Military Life: Deployment, PCS Moves and TDYs, Oh My!
The costs associated with deployment, permanent change of station (PCS) moves, and temporary duty (TDY) bring unique financial challenges to service members and military families. This partner packet provides tools and resources that help service members and their families save money and overcome these financial challenges.
Please share the article, social media content, and resources provided in this partner packet with your constituents, your partners, and the general public. As always, please encourage individuals to take the Military Saves Pledge, an important first step in creating a plan to reach their savings and debt reduction goals. After all, savers with a plan are twice as likely to save successfully for things like emergencies and retirement.
Download the partner packet in word.
In this Packet
Sample Article
For use in communications that directly reach your constituents. We encourage you to use its contents as a guest post or rewrite it as your own.
Understanding the Service Member Civil Relief Act Can Save You Money
Military life comes with its share of change—deployments and permanent change of station (PCS) moves—to name just a couple. And these changes may, at times, make it difficult to honor financial and legal commitments that were made prior to joining the military.
The Service Members Civil Relief Act (SCRA) provides “protections for service members in the event that legal or financial transactions adversely affect their rights during military or uniformed service,” according to the Consumer Financial Protection Bureau. The SCRA provides the following protections for service members that could save them money and financial stress:
- Six percent credit cap on pre-service loans and credit protection from lenders when invoking SCRA.
- Legal protections from default judgments in civil cases.
- Special protection again the foreclosure of their homes if they purchased the residence before going into active duty service.
- Protections against repossession of pre-service property, including vehicles.
- Rights to terminate housing and automobile leases signed before entering the service or when PCS orders arrive.
Additionally, SCRA also allows you to terminate your cell phone contract if you move to a location that doesn’t offer coverage with your current provider. It also offers some taxation protection. So, in its essence, the SCRA helps ensure that service members are not penalized legally or monetarily for their military service.
Know your rights under the SCRA. It could save you money on things, such as cell phone plans you can no longer use when deployed or apartment leases you need to break to move for the military.
Additional SCRA Resources:
Consumer Finance Protection Bureau: SCRA Fact Sheet
SaveandInvest.org: Getting to Know the SCRA
HandsOnBanking.org: SCRA
MilitaryOneSource.mil: SCRA
Military.com: SCRA
Alecia D. Blair, AFC®, is the Director of Military Saves, a nonprofit program, which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at militarysaves.org.
Social Media Content
Share the following messages with your followers.
#SavingsTipTuesday
Military life can cause unexpected expenses. Save for a rainy day by creating an emergency fund. >> https://bit.ly/2IENbpx v/@MilitarySaves #SavingsTipTuesday
Planning for retirement? Don’t forget to automate your contributions into the #BlendedRetirementSystem. >> https://bit.ly/2uyLGap v/@MilitarySaves #SavingsTipTuesday
Don’t limit spring cleaning to your home; it’s time to clean up your finances too. >> https://bit.ly/2qhyLou v/@MilitarySaves #SavingsTipTuesday
Shop smart for your next PCS move with these money saving tips. >> https://bit.ly/2GNeZaS v/@MilitarySaves #SavingsTipTuesday
Calling all SMs: learn some basic training tips to invest wisely. >> https://bit.ly/2GOudMN v/@MilitarySaves #SavingsTipTuesday
#SavingsFactFriday
Did you know the SMs Civil Relief Act allows you to end a housing lease without paying a fee if you deploy for 90 days or more? @MilitarySaves #SavingsFactFriday
Looking to buy a home? You can take out a VA Loan from an individual bank. >> https://bit.ly/2uVg5Qe v/@MilitarySaves #SavingsFactFriday
You can place an “active duty alert” on your credit report and reduce your risk of identity theft during deployment. @MilitarySaves #SavingsFactFriday
