Review Your Finances Before Deploying

By the USAA Educational Foundation

Deployment: It’s a basic fact of military life. It’s also one of the most challenging situations a military family can face. Lives and living situations change. Family routines are interrupted. Finances may be altered.

Before you’re deployed, you need to prepare for any possible life scenario. In short, you need to be ready for anything. This means making sure that your financial and legal matters are settled and your wishes are clearly understood.

Review your financial situation with your spouse or a trusted individual you have chosen to manage your finances during deployment. Review your financial obligations, monthly expenses and bill due dates to ensure commitments will be met while you are deployed. Establish direct deposit, automatic bill payment and electronic document delivery. Ask your bank if they offer mobile banking to manage your accounts while you are deployed. Establish joint accounts for your spouse and deliver copies of your power of attorney to your financial institutions so your spouse or the individual handling your affairs can manage situations as they arise.

Establish an emergency fund of at least three to six months of basic living expenses. Place this fund in a safe and accessible account to be used for financial emergencies only. While you are deployed, routinely monitor your financial statements and credit report to check for charges to your accounts that you did not make. If you are unable to access your accounts, consider sharing passwords and personal identification numbers (PINs) with the trusted individual you have chosen to monitor your accounts. To help minimize the risk of identity theft, use caution when sharing this information.

For additional financial information and resources, visit usaaef.org.

The USAA Educational Foundation, a nonprofit organization, does not endorse or promote any commercial supplier, product, or service.

 

Tip of the Day

  • Written by Guest Blogger | February 26, 2014

    #Save automatically using an allotment with #myPay to automatically transfer funds monthly into a #savings account http://ow.ly/sGWxb

Saver Stories View all »

Building Wealth by Setting Goals

Written by Super User | April 24, 2013

My name is Allison Mecadon and I’m a Youth Coordinator with the Virginia National Guard Youth Program. My husband, Tom, is an M-Day Army National Guard Member (an M-Day member is one who performs weekend drill, but is not on full-time duty).

Read more...

On the Right Track to Build Wealth

Written by Super User | April 16, 2013

My name is Robina Wahl, and I am a military wife and a veteran. Although I am fairly new to the Military Saves Campaign, the message to “Build Wealth, Not Debt” reassured me that my husband and I were on the right track and doing the right things.

I have always been pretty responsible when it comes to saving and living within my means, but I was not prepared for the unpredictable employment lifestyle of being a Reservist and military spouse.

Read more...

Money on the Side

Written by Super User | November 26, 2010

Camp Arifjan, Kuwait -- A colonel in the 1st Theater Sustainment Command has money on his mind.

Army Col. George Fields, the Chief of Intelligence, or G2, has been teaching a free "Managing Your Money" class here in his spare time. More than 400 students have attended his six week-long class to learn more about increasing their own finances.

"All I did was sit down and listen to a guy one day who showed me what he was doing" said the colonel as he explained how he became interested in what he calls, "becoming financially free."

Read more...