Quick Reference: Key Numbers & Deadlines for 2024

TSP Contribution Limits:

  • Standard limit: $23,000
  • Age 50+ catch-up: $30,500
  • BRS automatic match: Up to 5% of base pay
  • Deadline: December 31, 2024

Emergency Fund Target:

  • Minimum: 3 months of essential expenses
  • Recommended: 6 months of essential expenses
  • High-yield savings rates: 4.5% to 5.0% APY

Debt Priorities:

  • High-interest debt: Anything above 10% APR
  • Credit card average: 20% to 25% APR
  • Target payoff: Highest interest rate first

Key Deadlines:

  • TSP contribution changes: December 31
  • FSA use-it-or-lose-it: December 31
  • Charitable deductions: December 31
  • SGLI beneficiary updates: Anytime (but check now)

Separation Timeline:

  • SkillBridge eligibility: Within 180 days of separation
  • VA Home Loan: No down payment required, no expiration

Look, I know you’re busy. Between ops tempo, family obligations, and everything else on your plate, sitting down to review your finances probably ranks somewhere between “organize the garage” and “finally read that regulation you’ve been ignoring.”

But here’s the thing: December is when a lot of important financial deadlines hit. Miss them, and you could be leaving serious money on the table. We’re talking thousands of dollars that could be working for you instead of disappearing into the ether.

So let’s cut through the noise and get straight to what actually matters. This isn’t some overwhelming 47-point checklist that requires a finance degree to understand. This is the real deal, the stuff that will actually move the needle on your financial situation before the calendar flips to January.

Why Year-End Matters for Military Families

Military families have unique financial opportunities that civilians don’t. You’ve got TSP, special tax considerations, VA benefits, and other perks that can seriously boost your wealth if you use them right. But a lot of these benefits have year-end deadlines or limits that reset on January 1st.

Miss the deadline? You lose the opportunity. It’s that simple.

The good news is you still have time to make smart moves before the year ends. Let’s break down exactly what you need to do.

Your Year-End Financial Checklist

Here’s your complete action plan. Work through these items before December 31st:

TSP & Retirement (Complete by Dec 31)

  • [ ] Log into myPay and check current TSP contribution percentage
  • [ ] Verify you’re getting the full 5% BRS match (if applicable)
  • [ ] Increase contribution percentage if possible
  • [ ] Confirm Roth vs Traditional TSP selection is correct for your situation
  • [ ] Review TSP fund allocations (C, S, I funds vs G fund)

Emergency Fund (Complete by Dec 31)

  • [ ] Calculate your monthly essential expenses (survivability budget)
  • [ ] Multiply by 3 for minimum target, by 6 for ideal target
  • [ ] Check current emergency fund balance
  • [ ] Move emergency fund to high-yield savings account (4.5%+ APY)
  • [ ] Set up automatic transfers starting in January if below target

Debt Management (Complete by Dec 31)

  • [ ] List all debts from smallest to largest with interest rates
  • [ ] Calculate total interest paid this year on credit cards
  • [ ] Identify high-interest debt (above 10% APR) to prioritize
  • [ ] Make extra payment on highest-interest debt if possible
  • [ ] Set up debt payoff plan for next year

Military Benefits Review (Complete by Dec 31)

  • [ ] Check GI Bill remaining balance and usage plan
  • [ ] Research VA Home Loan eligibility if currently renting
  • [ ] Verify SkillBridge eligibility if within 180 days of separation
  • [ ] Review and update list of all available military benefits
  • [ ] Pick one unused benefit to research for 2025

Insurance Check (Complete by Dec 31)

  • [ ] Verify SGLI coverage amount (up to $500,000 available)
  • [ ] Update SGLI beneficiary information if needed
  • [ ] Get 3 quotes on auto insurance for comparison
  • [ ] Get 3 quotes on renters/homeowners insurance for comparison
  • [ ] Review disability insurance coverage

Tax Moves (Complete by Dec 31)

  • [ ] Check FSA balance and spend unused funds
  • [ ] Make charitable donations for 2024 tax deduction
  • [ ] Review potential tax-loss harvesting opportunities
  • [ ] Organize tax documents in one folder
  • [ ] Schedule tax appointment for January/February

Goal Setting (Complete by Dec 31)

  • [ ] Write down 3 specific financial goals for 2025
  • [ ] Include dollar amounts and deadlines for each goal
  • [ ] Break down annual goals into monthly action steps
  • [ ] Put goals somewhere visible (not buried in notes app)
  • [ ] Share goals with spouse or accountability partner

Now let’s break down each section in detail.

