Deployment and Budget Adjustments
Deployment and Budget Adjustments
When you first hear about a deployment, I am sure the financial side is the last thing on your mind. But, in our case, we had many discussions about what the budget would look like. We knew income and expenses would change, so it was important to discuss. The hard part was we didn’t know what my husband’s internet and availability would be like with the time change and unknown work schedule. We have been really fortunate that his internet is great, and we can continue budget discussions over video chat as things arise.
While my husband is deployed, our expenses are much lower especially since we’re now only feeding a family of three, so it’s a great time to save! We also used to eat out multiple times a week but have cut back to only one with him being gone. But that doesn’t mean you should have to cut everything either. It’s important for my own sanity to keep things like our summer pool club membership to not only get the kids out of the house, but for me to have time with other adults. Here is a picture of my boys at the pool!
MilSpouse Money
Mission Response:
These are great suggestions. Thank you for sharing your deployment experiences, Valerie! The time leading up to a deployment can be hectic and full of challenges – both logistical and emotional. Like Valerie mentions, your financial situation probably isn’t the first thing to come to mind when your spouse is getting ready to go, but it is a really important area to cover with your spouse before they go. Good news, we have resources available to help!
Our Pre-Deployment MilLife Milestone is a great place to start. You’ll find tips on everything from how to adjust your spending plan to special provisions that can help you save more during deployment. Income and expenses will most likely change with a deployment, so make sure to get ahead of the curve and know what this may look like. Ensure you have login credentials for all accounts to manage bill payments and track your finances. Like Valerie, you may find that you’re spending less on dining out but more on child care or recreational activities for your family. Use our budget worksheet to adjust for these changes. Deployment can also mean the opportunity to save more under the Combat Zone Tax Exclusion, Savings Deposit Program, and interest on student loans can be suspended and a portion of the loan may even be canceled. Another critical task to manage is to ensure your estate planning documents are in order; Krista shares her experience as a Gold Star wife and Army milspouse, highlighting the importance of being prepared. Take the time to get to know the programs and resources available for your situation and work together with your spouse to put a plan in place before he or she deploys.
