Financial Readiness / Budget Worksheet
A monthly spending plan built around the DoD financial readiness touchpoints: pay and allowances, expenses, TSP and emergency savings, debts, and an action plan.
What this worksheet covers
Name, rank, and unit prefill from your service profile.
Member data
- Name (Last, First, MI)
- Grade / rank
- Branch
- Years of service
- Retirement plan
- Household size
- Financial readiness touchpoint
The events at which 10 USC 992 and DoDI 1322.34 require financial literacy training.
Monthly income
- Monthly income (from your LES)
One line per entitlement or income source: base pay, BAH, BAS, special and incentive pays, spouse income, other. Enter monthly amounts; note which are taxable (BAH and BAS are not).
- Total monthly net income (take-home)
Use the net amount deposited to your account after taxes, SGLI, TSP, and allotments.
- Allotments and deductions to watch (SGLI, TSP, dental, allotments)
Monthly expenses
- Monthly expenses
Housing and utilities, food, transportation (car payment, insurance, fuel), phone and internet, insurance, child care, debt payments, subscriptions, personal, giving, and savings. Compare the plan to what you actually spent.
- Total monthly expenses
- Surplus / (shortfall) = net income − expenses
Savings and tsp
- TSP contribution (% traditional / % Roth) and matching
BRS members get an automatic 1% plus up to 4% matching; contributing 5% of base pay captures the full match.
- Emergency fund: balance / target
Debts
- Debts
Every debt: car loan, credit cards, personal loans, student loans, military star card. Mark pre-service debts, which may qualify for the SCRA 6% interest cap on active duty.
- Credit report checked (date) / score range
Free weekly reports from annualcreditreport.com. Active-duty members can also set a free active duty alert.
Goals and action plan
- Financial goals (specific, with dates)
- Next actions and referrals
- Reviewed by (counselor or leader, rank/name) / date
How to fill out the Worksheet (DoD financial readiness touchpoint)
A one-page picture of where the money comes from and where it goes, used at the financial readiness touchpoints DoD requires (10 USC 992): arrival at a new duty station, promotion, TSP vesting, continuation pay, marriage, divorce, a first child, deployment, and transition. When: At any touchpoint, before a PCS or deployment, when a leader refers you for financial counseling, or any month the account runs short.
Step by step
- Pull your latest LES. Enter each entitlement (base pay, BAH, BAS, special pays) as a monthly amount.
- List every monthly expense from your bank statements. Put annual bills (insurance, registration) in as one-twelfth per month.
- Record your TSP contribution percentage and whether you get the full BRS match (5% of base pay).
- List every debt with its balance, interest rate, and payment. Mark any pre-service debt that should be capped at 6% under the SCRA.
- Compare income to expenses. Write two or three specific goals and the next action for each.
- Take it to a Personal Financial Counselor (free, on every installation) or Military OneSource for a review.
What a strong one looks like
- Under the Blended Retirement System, contribute at least 5% of base pay to TSP to get the full government match. Anything less leaves money on the table.
- BAH is set for housing. If you spend it on other things, plan for what happens at your next PCS or if you move on post.
- Aim for one month of expenses in emergency savings first, then build toward three to six.
- Emergency help without interest: Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society, and Coast Guard Mutual Assistance.
Common mistakes
- Leaving out small recurring charges (subscriptions, phone, gaming) that add up.
- Planning on special pays that stop when the duty ends (deployment pays, sea pay, BAH at a PCS).
- Taking a high-rate installment or car loan to cover a shortfall. The Military Lending Act caps most consumer credit at a 36% military APR, but that is still expensive.