Deployments bring a mix of emotions, such as pride, stress, and sometimes even financial confusion. Whether you are the one deploying or you're the partner staying home, this period can stretch households in unexpected ways. One of the best ways to reduce stress is to make sure your finances are prepared and protected. Here are a few ways military families can stay financially strong before, during, and after deployment:

 

1. Set up or review your budget

Your household expenses may shift during deployment. Now is the time to create a realistic, updated budget.

Consider:

• Decreased spending on gas or food for the deployed member
• Increased childcare or home maintenance costs
• Extra income through deployment pay or hazardous duty pay

Tip: Use a separate category for temporary deployment expenses to help track what will change post-deployment.

 

2. Automate everything you can

Deployment often comes with unpredicatable schedules and limited communication. Automating your finances can reduce stress for both partners. Consider:

• Automatic bill payments
• Direct deposits
• Scheduled transfers to savings

Tip: Share account logins and passwords. Set up shared access.

 

3. Use your SCRA and military protections

The Servicemembers Civil Relief Act (SCRA) provides financial protections, including:

• Interest rat cap of 6% on pre-service loans and credit cards (6% on all credit cards and loans in certain states)
• Protection against eviction and foreclosure
• Delayed civil court actions (like lawsuits)

Tip: You must request SCRA protections from lenders.

 

4. Designate or update a Power of Attorney

Having a Power of Attorney (POA) is essential. This gives your trusted partner the ability to:

• Access bank accounts that are not joint
• Make financial decisions for the deployed individual
• Handle legal or housing paperwork (including utilities)

 

5. Boost savings while you can

Deployment pay often increases your income. This is an opportunity to:

• Pay down debt
• Start or grow an emergency fund
• Contribute to TSP or IRAs
• Save for a post-deployment vacation or transition period

 

6. Check on life insurance and beneficiaries

• Review your SGLI coverage
• Ensure your beneficiaries are current
• Discuss any additional private life insurance needs

 

7. Communicate openly, even if briefly

You may not be able to talk often, but even a short conversation about money can help you feel connected and on the same team. Here are a few things to discuss:

• How is your spending plan going?
• Are there any unexpected expenses?
• Can you still meet your savings goals?

 

8. Plan for post-deployment adjustments

Reintegrating after deployment comes with emotional and financial shifts. Consider:

• What expenses will return? (i.e., groceries, gas, etc.)
• Whether your budget needs to be adjusted again
• If you will be making any major purchases or decisions
• Tip: Plan a financial debrief within 30 days of a homecoming to reset goals and review progress.

 

Coming out of deployment stronger

Deployment is a time of sacrifice, but can also be a time of financial growth and clarity. With the right preparation and communication, your family can come out stronger, more secure, and more united in your financial future!

 

Overwhelmed?

If you are feeling overwhelmed or don't know where to start, you are not alone! I specialize in helping military families feel empowered and in control of their money. Contact me for a 30 minute consultation.