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Before You Take Off: Financial Planning for Deployment

Before You Take Off: Financial Planning for Deployment. Facilitator’s Name Date. Objectives. Identify documents important to effective financial planning for deployment. Discuss the importance of having a financial management plan during deployment. Update Important Documents.

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Before You Take Off: Financial Planning for Deployment

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  1. Before You Take Off: Financial Planning for Deployment Facilitator’s Name Date

  2. Objectives • Identify documents important to effective financial planning for deployment. • Discuss the importance of having a financial management plan during deployment.

  3. Update Important Documents • Defense Enrollment Eligibility Reporting System (DEERS) • ID Cards • Will and Living Will • Beneficiaries on accounts • Powers of Attorney (POA)

  4. Spending Plan • INCOME • Wages/Salary • Alimony • Child Support • Retirement income • Social Security • EXPENSES • Savings/Emergency • Food • Housing • Utilities • Transportation • Insurances • Clothing

  5. Know Your Income • Basic Pay • BAH, BAS, Per Diem • Family Separation Pay • Incentive or Special Pay • Hostile Fire/ • Imminent Danger Pay • Combat Zone Tax Exemption

  6. Check your Leave and Earnings Statement (LES)

  7. Anticipate Expenses • Regular Expenses • Rent/Mortgage • Utilities • Transportation • Insurance • Savings • Debt Payments • Deployment Expenses • Uniforms • Storage Fees • Packages/Stamps • Child care/Maid Service • Meals away from home

  8. Develop a Plan • 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

  9. Savings • Emergency savings • Revolving savings • Long-term savings • Saving Deposit Program • Thrift Savings Plan

  10. Insurance • Service Members’ Group Life Insurance (SGLI) • Family Service Members’ Group Life Insurance • (FSGLI) • Traumatic Injury Protection Under Service Members' • Group Life Insurance (TSGLI)

  11. Protect Your Identity • 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

  12. Things to Do

  13. Objectives • Identify documents important to effective financial planning for deployment. • Discuss the importance of having a financial management plan during deployment.

  14. Before You Take Off: Financial Planning for Deployment • The Department of Defense YRRP adapted this briefing from the Army Community Service (ACS) Mobilization and Deployment Program Facilitator’s Name Date

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