In honor of Armed Forces Day, Talking Cents would like to share some financial resources for those serving in the military. Our brave service members often face unique financial circumstances before, during and after their time in the military. Fortunately, ACCC can help prepare your budget for each stage.
Before being deployed, it’s important to be financially prepared. Follow these steps to prepare your pre-deployment budget:
- Establish a monthly budget. Use our Household Budgeting Worksheet to get you started.
- If you will receive extra income during deployment, use this surplus responsibly: savings or paying down debt.
- If you will see a decrease in your income, create your budget around this.
- Appoint a financial overseer. Whether it’s your spouse, a parent or even an accountant, you will need someone to manage your finances while away.
Budgeting During Deployment
During your deployment, you are still responsible for all your financial responsibilities. Having a financial overseer is a huge help in this area- just make sure you are communicating with that person throughout your time away. Here are a few things to consider doing around your budget during your deployment:
- Follow your budget! This sounds simple but can easily be forgotten or ignored.
- Communicate regularly with your financial overseer.
- Track your payments. Check your accounts online when you can to make sure things are running smoothly.
Post-deployment finances are sure to look different now that you are returning home. As you enter back into civilian life, it’s time to revisit your finances. Taking back control of your finances can help avoid unnecessary stress and worry. Change is okay as long as you prepare for it. hopefully, you have stuck to your budget!
- Take control of your finances from your financial overseer.
- Review your Leave and Earnings Statement. Changing amounts of income will need to be accounted for in your budget.
- Reassess your budget.
Other Financial Military Resources
Fortunately, there are plenty of organizations and businesses offering military discounts or other resources to help with finances. Other service members might be able to shed insight into deals they have found or try a simple Google search. If you need help with a difficult financial situation, ACCC is here to help. Our certified credit counselors will help you determine the best way to approach your situation.
To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571.