Navy Budgets

I believed that life after high school would be somewhat simple, but I was wrong. I thought that I would just join the Navy get money and have very minimal financial problems. Truth is I'm going to be working hard in attempt to earn enough money to be able to afford toilet paper and groceries. With my paycheck I will struggle to keep up with all my financial responsibilities therefore keeping a budget will be somewhat helpful to keep up with my finances and expenses. First because they can prevent a harsh decrease in your credit. They also reflect your income, therefore it will help in managing your expenses. Due to these reasons I can see why budgets are a key component to being financially stable in life.
To begin with, budgets are a key component in restraining a harsh decrease in your credit. In the article “The Importance of Your Credit Rating” by the Investopedia Staff they state that “When you use credit, you are borrowing money that you promise to pay back within a specified period of time.(1)” Also in the article by Investopedia staff, they mention that the primary factors used to …show more content…
At first when I was filling out the budget sheet I realized that I wouldn't have to worry about home insurance or furniture because I will be living on a ship or in the barracks due to my job. Also since I will join the Navy before going to college I don't really have to worry about student loans. So when I removed those expenses my annual expenses dropped by $15,000. I also realized that i had to cut down on the purchase of video games because it was adding up to be a lot of money per year. The decision of not eating out frequently also decreased my expenses greatly. The decision of washing my car, not getting a dog and not having a lawn to mow will allow me to buy other things without impacting my budget so much. Clearly the budget helped when having to cut worn on my unnecessary