If you've looked at your leave and earning statement and wondered if there was code to decipher it, you are not alone. It's the best of what the military has to offer when it comes to abbreviations, acronyms and lots of information. But you're in luck, because this particular item actually does come with a code. Understanding your leave and earning statement is the first step to managing your money and achieving your financial goals.
Your leave and earning statement is one of the most important financial documents you have. It's the monthly report of your earnings, deductions and leave balance that helps you budget and save for your monthly expenses as well as your dream vacation or that new car.
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What is a leave and earning statement?
The leave and earning statement provides information such as:
- Monthly base pay
- Available leave, or vacation days earned
- Additional entitlements
- Special-duty pay
- Allotments
- Deductions
How do I access my leave and earning statement?
You can access your statement:
- Electronically at myPay using a login and password unless you are accessing from your Department of Defense computer using a Common Access Card
- Through the Coast Guard Pay and Personnel Center, for Coast Guard personnel
What should I review on a regular basis?
Staying on top of your information is important, but especially when it comes to your income and more importantly, your deductions. Getting caught with a “no pay due” could really throw a wrench into your dinner plans. Here are the top items to review monthly:
- Box 10 – Your base pay, special or incentive pay and other allowances like Basic Allowance for Housing and Basic Allowance for Subsistence are all covered here.
- Box 11 – Do you know what and how much your deductions are, Medicare and Social Security included?
- Box 12 – What allotments are there and to whom are they going and when might they be paid in full?
- Box 19 – The covers the amount of money you receive. Is the amount in the box accurate based on your pay grade?
- Box 28 – How much leave do you have available?
- Box 76 – Are there any impending changes to your pay or notices from your command?
What other things should I remember?
Just knowing where to access your leave and earning statement, and how to read it, isn't enough. Here are a few additional tips for you to keep in your back pocket when planning your finances or your vacation time:
- Be aware of pay scales. Check the pay tables for base pay and other allowances. You are not the only one who might not understand the alphabet soup of the Leave and earning statement. Check out Understanding your LES for more information.
- Know that mistakes can happen. Regardless of who made the mistake, a “no pay due” could be the result, so watch for overpayments.
- Stay current on deployment pay, hazardous duty pay and other special duty compensation that can affect your monthly income. Understanding when special pay is supposed to begin, and more importantly when it should end, will help you keep your finances straight.
- Visit your finance office or administrative unit for help if anything looks out of place. Ignoring a potential mistake could be costly. If you need help visit the support page of myPay.
Understanding and using your leave and earning statement will help you make better financial decisions. It can also help you make off duty plans and keep you aware of significant changes that could affect your finances. It's your money and time, be in the know and make it work for you.