December 8, 2006, Newsletter Issue #41: "Advanced Pay"

Tip of the Week

A quick look at your military pay chart shows that while starting pay is comparatively low, the longer you stay in service and as you are promoted, the better your pay gets. For those who need additional help, there is a feature to take advantage of at permanent change of station time. Most military members are eligible for a certain amount of "advance pay", which is a sum of money you basically borrow, interest-free, for 12 months.

The amount you take out will be repaid out of your paycheck over the following 12 months. In terms of being an interest-free loan, this is a great idea, but make sure you budget yourset accordingly...depending on how much you take out, you may be required to pay upwards of $150 a month. If your budget can take the hit, this is an excellent way to take care of expenses related to setting up house at your new assignment, where financial surprises often come in the early days of unpacking and settling in. Check your military pay chart, make your budget and soon you could be enjoying some extra cash!

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