a few hours because thats the kind of enviroment you live in. Predatory lending like payday loans and other lenders who charge criminal amounts of interest to service members who have lots of money stockpiled from combat pay and being tax exempt while being deployed

Prince Thom

I think the Army pays the same as the Navy. When I got out I had enough money in the bank to buy a new car and get settled in a apartment. (with a little left for a buffer)
I'm sure the Army has free help to show you how to budget your money. Ask someone. Good luck.

konala

The military gives you a sense of security. The guaranteed pay check twice a month. Most military are young and come from the middle of the country. which has a lower cost of living. the member thinks that the money he or she has is a lot and they go out and over extend themselves because of easy credit. The sharks know that the military will make the member pay their debts even by forced allotments.

George K

Because you over buy,and then can't pay.

tribute_13

Why don't you invest in something other than blowing it

RonClay1

Look after your pay and stop trying to keep up with the guy's that have are not skint and sell the car

Robots

Ithink it is more of how you manage your money

pokerplayer16101

when i served i had 2 children and i qualified for assistance which i didnt accept but that ought to tell you about the payscale

Shiva07

The military does all right, but it is your responsibility to live within your means. This means you can't go out and buy things you cannot afford to pay for. A lot of personnel will spend their money on things they want and not need. For example, if a young troop buys a new sports car, then the cost of the car and insurance will be enormous. He/she could have gotten something more within their budget. As you make rank you will be able to afford more, but for now you can't go out and buy everything you want. Think first soldier, because if you don't then you won't have to worry about if the Army pays well or not. You will be hoping your civilian job pays well.

Alex92081

It's enough money, but at the same time... it's to easy to get into debt. It's a mistake that a lot of us make. Like everyone said, it's harder with a family. You want to buy your wife a nice car and yourself a nice car. You want to have all the material things everyone else has. Then you learn to late that to achieve those things you need to SAVE to secure a future. Then worry about all the little gadgets and etc everyone wants.

ROB

DONT GET A STAR CARD.. STOP PARTYING SO MUCH... SAVE MONEY... DRIVE A HOOPTY OR GET A FRIEND TO GIVE YOU A RIDE TO WORK... STUDY FOR THE BOARD... GET MORE RANK!!!!!!!!!!........ I left with a nice chunk of change... if I can do it I know YOU CAN...

L1M1J1

the military furnishes 100% medical housing, food, clothing etc.
learn to budget. as any job, the pay depends on knowledge, time, education rank etc, no one starts at the top.

duc602

it doesnt, for a GI with a family.

Nasty Leg

Miss mangment of money. By the way if you joined the Army to get rich you made a mistake. Army never has and never will pay well. Take a step bake and look at how much your spending and how much your making. Be honest with yourself.

Mr.Been there

When you think about Army pay, include $500.00 + a month in 3 meals a day, $600.00 a month in lodging, medical care, clothing and education. Put all these together with the base salary of 450.00+ and you can easily arrive at about $3,000.00 +.
Roughly 15.00 to 20.00 an hour with all of the fixings.

Then they offer fantastic re-up benefits and great education benefits when your tour is over. If you stay long enough you can get a lifetime retirement by the time you are 40 or 50. Try that in any civilian job.

ldsdevildog

I am in the military myself. You just need to manage you money better. I just watch what I spend and I have been fine.

Nightstalker1967

I remember well the same pay rate that Leroy mentioned. After taxes, and my 'not actually mandatory but you better buy one' Savings bond, my first pay was less than $60. I thought I was in tall cotton a couple of years later when I went over two and got my gold bar through OCS. LOL I did not have a choice about going in at the time due to my draft status but made the best of it finacially.
The US Army has never paid well. Likely it never will. It should be considerd a sacrifice and everyone should be thankful for thise that serve and have served. I am and I thank you and all current military personnel. I wish I could tell you taht when you get out you will get what you deserve. Most politicians like to say that "veterans deserve the best this country has to offer". The problem is that the politicians and their cronies are getting the best, wasteing a lot of the rest and there isn't a lot left over for veterans or anything else.
What is hazardous duty pay these days? I hope it is more than the $130 per month (I think that was it) that we got in 1968. But maybe that is enough. After all, all you are doing is risking your life ALL the time and risking the future of your family, your parent's mental health and your soul. Sorry, I really hope that you and other service members will be okay, I hope our country will fairly compensate you now and later as a veteran.
Your indebtedness has been hashed and trashed already but you have a few of choices. Borrow all that you can, stash that, and then declare bankruptcy using an attorney (JAG may help, I don't know) or tighten that already famished belly and deny yourself and loved ones all the goodies that others have already mentioned. Seek counseling through your chaplain, they are actually very good guys.
Good luck.

clippers

It is up to the individual to budget their money in order to survive.

just me here

It's not the amount that the
Army pays, it's the individual soldiers
that do not know how to handle their
monies..

[ ImpaKt ]

My friend, sorry to say, you've been used, so as others.

US SPECIAL FORCES

OK LET ME PUT IT THIS WAY IF U GO INTO THE MILITITARY WITH OUT A COLLEGE DEGREE YOUR RIGHT, UR PROBABLY NOT GOING TO MAKE THAT MUCH , BUT IF U CHOOSE THE RIGHT THING AND DECIDE TO GO TO COLLEGE ULL COME OUT AS A SECOND LEITENANT AND BE INCHARGE OF 30 U.S SOLDIERS. I RETIRED LAST YEAR AFTER 32 YEARS OF SERVICE AS A BRIGIDIER GENERAL AND I WAS A DECORATED GREEN BERET!

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