Before You Take Off: Financial Planning for Deployment

Before You Take Off: Financial Planning for Deployment (FEB 2013)1

Before You Take Off: Financial Planning for Deployment

Facilitator’s NameDate

Before You Take Off: Financial Planning for Deployment (FEB 2013)2

• Identify documents important to effective financial planning for deployment.

• Discuss the importance of having a financial management plan during deployment.

Objectives

Before You Take Off: Financial Planning for Deployment (FEB 2013)3

Defense Enrollment Eligibility Reporting System

(DEERS)

ID Cards

Will and Living Will

Beneficiaries on accounts

Powers of Attorney (POA)

Update Important Documents

Before You Take Off: Financial Planning for Deployment (FEB 2013)4

Spending Plan

• INCOME– Wages/Salary– Alimony– Child Support– Retirement income– Social Security

• EXPENSES– Savings/Emergency– Food – Housing – Utilities– Transportation– Insurances– Clothing

Before You Take Off: Financial Planning for Deployment (FEB 2013)5

Basic Pay

BAH, BAS, Per Diem

Family Separation Pay

Incentive or Special Pay Hostile Fire/ Imminent Danger Pay Combat Zone Tax

Exemption

Know Your Income

Before You Take Off: Financial Planning for Deployment (FEB 2013)6

Check your Leave and Earnings Statement (LES)

Before You Take Off: Financial Planning for Deployment (FEB 2013)7

Regular Expenses ‒ Rent/Mortgage‒ Utilities‒ Transportation‒ Insurance‒ Savings‒ Debt Payments

Anticipate Expenses

Deployment Expenses– Uniforms – Storage Fees– Packages/Stamps– Child care/Maid Service– Meals away from home

Before You Take Off: Financial Planning for Deployment (FEB 2013)8

Financial arrangements – Financial Caretaker– Direct Deposit– Allotments– Automatic bill pay

Taxes– Automatic 60-Day filing Extension– 180-Day Automatic Combat Zone Extension– POA or Spouse

– Help www.militaryonesource.com (FREE tax preparation or questions) 1-800-342-9647

Develop a Plan

Before You Take Off: Financial Planning for Deployment (FEB 2013)9

Savings

• Emergency savings• Revolving savings • Long-term savings

– Saving Deposit Program

– Thrift Savings Plan

Before You Take Off: Financial Planning for Deployment (FEB 2013)10

Service Members’ Group Life Insurance (SGLI) Family Service Members’ Group Life Insurance

(FSGLI) Traumatic Injury Protection Under Service Members'

Group Life Insurance (TSGLI)

Insurance

Before You Take Off: Financial Planning for Deployment (FEB 2013)11

Credit Bureaus:Equifax 1-800-525-6285– www.equifax.com

Experian 1-888-397-3742– www.experian.com

TransUnion 1-800-680-7289– www.transunion.com

Register an “active duty alert”Order your free credit reports at www.annualcreditreport.com

Protect Your Identity

Before You Take Off: Financial Planning for Deployment (FEB 2013)12

Things to Do

Before You Take Off: Financial Planning for Deployment (FEB 2013)13

• Identify documents important to effective financial planning for deployment.

• Discuss the importance of having a financial management plan during deployment.

Objectives

Before You Take Off: Financial Planning for Deployment (FEB 2013)14

Before You Take Off: Financial Planning for Deployment

Facilitator’s NameDate

The Department of Defense YRRP adapted this briefing from the Army Community Service (ACS)

Mobilization and Deployment Program