We hope this email finds you in good health and high spirits! For today's Military Save Month tip we want to share a battle plan you can use to make the most of any extra money - be it inheritance, military bonus, or unexpected windfall.
The 30/40/30 Rule: Your Financial SWAT Team To achieve financial peace, you need to divide and conquer:
- 30% - Tackle Outstanding Debts: Like martial artists, we face our debts with head held high. Use popular methods like snowball (smallest debt first) and avalanche (highest interest rate first) to become debt-free!
- 40% - Manage Current Expenses, Needs & Wants: Knowing your needs and wants helps you stay on mission. Spend some of that extra 40% on yourself, but always remember, moderation and discipline are key.
- 30% - Build Your Financial Fortress: Once the past and present are taken care of, it's time to focus on the future. Build an emergency fund ($500) and keep adding to it, like a soldier who never stops training!
Why the 30/40/30 Rule Matters Extra allowances or unforeseen windfalls can disappear like a mirage if not planned strategically. Discipline is an essential part of our growth, that's why having a spending and savings plan like the 30/40/30 Rule will ensure you're always battle-ready, both now and in the future.
So gear up, Warriors! Face your financial challenges head-on, and watch your dreams transform into reality.
For more information about financial services, please visit the link below to Military OneSource for more resources.