Just like for getting married in the military, your basic pay does not increase by adding a dependent. If you’re already married and claim your spouse as a dependent, you won’t see your BAH increase either.
If your child is your first dependent, then your BAH may increase. Check the Official BAH Calc to see the difference between dependent BAH and single BAH. Usually a couple hundred dollars.
There may be some tax benefits as well, but you should probably consult a certified tax adviser for that information.
My #1 Tip for Achieving Financial Independence
The best way I know to achieve financial independence is to keep your investments simple, diversified, automatic, and low-cost. Even a 1% difference in expense ratios can mean hundreds of thousands of dollars lost over a lifetime of investing. I track my growing investments using Personal Capital. It combines all of my accounts, shows me where I may be overpaying in fees, and provides beautiful charts showing my over asset allocation and performance.
I use Personal Capital to track my Roth TSP, Roth IRA, banking accounts, SDP, and the myriad of other accounts I have all in one place. It's free and secure and presents me with a one stop dashboard so I can see all my money on one site.
Read my full review of Personal Capital and see how easy it can be to manage your investments in one place. Trust me, once you try it, you'll love it.
P.S. - If you have over $100,000 of assets and a 401k, you really need to run the Personal Capital 401k Fee Analyzer.