Financial Preparation for Deployment
Financial Preparation for Deployment
Facing deployment takes preparation and communication! In the preceding months, take the time to ensure both names are on the bank accounts and have access to funds. We found that calling customer service and notifying them of an upcoming deployment is usually helpful. They can add both names and place a note on the account. We also compile a secure list of login information for essential accounts like utilities, cars, storage units, insurance, etc. It is also important to establish a power of attorney for property, vehicles, and finances just in case the unthinkable happens.
During deployments, we use our banking app which allows us to easily transfer money between joint savings and our individual checking accounts in case of emergency.
This is a picture of my husband returning from deployment.
MilSpouse Money
Mission Response:
These are great tips to consider before your spouse’s deployment. Thank you for sharing, Tate and welcome home to your husband! Great job communicating and taking care of these important items ahead of time.
Getting ready for a deployment is a challenging time, logistically and emotionally. There are many things to take care of, and often in short order. Some of these items include reviewing your spending plan so you’re prepared for changes to income and expenses, managing bill payments, legal and estate planning details, and potential opportunities to improve your financial situation through deployment-specific provisions. These topics and more are covered in our Pre-Deployment Milestone.
Like Tate and her husband, make sure you are on the same page regarding how your financial life will be managed while you’re apart. And, when the deployment is over, you will like have adjustments to make to your financial life again. Use our Post-Deployment section to account for any changes and plan for current and future needs.
