Deployment is a significant part of military service. Though it can be emotionally challenging, military families can make this time a little less stressful by getting their financials in order before the servicemember ships out. Take a look at AFBA's pre-deployment checklist below:
Prepare and safeguard records
Before your servicemember leaves, gather all the important family financial documents, such as insurance records, bank account information, personal identification documents and other important paperwork. It is a smart idea to make a copy of these documents and place them in a safety deposit box or fire resistant home safe. Knowing that this vital paperwork is secure can bring peace of mind to your deployed servicemember.
Set your accounts up for growth
If you plan to try to save a little money while your spouse is deployed, look into savings deposit programs. These high interest accounts will help you grow your savings quickly and with little effort. If you or your loved one is about to be deployed, consider investing a chunk of your nest egg into the Department of Defense's savings deposit program. Once the servicemember in the family is overseas, you can take your predetermined amount of money, place it into one of these accounts, and watch as it grows at 10 percent interest. This will allow you and your spouse to have a sizeable savings to tap into when he or she returns home.
Expect the unexpected
Though unfortunate, the reality is that some servicemembers do not return home from deployment. You and your spouse should prepare your finances for these circumstances. Make an appointment to talk with financial advisor to ensure that all of your end-of-life insurance is finalized and in good standing. You should also consult with a legal professional to draft a will that clearly outlines inheritance and Power of Attorney.
You may feel overwhelmed with all the things you have to do to prepare your finances for a deployment. Know that this is completely normal. Use your military resources, professional advisors, and trusted family and friends who have experienced deployment before you as sounding boards for your plans. These individuals may have the answers to the questions plaguing you.
Deployment is something every servicemember can expect to experience at some point during his or her service. Being financially prepared for the event, can take a significant deal of stress and worry off the loved one's left behind.