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Why Do I Need a Budget?

Creating and maintaining a budget may help you reap great rewards! It’s your personalized operation plan to achieve your financial goals.

Couple looking at cell phone

A budget helps you:

  • Plan how you use money each month

  • Avoid wasteful spending

  • Prepare for unexpected expenses

  • Save for goals

  • Reduce financial stress

A Budgeting Mindset

Life in the military requires dedication, discipline, and attention to detail. These same principles apply to your daily spending. When you monitor your inflows and outflows carefully, you forge a better relationship with your money and are more likely to find opportunities for continuous improvement. Staying flexible is critical to your career and your budget, so having a good handle on your situation goes a long way toward financial success.

Portrait of Mandi Moynihan
Tip from Mandi Moynihan, CFP®

Thinking back on my deployment, there was a lot of time beforehand planning and preparing for the mission. The prep work is critical for a successful mission. Now as a financial planner, I encourage applying that same rigor to your budget – it’s key to succeeding! In my case, when I learned about my new deployment income, I set a goal to buy a car when I returned. I was disciplined with my plan and returned a year later to make the purchase.