Effective Expense Monitoring and Management for Military Personnel

Managing finances as a military personnel can be challenging, especially given the unique constraints and responsibilities involved. In this article, we will explore the monthly expenses of an individual and share effective strategies for monitoring and managing them.

A Personal Financial Overview

Meet XXXX, a military personnel who has faced some unique financial challenges. Since graduating from 12th grade in 2017 after 18 months of rigorous study, he has pursued a career in the defense forces. After three years of training, he was posted in Dalhousie.

XXXX's current CTC (Cost to Company) is 8 lakh rupees, with variable amounts. He has a family of five, including his mother, father, sister, and wife, all living in his village. As a responsible individual, he ensures that his family is taken care of. His monthly in-hand salary is 68,000 rupees, from which he deducts his provident fund and income tax, among other expenses. After deducting these, he keeps 5,000 rupees for his personal expenses, sends 25,000 rupees to his father, and invests 10,000 rupees in equity mutual funds, 5,000 rupees in direct stocks, and 5,000 rupees for future expenses.

The Monthly Expense Breakdown

XXXX's current monthly expenses are 5,000 rupees, which include:

Fixed Monthly Expenses: 5,000 rupees spent on mobile recharges for himself, his spouse, and his father. Monthly Netflix subscription also amounts to 1,000 rupees (incurred only occasionally). Variable Monthly Expenses: 2,000 rupees spent on personal living expenses, such as occasional outing and tourism.

XXXX uses Google Sheets to track his expenses with meticulous detail. At the end of each month, he reviews his spending to ensure it aligns with his budget.

Alternative Expense Tracking Tools

While Google Sheets works well for some, there are several other popular budgeting apps that can make expense monitoring easier:

Pocket Guard Mint YNAB (You Need A Budget)

These apps offer various features and are available on both iOS and Android platforms. They can help you keep track of your spending in real-time and even alert you to potential overspending.

Conclusion and Final Thoughts

Effective expense monitoring is crucial for military personnel to maintain financial stability and manage their resources wisely. Whether you use Google Sheets, budgeting apps, or a combination of both, keeping track of your spending can help you achieve your financial goals.

Have you tried any of these tools or developed your own methods for expense tracking? Share your experiences and tips in the comments below. Thank you for reading and voting for this article!