Denise & Allen, Married, O-5 & Civilian, Ages 42 & 44
Having spent much of her military career abroad, owning a home never seemed like a practical option for Denise and her husband, Allen. That was until they discovered Denise was getting reassigned stateside to the station she had requested in order to be near family and friends. Now with a permanent posting in a place where they planned to stay, buying a home finally made sense. They had been making steady contributions to her Thrift Savings Plan for some time but now, with plans to buy a house in the near future, saving money became a more urgent priority. Fortunately, the reassignment was still some months away, giving them time to step up their saving. When the time came to relocate, they found just the house they’d been wanting. Since Denise’s TSP allowed them to borrow against her savings, they had the down payment they needed to close the deal.
When they learned they were returning to the states, they also made the decision to take advantage of the great car deals available to service members overseas. Although they could have taken out another loan from Denise’s TSP, they preferred to leave that money in her account, earning interest. Instead, they opened a savings account to save for the down payment on the car. It took some sacrifice, but with careful budgeting, they had the down payment by the time they needed it. This allowed them to take out a smaller loan than they would have needed otherwise, saving them even more money in the end.
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