With regular pay increases built right into the military system, you’re gaining skills, moving through the ranks, and making bank. When raises start rolling in, it can be tempting to get a little spendy.
To get to your long-term goals, you’ve got to train yourself to think future, first. With a workable spending plan and secure foundation in place, any pay increase is an opportunity to up your retirement game.
Rather than taking on new expenses, try taking on more saving and investment contributions instead. A raise makes more saving possible without feeling a pinch in your current lifestyle.
So. Before you even have the chance to get used to a roomier paycheck, try automating your way to retirement. Contribute extra dollars to your TSP or set up an allotment to other investments so you don’t even have to think about it.
The great thing about long-term investing is that you can totally start small and still succeed. The secret is to start early to give compound interest more time to work it’s magic.
To power-up your retirement strategy even more, increase the amount you set aside as your income rises.