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Financial Planning for Deployment

Financial Planning for Deployment. “To Do” List. Financial Planning for Deployment Checklist” Handout. Legal Considerations Financial Planning Paying Bills Using Credit Housing Vehicles Taxes Communication Financial Emergencies. Deployment Planning. Increases Spending Power

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Financial Planning for Deployment

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  1. Financial Planning for Deployment

  2. “To Do” List Financial Planning for Deployment Checklist” Handout • Legal Considerations • Financial Planning • Paying Bills • Using Credit • Housing • Vehicles • Taxes • Communication • Financial Emergencies

  3. Deployment Planning • Increases Spending Power • Eliminates Stress • Prepares You for the Future

  4. Important Documents Powers of Attorney • General • Specific • Medical • Wills • Next-of-Kin Designation - Page 2 • DEERS and ID Cards • SGLI and TSP Beneficiaries

  5. Servicemembers Civil Relief Act • Stays Court Hearings • May Reduce Pre-service Loans to 6% • Requires Court Action Prior to Eviction • Allows Termination of Leases • Lets Sailor Maintain State of Residence

  6. Managing Finances - Tools • Create a Spending Plan or Budget • Factor in Pay Changes • Be Realistic (It’s ok to have fun!) • Plan for the Unexpected • Save • Combat Overspending • Avoid the Pitfalls

  7. Financial Management Tools • Allotments • Split Pay • The Navy Cash Card • Online Banking

  8. Credit Management During Deployment • Credit Reports • www.annualcreditreport.com • Good Time to Establish Credit • Credit Use

  9. Taxes • Need IRS Form 2848 and POA to File Joint Tax Return • Automatic 60-Day Extension • File IRS Form 4868 for Four-Month Extension • 180-Day Automatic Extension if in a Combat Zone

  10. Property Management During Deployment • House/Apartment • If sharing, ensure all names are on lease and utilities • Make payment arrangements • If subletting, run credit check on potential tenants • Arrange routine maintenance and lawn care • Insure home contents at replacement costs

  11. Vehicles • Keep insurance, tags and inspection stickers current • You may be able to reduce insurance if vehicle is in storage • Research storage options • Discuss maintenance and repair cost responsibilities

  12. Communication • Phone Cards • Pier-side Phone Banks • Cell Phones • Hotel Room Phones • Regular Mail • E-mail • Emergency Communication

  13. Sources of Help • Personal Emergency Fund • Navy-Marine Corps Relief Society • American Red Cross • Fleet and Family Support Center • Command Financial Specialist • Command Ombudsman I/A

  14. Summary • Important Documents • Managing Finances • Protecting Property • Low Cost Communication • Sources of Help • Individual Augmentees

  15. Good Luck! • Complete your Checklist • Have a safe and prosperous deployment!

  16. Print your Certificate Click on the following link to add your name to the certificate and print it: Financial Planning for Deployment

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