Military deployments bring unique financial challenges, especially when a family maintains two households at once. Whether you’re the service member or the partner staying home, careful planning can help keep your finances steady while you’re apart.

Here are a few tips to keep in mind: 

1. Create One Budget:

Start by listing all fixed expenses for both locations, such as rent/mortgage, utilities, insurance, phone plans, and transportation. Then factor in variable costs like groceries and personal spending. Use a shared budgeting app so both parties can track updates in real time. Be sure to build in a cushion for unexpected expenses, like repairs, travel, or higher utility bills.

 

2. Maximize Deployment-Specific Benefits:

Service members often qualify for special pays and allowances during deployment (family separation pay, imminent danger pay, tax exemptions). Review the latest pay entitlements with your base finance office or a certified financial counselor. Consider directing any extra income straight to savings or debt repayment. Deployment is a great time to cut back on expenses and save for your future!

 

3. Manage Housing Smartly:

If you own a home, explore options to reduce costs, such as renting out unused space, if local regulations allow it. You may be able to negotiate utilities. Many providers offer military suspension or reduced-rate programs. For those who are renting near base, check whether it makes sense to downsize temporarily or renegotiate lease terms. You may even find it helpful to move on base if the amenities and safety that a base may offer are desirable options.

 

4. Strengthen Your Emergency Fund:

With two sets of expenses, even a small surprise can strain your budget. Aim for at least three to six months of essential costs saved in an accessible account. Deployments are unpredictable; a solid safety net offers peace of mind.

 

5. Keep Communication Open:

Regular financial check-ins, by email, video call, or a shared spreadsheet, help prevent misunderstandings. Set a standing “money meeting” once a month. Agree on spending limits and savings goals in advance.

 

6. Seek Professional Support:

Military families don’t have to handle this alone. Certified financial counselors, base family support centers, and organizations like the Military Family Readiness Program offer free guidance tailored to deployment situations.

 

Need More Assistance?

Dual household costs can feel daunting, but with a clear plan, open communication, and use of military benefits, families can stay financially secure during deployment. Walters Financial Wellness is there for all your pre, during, and post-deployment financial needs. Contact us today for a consultation!