Preparing Your Finances for Deployment

Preparing Your Finances for Deployment

Preparing Your Finances for Deployment

Before you leave for deployment, you need to ensure that your finances are all in order. Here is a checklist to help you organize your tasks.

1. Draw up records of your accounts. Bring copies of your account information with you and make sure that both you and your spouse’s names are on the accounts as joint owners. If you are single, be sure to provide copies of your information to a trusted friend or family member.
2. Along with number 1 above, appoint a family member or friend to handle your finances so that nothing falls behind. You may want to consider a power of attorney.
3. To lessen the financial burden on your family, ask your bank or lenders for lower interest rates on loans. Many institutions provide lower interest rates for service members. You may also be eligible for lower rates on mortgages and credit cards. Ask your representative about all possible breaks.
4. Tell your creditors and financial institutions that you are being deployed and provide them with a secure contact strategy.
5. Months prior to your deployment, begin building an emergency fund in your savings account. Having at least $2,000 in your account can greatly soften the blow of medical expenses, burst water pipes or automobile repairs.
6. By placing all of your belongings into storage and simply purchasing rental insurance, you can save bundles on rent and utilities that would otherwise be going to waste.
7. Make sure all of your insurance policies are up to date, especially life insurance. Cancel your car insurance and ensure that all of your legal documents including your listed beneficiaries and your will are up to date. Remember to update your insurance with traumatic injury protection.
8. Create a folder or binder for all of your expenses, receipts and transactions. Make sure the person you’ve appointed to take care of those things knows where the folder is and how it is organized.

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