About 60 percent of SMs don’t have enough money saved up to cover three months of expenses, start saving today so you can break the cycle. >> https://bit.ly/2IEH5FC v/@MilitarySaves #SavingsFactFriday
You can use your special deployment pay as an opportunity to jumpstart your savings. @MilitarySaves #SavingsFactFriday
Additional Posts
Still looking for reasons to save? Here are three reasons to save automatically: https://bit.ly/2Jy5huz v/@MilitarySaves
Back from a long deployment? Don't rush into your next big purchase. Take your time and do your research first >> http://bit.ly/2HRW9TQ v/@USAAEF #MilitarySaves
One of the challenges of being a #MilSpouse is keeping the finances in order on the homefront, here’s how to make it easy >> https://bit.ly/2uZpKp1 v/@MilitarySaves
Eliminate concern about your personal finances by doing a little planning leg-work before you go. Learn more from @FINRAFoundation >> http://bit.ly/2Huxu46 #MilitarySaves
You can save money while you’re on deployment by turning off your phone or terminating your lease! Get more tips from #MilitarySaves! https://bit.ly/2EHmVsh
Are you a good saver? Assess your finances with these three questions: https://bit.ly/2EFvjbX v/@MilitarySaves
Deal successfully with your family finances throughout the stages of deployment by having a plan, sticking to it and re-evaluating/adjusting that plan. >> http://bit.ly/2I4YCYI v/ @FINRAFoundation @MilitarySaves #MilSpouse
Deployments and PCS can be challenging for military families. Prepare for these events financially to make them as stress-free as possible! >> http://bit.ly/2vK9LeO v/ @handsonbanking #MilitarySaves
Tools and Resources
Share the following resources with your audience and with partnering organizations.
Military Saves:
- 3 Reasons to Put Your Savings on Autopilot
- 3 Steps to Assess Your Savings
- 4 Things Veterans and Service Members Need to Know When Buying a Home
- Basic Training Tips to Help Service Members Invest Wisely
- Deployment: More Reasons to Save, and More Options Too!
- First Step to Destroy Debt: Stop the Bleeding
- Five Ways to Reduce Financial Pressure During a PCS Move
- Five Tips to Avoid the Financial Stress of a PCS Move: Part 1
- Five Tips to Avoid the Financial Stress of a PCS Move: Part 2
- Four Ways to Maximize Your Retirement through the Blended Retirement System
- How to Build Wealth When You’re Not a Home Owner
- Military Family Advisory Network Survey Results Released
- Military Spouses: Ensuring Financial Readiness on the Homefront
- Opted into BRS? Don’t Forget this Important Step
- Review Your Finances Before Deployment
- Savings Deposit Program for Deployed Troops
- Servicemembers: 5 Ways to Protect Your Home
- Setting Savings Goals During Deployment
- Tips for a Successful Mission
- Why save money? Here are four good reasons
- Your Deployment Finances
Consumer Finance Protection Bureau:
- Certify your service and stay on track for public service loan forgiveness
- Consumer Finance Protection Bureau: SCRA Fact Sheet
- For servicemembers: Tackling student loan debt
- Our office of Servicemember Affairs guides you through the financial hurdles of your military career
- Tips for servicemembers with student debt
- What does the Coast Guard Know about the GI Bill that other services do not?
Experian:
- 4 Financial Readiness tips for Veterans & Military Families
- Attention Military Personnel and Vets: Here’s 4 Credit Cards Just for You
- Saluting Your Service: A Servicemember’s Guide to Credit
- Why 2018 is a Pivotal Year for U.S. Military Personnel
Federal Trade Commission:
Military Consumer:
- Buying a Home – Active Duty
- Budgeting
- Money Management & Apps
- Servicemembers: Protecting your credit when you’re away from home
Military.com:
- 5 Steps to Protect Your Finances Before You Deploy
- 5 Things to do When you Get PCS Orders
- 5 Tips to Avoid Damaging Your Credit Score
- 6 Deals to Remember When PCS’ing
- Get the FAQs on VA Home Loans
- Make the Most of Your Finances During Deployment
- PCS Checklists for your Move
- TSP Contribution Types
Military One Source:
- 25 Money-saving Tips for Military Families
- Frequently Asked Questions Regarding the Blended Retirement System
Veterans United Network:
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- Written by Tammy G. Bruzon
- Category: Uncategorised
- Published: 19 April 2018
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