If you are a servicemember or military family preparing for a first deployment, this presentation can help walk you through the steps you need to take.

1. Military Money Management
A Fresh Look at Finances for
Military Personnel
Soon-to-Be Deployed
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2. Money and Deployment
Communication is crucial to successful
deployments, but many families avoid talking
about money.
Married couples often argue about finances
instead of openly discussing them.
Parents do not always share their financial
worries or concerns so that
their military sons and
daughters understand
their situation.
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3. Making a Plan
This program will help members of the military craft
a financial strategy that will serve them while they
are serving their country.
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4. Objectives
Today’s objectives are to help you:
 Review your current financial situation.
 Create or complete a financial checklist.
 Develop a spending plan.
 Plan a reserve fund.
 Commit to an
action plan.
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5. Financial Review
 Do you have your finances in order?
 What current issues should be part of a family
discussion about money?
 Do you know all of your military benefits?
 http://militarypay.defense.gov/benefits/militaryben.htm
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 Review IRS Publication 3, Armed Forces’ Tax
Guide, to take advantage of military tax benefits.
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6. Financial Checklist
When you are called to duty, it’s important to
communicate with your family how to handle:
Bank accounts
Credit cards
Monthly expenses
Insurance
Legal responsibilities
Unexpected expenses (repairs)
Non-monthly expenses (insurance premiums)
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7. Money Talks
 Initiating and maintaining an open line of
communication about finances with your
spouse and family members before you deploy
is essential to a sound money management
strategy.
 Get to know your military branch’s ombudsman
network before you deploy.
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8. Your Spending Habits
 Knowing your spending habits is the first step to
correcting bad habits and reducing stress.
 Managing money means making choices.
 There’s not enough money for everything
we want.
 Sometimes, there’s not enough for what we
need, unless we plan for emergencies.
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9. Your Spending Plan
Income and expenses can be affected by:
 Being deployed
 Unexpected events
 Long-term goals
 Spousal unemployment
It’s important to communicate
with family on priorities and
expenses and develop a spending plan together.
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10. Four-Step Spending Plan
How do I use my spending plan?
 Experiment with ideas for cutting expenses and
recalculate the plan.
 Follow your plan for one month.
 Write down what you
actually earned and
what you actually spent.
 Review the plan and
adjust it to create a
spending plan for
next month.
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11. Starting a Reserve Fund
Deployment puts new strains
on your budget. These new
expenses can include:
Child-care expenses
Income changes
Health-care costs
Meet these needs by creating a
“reserve” savings fund.
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12. Building the Reserve Fund
Saving a little at a time adds to your financial
security. You’ll be surprised how quickly a
reserve fund grows. Take it step by step:
Review your expenses and see where else you can
economize.
Put that money in a reserve account.
Build the account one day at a time.
Start saving today!
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13. Protecting Your Family Finances
 Servicemembers’ Group Life Insurance:
 Coverage up to $400,000 in increments of
$50,000.
 Cost of approximately $90 annually for
every $100,000 of coverage.
 www.insurance.va.gov or 1-800-419-1473
 Identity theft: Place an “active duty alert” on
your credit report.
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14. Legal Issues and Scams
 Servicemembers’ Civil Relief Act:
 Covers rental agreements, security deposits,
credit card interest rates, and other financial
issues.
 Contact the nearest Armed Forces Legal
Assistance Program office for assistance.
 Beware of scams specifically targeting
members of the military and your families.
 Payday loans: Steer clear of predatory lenders
—the interest rate can be as high as 36 percent!
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15. Summary
Today, you learned how to take charge of your
finances by:
Assessing your current financial situation.
Planning how to discuss money with your spouse
and/or family.
Identifying sources of income and expenses.
Creating a spending plan.
Establishing a reserve fund.
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16. My Action Plan
Follow through by focusing on your:
 Commitment
 What I plan to do.
 Obstacles
 What I may face.
 Action
 Steps to my success.
 Understanding
 What I learned today.
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