Financial Planning for Deployment Fleet and Family Support Center
Deployment Planning Deployment Planning • Increases Spending Power • How would you like a 10% raise? Eliminates Stress • Difficult to manage financial problems at sea Prepares You for the Future
Important Documents Powers of Attorney • General • Easy to take advantage of this type • Specific • Limits authority • Medical • Needed for children and dependents of single parents or dual military couples
Important Documents Will • Important for both single and married Service Record Page 2 • Update emergency contact information DEERS and ID Cards • Check to see if ID cards will expire during deployment SGLI Beneficiaries/TSP Beneficiaries • Keep your beneficiaries up to date
Managing your Finances • Monitor LES (most people look at two things) • Savings (is it staying in savings)/TSP • Factor in Pay Changes (FSA) • Combat Overspending • Wants vs. Needs
Spending Plan • Spending Plan will give you that 10% raise. • How much can be spent while in port? • Be realistic (can’t take everything away) • 70/20/10 • Good communication with spouse, what is expected, how much would you like to have saved at the end of deployment? • Planning a trip/vacation after deployment? How much will you need to put away for that?
Financial Management Tools Allotments • Easy way to pay bills • Set up 60 days in advance Split Pay/Navy Cash Card • Divide pay between primary account and shipboard account Online Banking • Consider automatic transfers
Credit Management During Deployment Credit Reports • Obtain copies and check for accuracy (www.annualcreditreport.com) • Missed payments/late payments – 7 Years • Credit Score Good Time to Establish Credit Credit Use • May be the best way to make purchases overseas • Exchange rate is usually good • What is your plan for paying the bills while deployed? Singles as well as couples need to discuss and have a plan that will work.
Property Management During Deployment House/Apartment • Leases • Will it expire? • Payment arrangements. • How will you pay? • Subletting • Thoroughly check out potential tenants • Routine maintenance • Be sure spouse or tenant knows who to contact • Insurance • Insure contents of house or apartment
Vehicles • Keep insurance, tags and inspection current • Research storage options • Check insurance for reduced rates if the vehicle is in storage
Communication Phone • Budget for calls • Use phone cards Regular Mail • Slow but inexpensive E-mail • Access may be limited • Content may not be private Emergency Communication • Be sure your family knows how to contact you in an emergency
CLASSES/COUNSELING SERVICES OFFERED FOR FREE • Million Dollar Sailor (2-day class) • Million Dollar Spouse (1 day) • Savings and Investment Basics • Car Buying • TSP Classes • Financial Counseling (confidential)/budgeting/credit cards/savings, etc) • DIVO Financial Leadership Seminar
Sources of Help • Navy-Marine Corps Relief Society • American Red Cross • Fleet and Family Support Center • Command Financial Specialist • Command Ombudsman
Good Luck! • Complete Important Documents • Create your Financial Plan • Protect your Property Have a safe and prosperous deployment!