Recently, ive been focused on my finances and with being an 18 y/o within the Army, I think I have many options, but wanted to get thoughts on my current plan.

    Currently this is how my money is broken down:

    Regular Savings: $307
    Checking: $11,767

    Vanguard Roth IRA: $2,000
    Roth TSP: $150

    And this is how I think I’m going to allocate it:

    — Emergency Fund —

    Redstone Better Day Savings Account – $2.5k with 5.09% APY – Gives me better APY then a HYSA and allows for super quick access since it’s connected to my checking

    HYSA – $3.5k with around 4.6% APY give or take

    (Get my 1st credit card) Redstone Starter Card – Can use in case of emergency until funds from HYSA can back me up and to build credit

    — Investments —

    Roth IRA – $5000 to start out – Add $425 added per paycheck, will hit max of $7k after 2.5 months then contribute towards Roth TSP – Currently have 100% of it in VTI

    Roth TSP – $150 – Currently putting 5% of pay for the match and it hold 100% C fund

    — Savings —

    Redstone Regular Savings – $475 – Mainly for extra savings and super short term savings that won’t build up dividends or income (like a PC fund) – If desperate then this is here for emergencies too

    Any extra money that I have that isn’t going into investments or to pay off the credit card each month will go into my regular savings to allow me to save for goals such as a Gaming PC or stuff for my room. I’m also gonna do more research into other savings accounts (like for Christmas) as other ways to save up, but more or less the few hundred extra a month will be more or less money to enjoy.

    Any and all thoughts/advice would be greatly appreciated!! I do plan to do research to help maximize my income/investments, such as maybe even doing dividend investing to give me an extra source of income (might even pay for a gym membership monthly) one day, but for now that isn’t a big concern. This is more or less a starting point and over the course of many years I’ll be able to fine tune and add to my portfolio to increase my earnings.

    Advice/Thoughts on Financial Plan for 18 y/o in the Army
    byu/Asylum36 inMilitaryFinance



    Posted by Asylum36

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