Preparing Your Finances for an Upcoming Deployment

Military deployments bring big changes and potential stress, especially around finances. However, preparing before your deployment can go a long way toward reducing that stress. Here are some practical financial tips to help you stay secure during your time away.

Verify Your Pay Before Departure
One of the most crucial steps before deployment is confirming your pay details. Ensure everything is updated in the Defense Enrollment Eligibility Reporting System (DEERS) and that any dependents or marital status changes are accurately reflected. This verification helps ensure that healthcare coverage and pay benefits are correct while you’re away. For more specific details, check with your unit's Personnel Services to make sure your family receives the right financial benefits.

Understand Your Entitlements
Take some time to research the pay you’re entitled to, as your deployment location may come with specific incentives or bonuses. The Defense Finance and Accounting Service (DFAS) is a useful resource for understanding pay, though details can also vary by unit. Ask your Unit Personnel or Pay Branch for information about any mission-specific pay you may be eligible for.

Meet with a Financial Planner
The Department of Defense (DoD) offers access to Financial Planners who can help you manage money and legal matters as part of deployment readiness. Military OneSource provides helpful strategies for paying off debt, saving for retirement or college, and creating a long-term financial plan. They also offer legal resources to assist you with documents like wills and powers of attorney.

Pro tip: If you’re deployed to a combat zone, look into the Savings Deposit Program, which offers 10% interest—a rare benefit for military members in these areas.

For National Guard and Reserve Members
If you’re in the National Guard or Reserves, reach out to Employer Support of the Guard and Reserve (ESGR). ESGR supports positive relationships with civilian employers and offers resources for navigating employment rights and laws, as well as assistance if conflicts arise due to deployment.

Make Use of Available Resources
While deployments offer a unique lifestyle and sometimes increased pay, it’s important to have a responsible financial plan in place. Don’t let the additional income lead to unnecessary spending. Set up clear arrangements for handling recurring expenses and legal matters while you’re gone, and consider consulting with a financial or legal advisor to cover any loose ends.

By managing your finances with a proactive approach, you can reduce stress both during and after deployment, setting you up for peace of mind as you serve. Let us know in the comments if you found these tips helpful.