Wise money advice for renters in the military

Wise money advice for renters in the military

If you are on active duty in the military, the chances are high that you move around a fair bit.  It can often make the most financial sense to either live on the base itself or to rent an apartment close by, but the latter can be a drain on your finances if you are not on your guard.  To protect your money, there are some tips you should follow upon signing a lease.

One of your top priorities when you move should be take out renters insurance.  This is particularly crucial when you are renting somewhere off-base, though it is still necessary if you live in housing on the base or in privatized military housing such as a government-approved apartment complex.

Should your building be subjected to flood or fire, it would be your responsibility to replace all of your personal possessions, including clothes, jewelry and electronic items.  This is something that could end up costing you thousands of dollars unless you have taken out renters insurance.  It can cost as little as just $12 per month to take out adequate renters insurance – a price that is well worth paying in order to protect you from a financial disaster.

You should also remember that if you have not made a move to live in military quarters then you will normally be eligible to receive some kind of Basic Allowance for Housing (BAH), which is a monthly, tax-free allowance intended to help with everyday household expenses.  How much BAH you receive is calculated according to your pay grade, rank, and whether you have any dependents.

Rick Wozniak