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Preparing Financially for Active Duty Deployment

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Preparing for deployment goes beyond just attending basic training and saying good-bye to loved ones. It’s important to get your financial affairs in order before you leave for duty.

Be prepared

You might not know when you will return from deployment, so make sure to align aspects of your financial life before leaving for service.

Ask your base about family support centers that provide financial advice and resources to military members and their families.
Talk to your spouse about money matters and the location of investments, insurance policies, and important financial records.
Consider filing for income tax extensions (income tax filing deadlines are rolled back to 180 days following the last date of service in a combat zone). Also, remember that military pay earned in a combat zone generally is tax free.
Draft a will, or update the one you have.
Check beneficiary designations on retirement savings accounts and life insurance policies.
Give a trusted friend or relative power of attorney to manage your affairs while you’re deployed. Contact U.S. Armed Forces Legal Assistance for help.
Ask if your civilian employer will pay you during deployment (they’re not required to, but many companies give deployed workers full or partial pay).
Know your rights upon return. By law, civilian jobs of deployed workers are afforded certain protections. For example, deployed workers must be hired back to the position they left, with their seniority and benefits intact, or a position with similar pay and status.

Put it on autopilot

Pre-arrange as much of your financial life as possible before deployment.

Ask for direct deposit of military pay and other regular income.
Set up automatic bill paying.
Arrange for a duplicate ATM card to take during deployment.
Practice living on less.
Save the money you’re not spending and use it to build up emergency savings.

Don’t ignore debt

Your debt still will be there when you return.

Repay as much debt as possible before deployment, and talk to your creditors about your active duty status. The Servicemember's Civil Relief Act (SCRA) caps most interest rates at 6 percent for active duty members.
Know your rights. The SCRA prevents creditors from taking adverse action, such as car repossession and eviction, against a military member during deployment.

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