Max Out Your TSP Contributions (If You Can)

Let’s start with the big one: your Thrift Savings Plan. If you’re in the military and not contributing to TSP, you’re literally leaving free money on the table. And if you’re contributing but haven’t maxed it out, you might want to take another look at your numbers.

For 2024, the TSP contribution limit is $23,000 (or $30,500 if you’re 50 or older with catch-up contributions). Now, I know what you’re thinking: “There’s no way I can contribute that much.” And you know what? That’s fine. Not everyone can max it out. But here’s what you need to know:

If you’re under the Blended Retirement System (BRS), your service automatically matches up to 5% of your contributions. That’s an immediate 100% return on your investment. For an E-5 with base pay around $3,000 per month, that 5% match equals $150 per month or $1,800 per year in free money. Over 20 years at 8% average returns, that’s over $88,000 in free money from the government. If you’re not at least contributing enough to get that full match, you’re throwing away free money.

Before the year ends, check your TSP contribution percentage. If you can bump it up even a little bit, do it. Here’s why it matters: contributing just an extra $200 per month ($2,400 per year) at an 8% average return will give you an additional $279,000 after 30 years. That extra money now will compound over decades and turn into serious wealth down the road.

Action Items:

  • [ ] Log into myPay and review current TSP contribution percentage
  • [ ] If below 5%, increase to at least 5% to get full BRS match
  • [ ] If possible, increase by 1-2% to accelerate wealth building

Roth vs. Traditional: Make Sure You’re in the Right One

Here’s something most people don’t think about until it’s too late: whether you’re contributing to Traditional TSP or Roth TSP actually matters. A lot.

Traditional TSP reduces your taxable income now but taxes you later when you withdraw. Roth TSP taxes you now but lets you withdraw tax-free in retirement.

So which one should you use? Here’s the simple version:

Go with Roth if: You’re early in your career, you’re in a lower tax bracket now, or you believe taxes will be higher in the future (spoiler alert: they probably will be).

Go with Traditional if: You’re in a higher tax bracket now and expect to be in a lower one in retirement.

For most junior enlisted and even mid-career folks, Roth makes more sense. You’re paying taxes now while your income is relatively low, and then everything grows tax-free forever. That’s a hell of a deal.

Action Items:

  • [ ] Review whether you’re contributing to Roth or Traditional TSP
  • [ ] If in lower tax bracket or early career, consider switching to Roth
  • [ ] Make the change in myPay before December 31st if needed

Review Your Emergency Fund Situation

Let’s talk about your financial body armor: your emergency fund. This is the money that keeps you from going into debt when life throws you a curveball. And trust me, life loves throwing curveballs.

Your emergency fund should cover at least three to six months of your essential expenses (not your full lifestyle, just the bare minimum to survive). That includes rent or mortgage, utilities, food, transportation, and insurance.

Before the year ends, take an honest look at your savings:

Do you have an emergency fund at all? If not, start one. Even $500 is better than nothing.

Is your emergency fund in a high-yield savings account? Regular savings accounts earn basically nothing (0.01% to 0.05% APY). Move it to a high-yield account where you can earn 4.5% to 5.0% APY or more. Popular options include:

  • Ally Bank: ~4.5% APY
  • Marcus by Goldman Sachs: ~4.5% APY
  • Capital One 360: ~4.5% APY
  • American Express Personal Savings: ~4.5% APY

Have you had to dip into it this year? If so, make a plan to rebuild it in the new year.

Action Items:

  • [ ] List all monthly essential expenses (rent, utilities, food, transportation, insurance)
  • [ ] Calculate total and multiply by 3 (minimum) or 6 (ideal)
  • [ ] Example: $2,500/month × 6 = $15,000 target
  • [ ] Compare to current savings balance
  • [ ] Set up automatic transfer to high-yield savings starting January 1st

Check Your Military Benefits: Are You Leaving Money on the Table?

