Financial Checklist When Preparing for Deployment

When you're in the military, your patriotic obligations don't negate your financial responsibilities. As you plan for deployment or Permanent Change of Station (PCS), get your finances in order by taking care of these 10 financial to-dos:

• Save six months' worth of expenses in an emergency fund.
• Designate a financial power of attorney (POA) to manage your finances while you're deployed. Speak to your local Judge Advocate's (JAG) office or a qualified attorney to determine the best POA for your situation.
• Notify your bank of your deployment, and provide them with appropriate documentation regarding your financial power of attorney.
• Create or update your will to account for your current financial and familial situation.
• Update the beneficiary designations on your life insurance and retirement accounts.
• Sign up for mobile banking, so you can access your account from a mobile device.
• Set up automatic bill pay from your bank account to ensure your bills are paid on time. Make sure that you have available funds to pay these bills, though.
• Read the Servicemembers Civil Relief Act and Military Lending Act to learn what financial protections you're entitled to as an active-duty servicemember.
• Notify insurers of your deployment, and inquire about opportunities to save on premiums while you're away.
• Place an active duty alert on your credit report to protect yourself from identity theft while you're deployed.

If you focus on your finances before you deploy or make a PCS move, you'll be better positioned to focus on your work. For more information on protecting yourself financially while you're deployed, check out these tips for deployment.