Just an Idea,not meaning to give unasked for advice. Set up an account with automatic deposits from his Navy paycheck and matched by you. Gives a good incentive for the new sailor away from home to save for the future. After six years that will be good nest egg.
Nuke Dads,
I'll throw in $0.25 on this one.
Personally, I took a LOT of pride in "cutting the apron strings" and standing on my own two feet 20+ years ago as a young 18 y/o ready to take on the world. As a young E-3/E-4 I struggled to pay a few bills but I always managed to balance the budget and live within my means. Best thing that ever happened to me! Then, when the nuke bonuses started rolling in after training, I went on to saving/investing. I didn't need any help from my parents...and didn't want any help. Looking back, I have a LOT of pride in standing on my own two feet, especially given the thousands of dollars the NNPP throws at Nuclear sailors. So, I'm not certain that adding to his/her paychecks is really necessary to ensure they have "spending money".
However, what happens after the HUGE bonuses given to 21 y/o's is this: sports cars, high-end computers, etc. Good financial advice would be to challenge them to avoid the $50K sports cars (and $20K credit card debt) and start saving for their future. Since the Navy Thrift Savings Plan is a non-matching $401K, perhaps you guys could "price match" their savings/investments into financial instruments that cannot be used for new cars. What seems to be lost in this new generation is the dedication and drive to save for their future, much unlike what our parents/grandparents did.
Separately, just because NFCU has the word "Navy" in it, that does not make it an "official helping hand for the US Navy". In 2010, these smaller credit unions are under a conservative crunch...much so that their commercial counterparts. I recently purchased a new vehicle and NFCU could not touch the interest rate that a conventional bank provided me. Likewise with my mortgage. Get the free NFCU account, but continue shopping around when financial instruments are needed and challenge NFCU when they don't offer the best deals that an active duty sailor deserves.
It's easy for businesses to say "thank you for your military service", which seems to be a buzz phrase now. Make them "show you the money" for your sons, who will be learning about the advanced financial aspects of life.
The pride you guys show in your "kids" is inspirational. I can't wait to hear about the CPO Pinning ceremony or commissioning ceremony. You think you're proud now? Just wait!
