Preparing Financially for Deployment
Preparing Financially for Deployment
The biggest advice I can give to any spouse that is preparing to go through a deployment is to be aware of everything that is on auto-pay through your banking accounts. This is a good time to take inventory of your actual expenses! Knowing everything that you are paying for will ensure that excess money is not being wasted on unused services during this time. Some companies may even reduce pricing or temporarily pause account billing if deployment orders can be shown!
In addition to the typically monthly phone bill and streaming subscriptions that we were able to get reduced, I was also able to suspend our automated monthly delivery of fresh meat and get a huge price cut on my international coffee subscription.
MilSpouse Money
Mission Response:
Getting ready for your spouse’s deployment is not easy. Often, there are logistical items that need to be taken care of along with managing the deployment’s emotional impact. Meanwhile, your financial responsibilities continue, our Pre-Deployment Milestone can help you prepare. As Ellyn suggests, reviewing your expenses prior to a deployment is a great idea. If you don’t have a spending plan, now is a great time to set one up. Step one is to understand your current situation, and chances are that inflows and outflows will change during deployment. As you review your expenses, you may find subscriptions or other costs that can be reduced or eliminated. As Ellyn mentions, some contracts may be cancelled, or interest rates reduced during deployment. For example, student loan interest may be reduced to zero. The Servicemembers Civil Relief Act and the Military Lending Act are two laws that protect military consumers from predatory lending and limit interest rates. Learn more on how these provisions may apply to help your family.
Online banking can be a great way to manage bill payments, you may even wish to use automated payments. Continue to monitor your accounts and remember that automatic payment does not mean “set it and forget it.” Ensure you have login credentials for all accounts and know payment amounts and due dates.
