Deploying? Review Your Finances

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. This article was previously published on the Military Saves blog.

 

Tip of the Day

  • Written by Guest Blogger | May 5, 2014

    Know how to request a free copy of your #credit report. It’s easy and safe. Just go to www.annualcreditreport.com

Saver Stories View all »

Involving Kids in Family Finances

Written by | April 19, 2019

 

One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.

Read more...

How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

Read more...

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

Read more...