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Smart Spending. Strong Savings. Secure Future.
Reduce stress and build a secure financial future by taking control of your finances. The Army's Financial Readiness Program (FRP) helps you master your money through budgeting, saving, avoiding and eliminating debt, and making other smart financial decisions.
Creating a Spending Plan That Works
Your spending plan is the first step to mastering your money. It helps you track income, expenses, and savings so you can reach your financial goals. Follow these steps to build one:
Understand Your Current Situation
Look at military pay, spouse income, and any additional income sources
Know Where Your Money Should Go
Separate needs (rent, food, and insurance) from wants (entertainment, subscriptions, and nice-to-haves)
Create a Plan
Pay off debt, build savings, and plan for future expenses
Make Adjustments
Review your budget regularly and make changes as needed
Saving for Emergencies
Unexpected expenses can come anytime. With an emergency fund, you can avoid relying on credit cards or loans.
- Start Small. Keep $1,000 minimum to cover common emergencies like car repair or pet expenses. Over time, work up to save at least three to six months of essential expenses
- Start Now. Even $25 per paycheck adds up over time, so begin immediately
- Separate it. Keeping emergency savings in a separate account can preserve it for easy access
Saving Tip:
Use automatic transfers to grow your savings effortlessly
Smart Spending and Avoiding Debt
Avoid financial stress through informed decisions about how you spend money.
- Separate Needs from Wants. Before buying something, ask, "Do I really need this?"
- Avoid Revolving Balances on Credit Cards. Although credit cards may offer additional protections and incentives, carrying a balance on high-interest credit cards isn’t a good idea
- Avoid Payday/Consumer Loans, Buy Now/Pay Later Schemes, and High-Interest Debt. Arrangements like that can trap you in a cycle of repayment that is difficult to escape
Understanding Credit and Managing Debt
Your credit score affects insurance costs, housing and loan approvals, interest rates, and even job opportunities. Start building a solid credit history today.
- Pay bills on time
- Keep credit card balances below 30% of your credit limit
- Check your credit reports from the three major reporting agencies for free at AnnualCreditReport.com
How to Start Reducing Debt Now
- Snowball Method. Pay off the smallest debts first for quick wins
- Avalanche Method. Pay off the highestinterest debts first to save money
- Debt Consolidation. Combine multiple debts into one lower payment
- Compare these three approaches now at https://extension.usu.edu/powerpay/
Additional Resources
More links, documents and tools for financial success.
- Financial Frontline
- Office of Financial Readiness – Conduct a Financial-Well Being Assessment
