Emanuel and The bank

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Comment by Brenda, aka Sailor Moon on October 8, 2009 at 9:53am

Thanks for sharing. Something to look into. My sailor is always broke too. His excuse, I do what I want with my money~I earned it, but I think he may be caught in something like this as well. Like you guys mention-free room/board, food. He had no debt when he left. I am scared for such a mistake being made when they are in the top security clearance jobs. They could mess themselves up. Thanks again. That was really thoughtful to share. Shows you care.

Comment by E.G. - ND's Creator/Admin on October 3, 2009 at 8:51am

Pros & Cons for our Sailors and Navy Federal Credit Union. It depends on your Sailor and how good they are with money. I've heard of many Sailors saving their butts off and never having money problems. On the other hand, more of them struggle with their finance's. Remember, this is the first time for our Sailors to make a steady paycheck and to have a bank where they actually have credit. This is what my son did as I believe most of them have done. Once he was in A school he was always living in overdraft. Like James said when he would get paid it was $o because he had already spent it. On top of that he took a thousand dollar loan in A school, just to piss away, which most do. He bought a computer, TV, etc on credit. Once he was with the fleet, he had so many allotments coming out of his paycheck car, bills, etc that when it came to payday he only had a few dollars left. My son had to take a part time job off base just to live because he screwed his paychecks up so bad. Most 18yr olds do not know how to handle money well. The Navy requires our Sailors to take money management class's to help with this problem but it is ultimately up to the Sailor. It took my son a year to get his paycheck back and I'm glad to say he is now straight.

He had an account at home in our bank but when he went in the Navy he opened the Navy account. I believe it mainly was to not let mom and pop know of the money he was pissing away. The best thing we did was made him have a $100 go directly into his bank account at home every paycheck which ended up being $200 a month. Since this is a home town account he could not withdraw money from it. So as he was calling home for money we would withdraw money from his account and western union it to him. I think I used western union maybe twice in my lifetime but with my Sailor I've been there sending money at least 6 or 7 times. LOL I could write a book about Sailors and their finance's but have rambled on enough for now. Just remember these are broke Sailors coming out of high school and instantly having steady pay and credit. They will be fine, like we always told our son, you have a free place to stay and eat. You won't die because you have no partying money.

Comment by Mike on October 3, 2009 at 6:58am

Thanks for your informaton as I was about to ask if anyone had any suggestions on how to deal with or handle a new recruit's paycheck. My son Wes leaves Monday morning at 11am for basic training and we're trying to put everything together. His recruiter advised him to not do direct deposit to a bank here localy but to use the "Navy Bank". Is that a generic term or is that the name of a bank? Thanks.

Comment by Mike on October 3, 2009 at 6:55am

Thanks for your information as I was about to ask if anyone