Financial Checklist for Deployment
Before you leave for deployment, you need to ensure that your finances are all in order. Below is a checklist of action items:
- Put together a list and copies of your accounts and make sure that both you and your spouse's names are on the accounts as joint owners. If you are single, be sure to provide copies of your information to a trusted friend or family member.
- In addition to the above, appoint a family member or friend to handle your finances so that payments and other matters are not delinquent impacting your credit. You may want to consider using a power of attorney.
- To reduce your financial burden, ask your bank or lenders to lower your interest rate on loans. Many institutions provide lower interest rates for service members. You may also be eligible for lower rates on mortgages and credit cards. Ask your representative about all possible breaks.
- Inform your creditors and financial institutions that you are being deployed and provide them with a secure contact strategy.
- Months prior to your deployment, begin building an emergency fund in your savings account. Having at least $2,000 in your account makes it easier to deal with surprise medical expenses, broken water pipes, automobile repairs or any unforeseen expenses.
- By placing all of your belongings into storage and simply purchasing rental insurance, you will save a great deal on rent.
- Make sure all of your insurance policies are up to date, especially life insurance. If your car is not being used, make sure that you inform your agent and either cancel it or change the coverage.
- Make sure that your will is up to date and all of your legal documents are in order and provide them to your listed beneficiaries.
- Remember to update your insurance with traumatic injury protection.
- Create a folder or binder for all of your expenses, receipts and transactions. Make sure the person you've appointed to take care of those things knows where the folder is and how it is organized.
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