Armed Forces Day is this weekend. Talking Cents would like to share some financial resources for those serving in the military who often face unique financial circumstances. Fortunately, ACCC can help you prepare your budget before, during, or after deployment.
Celebrating Armed Forces Day With Finances
Every year, the third Saturday in May is celebrated as Armed Forces Day. It’s a day to honor and to thank the men and women who serve in the armed forces of our country. Military families face different financial challenges than civilians. Here are some tips to budget around deployment and ways to save with military discounts.
Budgeting Resources for Military Families
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. You can either use this cash for savings or pay off 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.
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
Armed Forces Day is celebrated as part of National Military Appreciation Month. Many companies offer military discounts during this time and some year round. This is done as just a small thank you for all that active service members, veterans, and retirees have done for our country.
To receive a discount, a valid ID is usually required such as a current Military ID Card or a retiree card. Also, many discounts are subject to change based on location.
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. You can even try a simple Google search.
To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571.