Mid-Month Update

December 2023

Reader, it doesn't matter how much my wife and I prepare, the holidays always seem to cause some stress around spending. We set a budget every year, but it always seems like we're living on the edge every year.

We'll keep refining our system and start saving up money for next year. The good thing is we're going to end up only slightly over our original budget. Luckily, we have other savings we can use.

Big News for Pay Next Year!

I'm sure you've heard about the 5.2% pay raise coming, but with Congress passing (still needs the president's signature) the National Defense Authorization Act (NDAA) for 2024, there are a lot of other big changes too - especially for enlisted folks. Here's a couple things to look at:

1. Largest pay raise in two decades of 5.2%.
2. Basic Needs Allowance gets important changes.
   - BAH no longer included in the calculation
   - Bumps up to 150% of poverty level
3. Separation Pay increases to $400 per month (was $250).
4. Orders a review to determine if pay for E-1 to E-4 pay is adequate compared to civilian sector.
5. Increases BAH percentage.
6. Continuation pay eligibility changes to 7-12 years of service (was 8-12).

There's a lot of other changes, including an expansion of doula care, hearing aids for certain dependents, and even stuff about UFOs!

BAH rates are published too! You can check your new BAH rate here. Don't worry if it's lower, you'll still get the same rate you get now.

End of Year Financial Due Outs

If you haven't started gearing up for next year, now is a great time to start closing out everything for this year and planning for the next year. Here's some things to consider for the end of the year:

1. Final contributions to a Roth IRA or other retirement accounts.
2. Make a list of financial wins for the year to make sure you're celebrating all you've accomplished!

Next, it's time to start thinking about how you're going to win in the new year. There's no reason why you need to wait until January 1st to start working toward your goals. Get a head start.

1. Make a list of potential goals you want to work on.
2. Set a date to conduct "Money Day" and get your financial life in order.
3. If you're getting a raise this year ( hello, 5.2% raise!), plan out where you'll direct that money. It's okay to spend some on you, but if you have money goals, now is a good time to work on those.
4. If you haven't already, grab a copy of my updated Enlisted Money Budget Template and Net Worth Tracker. Links to those are on my resources page. You'll have to enter your information, but you're already subscribed, so it's not a big deal. Otherwise, shoot me an email and I'll send them to you.

Don't Forget to Relax a Little and Enjoy the Holidays!

I know the holidays can be stressful, but they don't have to be stressful the whole time. Make sure you take some time out for yourself. Do something you enjoy!

For me, that's probably going to look like completing projects in the garage, de-cluttering, getting outdoors, and creating cool stuff for you!

We Have a Facebook Group Now!

I was asked about whether I had a Facebook group and I didn't. So, I created one! Introducing the Enlisted Money Envestor Facebook Group!
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If you're not already a part of the group, please head over and post something.
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Also, have you seen the new Enlisted Money website? Head over and check it out! Please let me know how I can make it better.

Latest Blog Posts

Final Thoughts for the Year

Reader, I'm really just blown away at how far this project has gone already this year. I've written 35 articles, recorded 7 guest spots on podcasts, posted 57 YouTube Shorts and Videos, 152 posts and Reels on Instagram, attended three different conferences (spoke at one, kinda two), and just had an amazing time throughout.
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I do all this because I want YOU to be more successful in your financial journey. My motivation file with comments, pictures, and emails is filling up with (much needed and appreciated) encouragement from people like yourself. I REALLY appreciate you! Please let me know how I can make everything even better for you.

I hope you have a wonderful and blessed Christmas and New Years!

Thanks so much for being a part of the Envestor Community!

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Enlisted + Investor = Envestor :)