What is your Sailor doing with their paycheck?

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Permalink Reply by Rebecca M. on October 13, 2008 at 9:06am

Well Cindy,
He doesn't need to worry about medical, vision, or dental at this point...the Navy will take care of it. Our son has his checking here at home and he signed up for the credit union on base. We talked to him about signing up for the retiirement/401K before he left. He did do that. Your son won't have access to his money until after BC. He'll be surprised to see over $1,000 in there. My son didn't think he was getting paid while in BC. The first thing Adam brought was a watch that was like over $100. He asked Dad, "Do you think I should buy it?". My husband's reply was, "It's your money. You earned it, right?" The second thing he bought was a cell phone. I love getting to talk to him whenever now.

The thing is....It's his money...It's his credit...It's his choice....and he'll learn the hard way. I know how hard it is to let go of the control. But you gotta do it. You'll be surprised how much he'll turn to you and ask..."Should I do this...What do you think....? It's amazing how much parents know after BC. Ha-ha It's like all of the sudden we got smart. ha-ha

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Permalink Reply by Cindy Proud Navy Mom of Rob on October 14, 2008 at 4:05pm

True but, considering he hasn't worried about those things anyway. My insurance at work and I've paid the rest since he was under age. I know he must learn - juust hate to see all that time and money wasted while he is young. I want him to have fun when he can - he should - just hoping he'll use a little common sense too. DUH - my son & common sense do not go in the same post. What WAS I thinking? HA!

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Permalink Reply by lauren on October 13, 2008 at 9:32am

Hi Cindy ..this to will pass.It has to feel wonderful for him to be making his own money and choices of what to do with it .. He is young and needs to decide what is important to him. They have no control over what is going on with their lives right now and they need to have some control. You are not giving yourself enough credit. You should be proud that you raised him to take on the responsiblity .........I'm sure that he has learned from you while growing up..........but remember he is still growing up .........I have learned to trust my son, he spends his money way different than I would ........but not much different than how I would have spent it at 20 yrs old................maybe a great book on money : a simple one with an easy budget to figure out; when kids see the money grow somethimes they get into watching it grow. Also once he finds something he really wants he'll save ................and lastly the best thing that I have done... I stop paying for "ANYTHING" .........he needs your love and respect more than any money and i bet he loves you bunches....we don't get a redo on how we spend today...........huggs

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Permalink Reply by Cindy Proud Navy Mom of Rob on October 14, 2008 at 4:14pm

I think the same thing Lauren - what did I do at his age? UGH! Let's not go there!
He has had an accoutnt but, nothing to watch -he never left it in there long enough. So impulsive. Has agreat heart my lad but, not a lick of financial sense. Gentle pursasion then. Can't hurt -even if it really doesn't help!

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Permalink Reply by Michaels mom Karen on October 13, 2008 at 11:20am

My son uses most of his check to make his car payment and full coverage insurance. I wish he had sold the car since hes in Iraq and its just sitting in storage.

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Permalink Reply by Hoppi on October 13, 2008 at 4:08pm

If your sons car is in storage, call the insurance co and you can lower the insurance. I did that when my hubby went to the HOA. Saved money!

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Permalink Reply by lauren on October 13, 2008 at 5:27pm

they have storage insurance for your sons car

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Permalink Reply by carols_kitchen on October 13, 2008 at 10:50pm

Also, is he on USAA insurance? It's quite a saving!!!

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Permalink Reply by K on October 14, 2008 at 9:32am

USAA is the absolute best hands down. I have seen how great they were growing up with my parents (our family house burned to the ground) and when it was my turn to get insurance I went straight with them. I have seen an occasional cheaper offer come by but USAA is SO good I wouldn't switch if there was a cheaper one. I swear by them.

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Permalink Reply by Maryanne-Michael's mom on October 14, 2008 at 4:25pm

Karen,
You can have your son's interest rate lowered because he is in the military. Not sure of his interest rate but any loans, credit cards etc have to be reduced per SCRA Act..look it up. Hope this helps
Maryanne

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Permalink Reply by Anti M on October 13, 2008 at 6:40pm

I was laughing a bit when I read this discussion ... I was a young sailor once too, and indeed, I spent like mad. Bought myself nice things, partied, ate out, took trips. Didn't save a lick of money the first few years, but I never went into debt either. Hang in there, most sailors figure it out after a while. They do mature! I only had one sailor working for me that needed counseling about money, never paid his credit card bills. He was also married to two women, so he wasn't very responsible about anything. Yes, he was dishonorably discharged.

Navy Federal is a good credit union, they're all over the world. We still have money going into it, and have used it for loans and credit cards. The online banking is phenomenal. We also have an account with Great Lakes Credit Union; not nearly as convenient.

Hubby had a hometown bank account with his mom's name on it. We found out his three sisters took the bank book and used most of the money to buy cars with his mom's permission. I can see why a sailor might hesitate to share; not saying that's the case for any of you, just I can see both sides.

I thought probate only counted if the estate was above a certain amount. This varies by state, doesn't it? And sailors need life insurance for sure; plus a will. Even if they own little, they need a will.

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Permalink Reply by Tresa Taylor on October 13, 2008 at 9:00pm

Cindy,
We had also set up an acct. for our son. But he wanted to join the Navy Credit union and go thru their bank. He set up money to go into CD and other areas. He is trying to save everything, leaving his self with very little. My son did have someone from the bank go over financial decisions with him. Hopefully he will make the right decisions. It is out of my hands now and it is very hard to lose control of them. I think they will make the right decisions or they will learfrom their mistakes. TTYL
Tresa

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