Moving from one duty station to the next hits everyone, and how one handles it financially can make all the difference in the world. When deployment and re deployment hits, it can be sometimes too late to begin to have a financial plan, the time for the planning arrives long before the deployment. There are some simple steps one can take to make sure that you are covering all the bases.
If you are a single service person, sometimes you can take your things and put them into a storage unit. This would eliminate your monthly outlay for rent and also eliminate a number of utilities. You will want to have rental insurance in this case for all that you own is now likely in storage, and insurance in this case is more than a sound investment.
Make sure all the account numbers, and if it applies, the account usernames and passwords are listed down on paper. Keep a copy in a safe place, and also keep a copy with you when you deploy. Ensure that if you are married that both spouses names are on all the accounts, and that both of you have records for all the accounts handy. Keep a copy of records with a trusted family member or friend, one that has a durable power of attorney in case of emergency so that they are empowered to act on your behalf.
Loans In Advance
Try to anticipate any loans that you and your family may need, and set them up in advance. Be BOLD, and ask if there is a lower rate eligible because you are a service member. Since 2004 there has been a law, called the Servicemember Civil Relief Act, which helps provide for lesser rates of interest.
Use Automatic Payments
Set up bills that can be paid for online automatically where you can. If you have regular bills that cant be paid for using the auto pay feature present on a lot of different accounts, you can use a service that pays bills, often available on the Internet.
Save Your Receipts
Simply saving your receipts can help you get a handle on your expenses and where your money is going. It’s a wise idea at any time.
Establish an Emergency Fund
A fund with about three to six months of living expenses is a good idea for an emergency fund. Try to pad it a bit with about two thousand of extra to deal with UN foreseen bills.
Update Insurance and Wills
Make sure that you have the latest information on all your documents.
Traumatic Injury Insurance
One last item, consider your insurance, make sure you are covered for all the things that you may encounter on deployment.