Military families have access to benefits that most civilians can only dream about. But here’s the catch: a lot of people don’t actually use them. Let’s run through the big ones:

GI Bill: If you haven’t used it yet, do you have a plan for it? Your GI Bill doesn’t expire, but the longer you wait to use it, the longer you’re missing out on career growth and higher income. Before the year ends, think about whether there’s a certification, degree, or training program you should be planning for.

VA Home Loan: If you’re currently renting, you’re throwing money away every month. The VA Home Loan is one of the most powerful wealth-building tools available, and it requires zero down payment. Even if you’re not ready to buy right now, start educating yourself on how it works.

SkillBridge: If you’re within 180 days of separation, you can participate in SkillBridge programs that give you real-world job training while you’re still getting paid by the military. This is an insanely good deal that too many people miss.

Action Items:

  • [ ] List all military benefits you’re currently eligible for
  • [ ] Check GI Bill balance at va.gov
  • [ ] Research VA Home Loan requirements if renting
  • [ ] Review SkillBridge programs if separating within 180 days
  • [ ] Pick one unused benefit to fully research before January

Tackle Your Debt Before It Tackles You

Let’s be real for a second: if you’re carrying high-interest debt (credit cards at 20% to 25% APR, payday loans at 400%+ APR, personal loans over 10% APR), that debt is killing your financial future. Every month you carry that balance, you’re paying interest that could be going toward building wealth instead.

Here’s what those interest rates actually cost you:

  • $5,000 credit card balance at 22% APR = $1,100 in interest per year if you only make minimum payments
  • $10,000 personal loan at 15% APR = $1,500 in interest per year
  • $3,000 payday loan at 400% APR = $12,000 in interest per year (seriously, avoid these at all costs)

Before the year ends, get serious about your debt situation:

List out every debt you have, from smallest to largest balance. Include the interest rate for each one.

Focus on crushing the high-interest debt first. Anything above 10% should be your top priority.

If you can, throw any year-end bonuses, tax refunds, or extra cash at your debt. The faster you kill it, the faster you can start building wealth.

Action Items:

  • [ ] Pull all credit card statements and loan documents
  • [ ] Create a spreadsheet with: debt name, balance, interest rate, minimum payment
  • [ ] Calculate total interest paid in 2024 (this will motivate you)
  • [ ] Sort debts from highest to lowest interest rate
  • [ ] Make one extra payment on highest-interest debt before December 31st

Set Your Financial Goals for Next Year

Here’s the thing about goals: if you don’t write them down, they’re just wishes. And wishes don’t build wealth.

Before December 31st, sit down and write out your financial goals for the next year. Not vague stuff like “save more money.” I’m talking specific, measurable goals:

“I will increase my TSP contribution from 5% to 10% by March 1st (that’s an extra $200 to $300 per month for most E-5s).”

“I will pay off $5,000 in credit card debt by June 30th using the debt snowball method.”

“I will save $3,000 for a house down payment by December 31st (that’s $250 per month).”

“I will complete one certification course using my GI Bill that increases my earning potential by at least $10,000 per year.”

“I will build my emergency fund to $5,000 by saving $417 per month.”

Write these down. Put them somewhere you’ll actually see them (not buried in a notes app you’ll never open). Check in on them quarterly.

The military taught you to plan missions. Your finances deserve the same level of planning.

Action Items:

  • [ ] Open a note or grab paper to write 3 financial goals for 2025
  • [ ] Make each goal specific with dollar amount and deadline
  • [ ] Break each annual goal into monthly mini-goals
  • [ ] Put goals on your phone lock screen, bathroom mirror, or desk
  • [ ] Tell at least one person your goals for accountability

Review Your Insurance Coverage

I know insurance isn’t sexy. But you know what’s really unsexy? Leaving your family financially screwed if something happens to you.

Before the year ends, take 20 minutes to review:

SGLI (Servicemembers’ Group Life Insurance): The maximum coverage is $500,000 and it costs just $0.06 per $1,000 of coverage (that’s only $30 per month for full coverage). Are you covered? Is your beneficiary information current? Did you get married, divorced, or have kids since you last updated it? This is literally the cheapest life insurance you’ll ever get, so make sure you’re taking full advantage.

Auto and Renters/Homeowners Insurance: Are you paying too much? The average military family can save $200 to $500 per year just by shopping around and comparing quotes. Call around for quotes or use comparison sites. Switching providers could save you hundreds per year with zero change in coverage.

