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.

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In this Packet

Sample Article

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Tools and Resources

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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:

  1. Six percent credit cap on pre-service loans and credit protection from lenders when invoking SCRA.
  2. Legal protections from default judgments in civil cases.
  3. Special protection again the foreclosure of their homes if they purchased the residence before going into active duty service.
  4. Protections against repossession of pre-service property, including vehicles.
  5. 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.

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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

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Planning for retirement? Don’t forget to automate your contributions into the #BlendedRetirementSystem. >> https://bit.ly/2uyLGap v/@MilitarySaves #SavingsTipTuesday

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Don’t limit spring cleaning to your home; it’s time to clean up your finances too. >> https://bit.ly/2qhyLou v/@MilitarySaves #SavingsTipTuesday

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Shop smart for your next PCS move with these money saving tips. >> https://bit.ly/2GNeZaS  v/@MilitarySaves #SavingsTipTuesday

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Calling all SMs: learn some basic training tips to invest wisely. >> https://bit.ly/2GOudMN v/@MilitarySaves #SavingsTipTuesday

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#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

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Looking to buy a home? You can take out a VA Loan from an individual bank. >> https://bit.ly/2uVg5Qe v/@MilitarySaves #SavingsFactFriday

 

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You can place an “active duty alert” on your credit report and reduce your risk of identity theft during deployment. @MilitarySaves #SavingsFactFriday

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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

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You can use your special deployment pay as an opportunity to jumpstart your savings. @MilitarySaves #SavingsFactFriday

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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

 

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Tools and Resources

Share the following resources with your audience and with partnering organizations.

Military Saves:

Consumer Finance Protection Bureau:

Experian:

Federal Trade Commission:

Military Consumer:

Military.com:

Military One Source:

Veterans United Network:

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