DLC108: Budgeting and Personal Finance

Now, let's figure all of your expenses against your take home pay and see what we have left. On row 5 towards the bottom of the page, write the total amount listed under box 1, row 1L. What is that amount?

$2,125.80

Medicare takes 1.45%. What is the 1.45% of your base income?

$30.82

OK, good! Then your monthly expenditures total $430. Now, let's figure out your taxes. Federal income tax is 15%. What is 15% of your base income? Figure by multiplying $2,125.80 by .15.

$318.87

Great! Now, on row 6, write the amount from box 2, row 2L. What is that amount?

$430

You're doing great. On row 7, write the amount from box 4, row 4M, Total Deductions. What is that amount?

$481.49

Social Security takes 6.2%. What is 6.2% of your base income?

$131.80

Are you aware of the policies involved with receiving AER assistance?

DECENT- Assistance is provided to individuals for emergencies that arose after entry to Active Duty

What do you think a spending plan is?

DECENT- A plan that tracks every penny earned and spent

I'm going to do some volunteering for the National Military Family Association. Do you know about that organization?

An organization that serves Military families.

Yeah! There are quite a few free budget civilian applications that you can access from your phone. Have you heard of Money Matters?

DECENT [Mention civilian applications.]

You bet, Private. Listen, budgeting your finances is hard work at first. There are some great support organizations out there. Do you know about Military Saves?

DoD campaign focused on saving and reducing debt

Really? what expenditure are you thinking of cutting back on this month?

Eat at the chow hall

Don't beat yourself up. I wasn't good at budgeting when I was younger, but everyone has to start somewhere. Let's start with a budget worksheet. Why do you think a budget worksheet is important?

For tracking expenses and saving money.

Are you aware of the types of financial assistance we provide?

Interest free loans, grants, or combination.

So, what are you going to do?

Look into budgeting my finances [This question is not assessed]

I'm assessing that right now. So far, things are not looking good for you to receive the assistance you need. Are you aware of the approval authorities involved?

My immediate commander and an AER Officer

Good plan! Now, how do you think a spending plan would assist you reaching your short-term and long-term financial goals?

Treat my savings like a fixed monthly expenditure.

Hi, Sheik, you don't look so well. What's up?

[Tell her about the email] [This question is not assessed]

Hey Sheik! I heard that you made an appointment with the CFNCO. How did it go

[Tell him about the budget worksheet] [This question is not assessed]

You still have time to make things happen, at least. Either way, glad to hear that you're paying attention to your finances. What make you think about budgeting?

[Tell him about the wedding venue] [This question is not assessed]