I have heard a few cries over the last week on this months ole cadet paycheck. Ouch! Even from my own. “Hey, mom, can you send me that paycheck spreadsheet?” With school starting, books to pay for and the ever awaited wifi for $29.95 a month, a little pre budgeting may go a long way.
Technology has spoiled us. No longer the paper ledgers, pencils, and calculators like I first used nearly thirty years ago newly married. We now have Excel to pump out and crunch those numbers so we can stay within our limits or predict a shortfall. Or better yet, one of those fancy apps that ties into your bank account and kicks out a pie graph telling you (and your husband) how much you just spent on that new outfit. Thanks Mint.com.
And thanks to USAFA, the cadets have a tool they can use too that will enable them to budget with the wisest. A proposed budget spreadsheet that estimates their income and expenses by month over the next year.
As you know, our 2019 cadets received an advance in pay to purchase the uniforms needed. The tiered payback structure takes out different amounts every month until the debt is paid off. If your cadet received any scholarship money toward books, their paycheck is a bit larger than some of their counterparts. Also upping the game and another financial tool to use is USAA’s banking program that allows you to code your expenses. This can be printed and taken to the accountant at the end of the year.
Hopefully this helps our cadets plan out their finances over the next year with confidence. You can click the Approved Budgets for AY16-17 for all class proposed budgets.