PERSONAL FINANCES

Pay and Allowances

A soldier is entitled to a wide assortment of pay and allowances, depending upon rank and length of service. Beyond your standard paycheck, called Basic Pay, there are other additional forms of pay and allowance a Soldier may receive for things such as basic subsistence, housing and even clothing.

Banks

Full-service banks or credit unions that offer checking accounts, loans and other banking services are found on almost every Army installation. While they are not Army banks, they have the Army’s okay to set up a branch on the Post. You are under no obligation to use these banks; they are there for your convenience. But there are advantages, from low-fee ATMs and reasonable auto-loan financing to being a customer of the on-Post bank or credit union. 

Financial Readiness

For some people, the Army is the first time they’ve ever had to manage the finances of a household or even deal with a credit card. This might not apply to you, but believing that you can never know too much about handling your own finances, the Army Community Services Financial Readiness program offers classes and counseling on money management, credit, financial planning, insurance and consumer issues. These classes are designed to help Soldiers and their families become self-sufficient, reduce indebtedness and lessen the need for emergency financial aid. 

In addition, the Army has a partnership with the Better Business Bureau to help Soldiers and families become smart consumers and resolve consumer complaints.