Handling the myriad of activities leading to a deployment is daunting! You may find yourself juggling necessary household tasks, dealing with emotional stress, and managing financial changes because of the deployment. Here are five key financial planning actions to take before your spouse deploys.
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Communicate About Your Finances
Make sure you are on the same page regarding paying bills and managing accounts. Know where important financial documents are kept and ensure you have access to login and password credentials to online accounts.
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Visit Legal Services
You and your spouse should both have a will, appropriate powers of attorney (POA) and a letter of instruction prior to deployment. A POA is especially important for you in case you become sick or cannot take care of your children or affairs while your spouse is deployed. Visit legal services to have these important documents created for free! Learn more in Plan Your Estate.
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Review Your Insurance Coverage
Look at your life insurance policies. Confirm that your current coverage is sufficient and also ensure that the beneficiary listed on each policy is accurate. For more information on all types of insurance, including life insurance, visit Insure Family.
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Set Financial Goals
In some situations, deployments can be an excellent time to boost savings or pay off debt. Set aside time with your spouse to revisit your short, intermediate and long-term goals and write them down. Find more information on how to set financial goals and make them S.M.A.R.T. (that is, specific, measurable, attainable, relevant and time-bound).
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Review Your Spending Plan
Take a careful look at your cash inflows and outflows. Determine what will change while your spouse is away and adjust your budget as necessary. Check out this sample spending plan worksheet to get started.
If all of this seems a bit overwhelming remember that you are not alone! Other spouses are going through this, too. Build your military network to thrive during deployment.
Are you ready to join the mission?
MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!
Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.
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Handling the myriad of activities leading to a deployment is daunting! You may find yourself juggling necessary household tasks, dealing with emotional stress, and managing financial changes because of the deployment. Here are five key financial planning actions to take before your spouse deploys.
-
Communicate About Your Finances
Make sure you are on the same page regarding paying bills and managing accounts. Know where important financial documents are kept and ensure you have access to login and password credentials to online accounts.
-
Visit Legal Services
You and your spouse should both have a will, appropriate powers of attorney (POA) and a letter of instruction prior to deployment. A POA is especially important for you in case you become sick or cannot take care of your children or affairs while your spouse is deployed. Visit legal services to have these important documents created for free! Learn more in Plan Your Estate.
-
Review Your Insurance Coverage
Look at your life insurance policies. Confirm that your current coverage is sufficient and also ensure that the beneficiary listed on each policy is accurate. For more information on all types of insurance, including life insurance, visit Insure Family.
-
Set Financial Goals
In some situations, deployments can be an excellent time to boost savings or pay off debt. Set aside time with your spouse to revisit your short, intermediate and long-term goals and write them down. Find more information on how to set financial goals and make them S.M.A.R.T. (that is, specific, measurable, attainable, relevant and time-bound).
-
Review Your Spending Plan
Take a careful look at your cash inflows and outflows. Determine what will change while your spouse is away and adjust your budget as necessary. Check out this sample spending plan worksheet to get started.
If all of this seems a bit overwhelming remember that you are not alone! Other spouses are going through this, too. Build your military network to thrive during deployment.
Are you ready to join the mission?
MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!
Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.
