2023 military basic allowance for housing rates are out! Go see! (iPhone users reading this on Facebook, you may need to open this page using the three dots instead of clicking through from Facebook. Not on an iPhone? Right-click, select “copy link address,” and put it into a new tab. I wish I could fix… | Read More…
Five Things You Need To Know About The New BAH Rates
Military families across the country are waiting anxiously to see what their Basic Allowance for Housing (BAH) rates will be in 2023. (The new bah rates are usually announced on or around 15 December.) With housing prices going up significantly in many areas, many have their fingers crossed for a big increase for next year. Here… | Read More…
BAH Rate Protection (or The Grandfather Clause)
As the Department of Defense (DoD) gets ready to release the 2023 Basic Allowance for Housing rates, this is a perfect time to review BAH rate protection, or “the grandfather clause.” (Rates are usually announced on or around the 15th of December.) Each year, the DoD calculates the costs to rent a house in each… | Read More…
Capital Gains Rules for Military Families
Note: This is not professional tax advice. While I have confirmed this information with various professionals, do not take my word for it. Read the tax rules yourself (link at the bottom.) Then, consult with your tax professional to see how the rules apply to you. Capital Gains? What the heck are they, and when… | Read More…
Evacuation, Military Entitlements, and Insurance Coverage
Every year, our country has emergency weather situations, and people have to make hard decisions. Military families wonder if they should evacuate . When and if the military or their insurance company will help with expenses may be part of that decision. There are some times when the military will pay families to evacuate a… | Read More…
Why Does My Mortgage Payment Change From Year To Year? How Mortgage Escrow Works
One of the most confusing parts of having a mortgage is understanding how the payment on your fixed-rate mortgage can change, usually every single year. In order to understand why your payment changes, you need to know your escrow account works. An escrow account is an account that pays different bills related to the property…. | Read More…
How To Budget With Overseas Housing Allowance
When you live overseas, off-base, you receive an Overseas Housing Allowance. OHA pays for your rent (up to a limit) and also provides you with an allowance for your utilities. There are two tricky things about OHA. The amount of dollars paid changes every month, with the exchange rate, and the bills it is supposed… | Read More…
Advance Basic Allowance For Housing (BAH) – Yes, It’s a Thing!
One little-known aspect of the military pay and allowance system is the ability to request advance payment of your Basic Allowance for Housing (BAH). While this opportunity has been around since 1999, you will still find that most admin folks and senior leadership are completely unaware that it even exists. And, unfortunately, even those who… | Read More…
The Simplest Reason Why Renting Will Save You Money
“Renting is too expensive, so I’m going to buy a house.” I hear some variation on this statement at least once a week. This perspective worries me, because further discussion usually uncovers some misconceptions about the cost of owning a home. Airman Mildollar, the author of the currently-on-hiatus-but-hopefully-coming-back-one-day Military Dollar blog, introduced me to a… | Read More…
How Much Should Military BAH Pay For?
I was at a really great military spouse event a few years ago and someone mentioned that the military’s Basic Allowance for Housing (military BAH) doesn’t always cover the cost of housing. It’s true that a lot of military families spend more than their BAH on housing. I hear things like this all the time,… | Read More…