Preparing for Military Service: Pre-Deployment Budgeting
Appoint an Overseer
Whether you choose a spouse, family member or trusted advisor, it’s essential that someone understand your financial situation, monthly bills and other obligations. Under the Uniform Code of Military Justice, these issues must be taken care of while you’re deployed, so an overseer can ensure that all of your accounts are in good standing.
Will and Power of Attorney
Should a family member or personal representative need to act on your behalf or should you pass away during your deployment, having a plan of action empowering someone make decisions on your behalf or handle your assets and settle your estate is essential. If you need help finding an attorney, the U.S. Armed Forces can provide help in locating legal assistance.
Depending on the details of your contract with your branch of the military and the details of your employment, there may be special provisions that you’re entitled to. Some of these may include Family Separation, Imminent Danger, or Hardship pay. You may also be qualified for special rates on mortgages or credit accounts. There are also certain banks and credit unions that offer grants to servicemembers.
SRCA- the Servicemembers Civil Relief Act
Review the provisions in the SRCA before you’re deployed. Servicemembers may qualify for concessions including postponed or suspended payments on credit card payments, rent or mortgage payments, taxes and other commitments. Do not stop paying any bills without consulting a financial advisor prior to your deployment.
Budgeting and Savings
One top suggestion is to live from your pre-deployment budget. If you don’t have a budget, get started today with our free budget calculator.
Understanding your monthly expenses will help you make clearer financial decisions and move toward building a savings plan.
If you’re currently struggling with debt, you’re not alone! At CreditGUARD, we specialize in helping servicemembers with nonprofit credit counseling and debt management — we even have special debt management programs for active military personnel.
If you’re having problems making monthly debt payments, Call CreditGUARD Today to learn how we can help!
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