Disability Insurance: If you become disabled and can’t work, how will your family survive? Most people underestimate how important this is.

Action Items:

  • [ ] Go to milConnect or contact your personnel office
  • [ ] Verify SGLI coverage amount (increase to $500,000 if not maxed)
  • [ ] Check beneficiary designations
  • [ ] Update beneficiaries if you got married, divorced, or had kids
  • [ ] Download a copy of your SGLI coverage for your records

Take Advantage of Tax Deductions Before Time Runs Out

Some tax deductions have to happen before December 31st to count for this year. Here are a few to consider:

Charitable Donations: If you were planning to donate to a charity, do it before year-end to get the deduction this year. You can deduct up to 60% of your adjusted gross income for cash donations to qualified charities. Even a $100 to $500 donation can reduce your tax bill while supporting causes you care about.

FSA Use-It-Or-Lose-It: If you have a Flexible Spending Account (2024 limit is $3,200), any unused balance disappears on December 31st. Some plans offer a $640 grace amount or a 2.5 month grace period, but don’t count on it. Check your balance and spend it on eligible expenses (glasses, contacts, dental work, prescriptions, copays) before you lose it.

Year-End Tax-Loss Harvesting: If you have investments that lost money this year, you might be able to sell them to offset gains elsewhere. (Talk to a tax professional about this one.)

Action Items:

  • [ ] Log into your FSA portal or check last pay stub for balance
  • [ ] If balance exists, schedule appointments: eye exam, dental cleaning, etc.
  • [ ] Stock up on eligible items: glasses, contacts, first aid supplies, sunscreen
  • [ ] Submit any outstanding reimbursement claims
  • [ ] Use every dollar before December 31st or lose it

Get Your Financial Documents Organized

Look, I get it. Organizing paperwork sucks. But January is when you’re going to need all your financial documents for tax season, and scrambling to find stuff at the last minute is a nightmare.

Take an hour before the end of the year and organize these key documents:

W-2s and pay stubs

Investment account statements (TSP, IRA, brokerage accounts)

Mortgage interest statements (Form 1098)

Receipts for tax-deductible expenses

Charitable donation records

Records of any major purchases or sales (vehicles, property, etc.)

Put them all in one place, digital or physical, so when tax season hits, you’re ready to go.

Action Items:

  • [ ] Create physical folder or digital folder labeled “2024 Taxes”
  • [ ] Gather W-2s, LES statements, and 1099 forms as they arrive in January
  • [ ] Collect all investment statements (TSP, IRA, brokerage)
  • [ ] Save receipts for tax-deductible expenses and charitable donations
  • [ ] Organize mortgage/rent statements and property tax documents
  • [ ] Keep everything in one place so tax prep takes 30 minutes, not 3 days

Your Three Must-Do Items (If You Do Nothing Else)

Can’t tackle the full checklist? At minimum, do these three things before December 31st:

  • [ ] Check your TSP. Make sure you’re getting the full 5% BRS match. Log into myPay right now and verify.
  • [ ] Review your debt. Calculate how much interest you paid this year. Make one extra payment on your highest-interest debt.
  • [ ] Update your SGLI beneficiary. Five minutes to verify could save your family months of legal headaches.

That’s it. Three things. You can do this today.

The Bottom Line: Don’t Leave Money on the Table

Here’s the reality: most people will read this, nod their heads, and then do absolutely nothing. They’ll tell themselves they’ll handle it next month. Then next month becomes next year. And before they know it, another year has passed without taking control of their finances. The average military family leaves over $10,000 per year on the table in unused benefits, lost tax advantages, and unnecessary interest payments.

Don’t be that person.

You’ve worked too damn hard for your money to let it slip through your fingers because you couldn’t be bothered to take action. The military trained you to execute missions under pressure. This is your financial mission for the end of the year.

You don’t have to do everything on this list. But pick three things. Just three. Check them off before December 31st, and you’ll be starting the new year in a stronger financial position than 90% of people around you.

Print this checklist. Save it to your phone. Do whatever you need to do to actually take action. Because at the end of the day, financial freedom isn’t about making more money. It’s about making smart decisions with the money you already have. And the smartest decision you can make right now is to take action before the year ends.

Get after it.