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Reuniting Family and Finances Post Deployment

Family and finances post deployment

Post Deployment Reunion:

Reuniting your family following a deployment is an exciting time. You are busy catching up with family and friends, going out and getting back into the swing of things. Odds are, you have noticed many changes, and one is likely your finances. Notably, your spouse’s pay has probably gone down and your family’s expenses may have gone up. The good news? If you are aware that this may happen, you can prepare for it. Here are four tips to help put the deployment behind you and reunite your family and finances.

Revisit Your Financial Goals

Remember the financial goals you set before the deployment? Go back to these goals as a family and see if you reached them. If you did not achieve your goals, try a new technique. The S.M.A.R.T. method is an acronym for Specific, Measurable, Attainable, Relevant and Time-Bound. Keep these guidelines in mind as you set new goals moving forward.

Reset the Family Budget

Make adjustments to address changes in income and expenses. During the deployment, you may have been receiving increased pay or tax breaks that will come to an end. It is critical to factor this into the new budget. For more information on budgeting, visit Create a Budget.

Resist the Temptation to Make Big Purchases

It is so great to be back together that you may want to take a last-minute vacation or make a spontaneous purchase. Take a brief pause and evaluate what this would do to your budget and goals. Set the purchase as a goal and plan for it instead of acting on an impulse.

Reassess Deployment Benefits

If your spouse participated in the Savings Deposit Program, or SDP, interest accrues up to 90 days post-deployment. Discuss and agree how to use these funds.

Enjoy this time reuniting as a family! Be sure to remember these tips to keep your finances in line with your family’s goals.

 

Are you ready to join the mission?

MilSpouse Money Mission™ offers FREE personal financial education specifically geared toward spouses, including the Money Ready curriculum for various stages of financial life, a blog, a video library, and a social media community. And we’re just getting started!

Join the mission to lead your family to a stronger financial future. Explore the Money Ready curriculum. Connect with us on Facebook, Twitter and YouTube.

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Family and finances post deployment

Post Deployment Reunion:

Reuniting your family following a deployment is an exciting time. You are busy catching up with family and friends, going out and getting back into the swing of things. Odds are, you have noticed many changes, and one is likely your finances. Notably, your spouse’s pay has probably gone down and your family’s expenses may have gone up. The good news? If you are aware that this may happen, you can prepare for it. Here are four tips to help put the deployment behind you and reunite your family and finances.

Revisit Your Financial Goals

Remember the financial goals you set before the deployment? Go back to these goals as a family and see if you reached them. If you did not achieve your goals, try a new technique. The S.M.A.R.T. method is an acronym for Specific, Measurable, Attainable, Relevant and Time-Bound. Keep these guidelines in mind as you set new goals moving forward.

Reset the Family Budget

Make adjustments to address changes in income and expenses. During the deployment, you may have been receiving increased pay or tax breaks that will come to an end. It is critical to factor this into the new budget. For more information on budgeting, visit Create a Budget.

Resist the Temptation to Make Big Purchases

It is so great to be back together that you may want to take a last-minute vacation or make a spontaneous purchase. Take a brief pause and evaluate what this would do to your budget and goals. Set the purchase as a goal and plan for it instead of acting on an impulse.

Reassess Deployment Benefits

If your spouse participated in the Savings Deposit Program, or SDP, interest accrues up to 90 days post-deployment. Discuss and agree how to use these funds.

Enjoy this time reuniting as a family! Be sure to remember these tips to keep your finances in line with your family’s goals.

 

Are you ready to join the mission?

MilSpouse Money Mission™ offers FREE personal financial education specifically geared toward spouses, including the Money Ready curriculum for various stages of financial life, a blog, a video library, and a social media community. And we’re just getting started!

Join the mission to lead your family to a stronger financial future. Explore the Money Ready curriculum. Connect with us on Facebook, Twitter and YouTube.

Team Member

We are a team of Certified Financial Planner™ professionals, an Accredited Financial Counselor®, and current and former service members and military spouses who are passionate about financial education. MilSpouse Money Mission™ was created to educate and empower military spouses to elevate their families by making smart money moves.

1 Comment

  1. admin on April 29, 2019 at 10:14 am

    This article brings back memories. As a little boy, I remember the day my dad returned after a two-year deployment to South Korea. He arrived bearing gifts for the whole family. I got my first baseball glove on that day. We were so excited to have him home!

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