Financial Preparation...

BoomerSooner77

BoomerSooner77

New Member
I know there was a thread many moons ago about how to make your per diem go farther... BUT... what are you doing now (if anything) to lessen the blow of taking a pay cut and living on peanuts for a while (less than I've ever made, I am scared! :() ?

ME:
Left my favorite house of all time in Frisco, TX (it was a rental, didn't own it) and moved into an apartment in Plano, TX. Overall savings just under $1k/month. We're NOT adjusting well, but are going to suck it up for a couple years.

Paying off recurring debt (does not include living expenses/auto). Should be paid off in 4 weeks! Don't want to have any additional payment obligations after my check gets cut, cut, cut, cut.

Working from home at least 1 day / week to save travel/food expenses.

​
Anyone else making significant lifestyle changes? Any creative ideas?
 
I know a lot of controllers that went in together and got a house....you can rent a house for a few months...or what some people do is rent the house with a few controllers...after four months, they just rent it out to another group of controllers that they met at the academy.

That way...three controllers pay say...$1000 - 1200 a month for a house instead of $40 - $60 a day for an apartment...

So...$1200 a month three ways is only $400 per each controller...

Or...$40 a day x 30 is $1200 a month for one controller....

That is probably the most significant way you will save money, find roomates....and most of the FAA housing will make you pay for additional roommates, whereas renting a house would not.
 
I'm working my butt off right now... accruing incredible overtime. At this rate, I might get addicted to the money and won't want to leave.

I'm thinking of reducing my current 401k contributions so I can stick extra money in savings
(I will roll over my 401k when I quit)

Apartment lease is over, and I can move out whenever OKC starts.

And best of all: Single, no girlfriend/wife/kids/childsupport/etc, car paid off, and no debt.
 
I had a thread like this once - "making the most out of per diem" Then someone moved it to the lavatory without explanation. Some days, when the house is empty and the TV is off, it still hurts.
 
I have zero debt also..... I also have zero money :buck:. Hooray for peanuts!!
 

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gimpfest said:
I had a thread like this once - "making the most out of per diem" Then someone moved it to the lavatory without explanation. Some days, when the house is empty and the TV is off, it still hurts.
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I just went to see it in the "lavatory".

Now I know what its like to visit a child in prison.....
 
pm577 said:
I'm working my butt off right now... accruing incredible overtime. At this rate, I might get addicted to the money and won't want to leave.
I'm thinking of reducing my current 401k contributions so I can stick extra money in savings
(I will roll over my 401k when I quit)
Apartment lease is over, and I can move out whenever OKC starts.
And best of all: Single, no girlfriend/wife/kids/childsupport/etc, car paid off, and no debt.
Click to expand...

Me at the academy.....

Just joshing.... All in good fun buddy.....
 

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We will be making more in OKC than we will when we get put in ZLC! Luckily it won't be a cut in pay, we are used to making squat! We will still have a mortgage while in OKC though, we are thinking of refinancing to help with the few months of paying rent and mortgage. Not sure if we will or not though.
 
pm577 said:
I'm working my butt off right now... accruing incredible overtime. At this rate, I might get addicted to the money and won't want to leave.

I'm thinking of reducing my current 401k contributions so I can stick extra money in savings
(I will roll over my 401k when I quit)

Apartment lease is over, and I can move out whenever OKC starts.

And best of all: Single, no girlfriend/wife/kids/childsupport/etc, car paid off, and no debt.
Click to expand...

This would probably be the one time I'd actually suggest to someone to draw back on their 401(k) contribution.

My (actually Dave Ramsey's) suggestion would be to have about 3-6 months of living expenses put away as an emergency fund. With the situation you're in right now, you could probably do that in pretty short order depending on how long you've got before OKC and what your duty station is afterwards.

Anything beyond that, I'd look at a Roth IRA unless you are looking at buying a house, new(er) car, etc., and need to put away some money for that.
 
I'm seriously considering drawing on my 401k but hoping I can avoid it. I've sold about everything I own that isn't bolted down and have about about 4 months of wages saved so we'll see.
I might be stocking shelves at walmart at night while in OKC, heh.
 
It's funny that its a pay cut for ya. its an increase for me, I looking at stay at a friends house or share a room with someone. I have house payments and student loan payments.
 
Yank&BankmyRJ145 said:
It's funny that its a pay cut for ya. its an increase for me, I looking at stay at a friends house or share a room with someone. I have house payments and student loan payments.
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FYI, according to Student Services if you want to receive full perdiem you can not stay with family or friends while in OKC.
 
Yank&BankmyRJ145 said:
It's funny that its a pay cut for ya. its an increase for me, I looking at stay at a friends house or share a room with someone. I have house payments and student loan payments.
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I'm in the same boat. I'm looking forward to the pay increase :rawk:...but not the hour commute! :( Considering the price of gas and student loan payments that will start in a few months, it may not equal too much of a pay increase!
 
Alrighty... so I got a CostCo membership so I can get bulk frozen dinners / lunches.

That place is a zoo, went for the first time last weekend.
 
BoomerSooner77 said:
Alrighty... so I got a CostCo membership so I can get bulk frozen dinners / lunches.

That place is a zoo, went for the first time last weekend.
Click to expand...

You end up spending more money there since everything is so BIG

I like trader joes (but too bad they dont exist in OK)
 
So maybe I missed it, but other than the estimated $3500/mo, what can I plan for expenses and such? I thought I read in the "green book" that durring training, you would make about 15k. For three months, that seems like plenty?

What am I missing? AHHH! I have bills and debt, so some preparedness (if I get a TOL or PEPC soon) would make this less hectic.
 
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