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Thousands of young men and women enter active duty service in the United States each year. Upon graduation, these soldiers, Marines, sailors, airmen, and Coast Guardsmen embark on one of the most exciting and challenging times in their lives. And, because they work around the clock protecting the freedoms we all enjoy, sometimes their finances can get pushed down to the lower rungs of their priority list. If this sounds like you, here are some do's and don'ts of how to handle your first military paycheck!

Do Pay Yourself First
Once you do get that paycheck, take a breather. It can feel like you have more money than you know what to do with. Instead of hitting the on-base exchange, take 10 percent or more of your paycheck and put it into a savings account. You should put that money away before you pay the bills or spend bucks on extras like a new video game. If you just try to put away whatever is left, you'll end up saving less or not at all. Treat your savings like a bill. If it becomes a "must do" expense like paying for rent, it becomes a great habit and builds before you know it.

Do Take Advantage of Resources
Whatever branch of service you're in, you're offered several resources for financial educationâ€"use them. If there aren't any resources where you're stationed, check with your financial institution. There are people out there willing to help you navigate the ins and outs of investing, saving and moreâ€"you just have to ask. Many free financial resources are available online where you can learn about saving on a smaller budget. There are also programs that make budgeting easy, apps that track your spending and websites with educational articles. The sooner you make budgeting and saving a habit, the better off you'll be in the long run. Financial resources can simplify that process.

Do Track Your Expenses
A T. Rowe Price Retirement Savings & Spending study showed that 75 percent of those aged 18-34 do track their spending, which is great! Whether you're a millennial or not, make sure you're someone who knows exactly how much money you spent last month, and where it went. If you don't have a handle on what you're buying, you won't be able to budget properly for something you really want, like a new car or a better apartment. The Navy Federal budgeting tool is one way to gauge your spendingâ€"plus, it's free. Use it to create a budget and let it help you stick to it.

Do Automate Your Savings
Another easy way to ensure you're saving is to automatically transfer money from your checking account to a savings account every time you get paid. Set it and forget it. You can do this both for savings and for all your bills with Bill Pay. This way, you're guaranteed to be on time with your bills while building your savings. And, the easier it is to save, the more likely you are to keep up the habit.

Do Use Basic Rules for Budgeting
An easy way to make sure you're spending money wisely is to use the 50/30/20 rule. Fifty percent of your salary should go toward needs (housing, utilities, etc.), 30 percent can go toward wants (entertainment, clothes, eating out) and 20 percent should go toward saving and paying off debt. Use this as a benchmark, and you're off to a great start!

Don't Spend More Than You Make
The basic rule of personal finance is to spend less than you make. Experts advise saving 10 to 15 percent of your salary, but if that feels like too much, start with spending less than you make. Every few months, reevaluate your budget and see if you can make additional cuts. If you get a promotion, put that extra money toward your savings. Try not to let your desires for more or better "stuff" increase with your salary, which leads us to the next point.

Don't Buy on Impulse
Set a waiting period like 24 hours or more before buying something that costs over a set price limit like $100 or $50. You should always weigh your buying decisions carefully. It's so easy to buy something you don't need and regret it later. But, taking that day to go over your budget and seeing if you can afford it could help you control impulse spending. In the end, it also helps you buy only the things you really need and keep more of your money in your account.

Don't Put Off Financial Training
While going through basic training, or any training for an extended period of time, it's easy to forget about your finances and focus on the big picture. While you want to dedicate yourself to training, it's also important to think about your budget. Apply the physical and mental discipline that you're learning to your finances and you'll be ahead of the game. Also, don't be afraid to ask your superiors for any financial advice they have.

Being good with money is like being healthy. The earlier you start, the easier it'll be. If you wait until you're 50, it'll be an uphill battle.

Once you've got that first paycheck, start saving. Whether you set up automatic transfers or stash $100 away in a checking account, begin to save. No matter how much you put away, you'll be starting a habit that will ensure a successful financial future!

ADDITIONAL RESOURCES:
- Creating a budget
- Financial tips for new recruits
- How military millennials can plan their financial future

©2015 Navy Federal Credit Union. All Images used for representational purposes only; does not imply government endorsement.