Deployed Spouses: Financial Advice
I don’t usually blog, but it’s always nice to share our experiences and see what advice is out there so we don’t have to be so stressed when the infamous deployment day arrives.
My husband is currently deployed and we were so consumed with work and spending every waking second together, we didn’t take into account the logistical things financially. Well that’s what I want to talk about! I know for a fact it would be different if we had children, but since it’s just us two, we kepting putting it off. I don’t like to admit this, but I think it was because we didn’t want to believe this deployment was really happening … but it was happening, whether we liked it or not.
Don’t be like us and wait until the last minute. Do it before your husband leaves. I made that mistake and realized there were some things only he could do. It ended up being fine but definitely not something you want him to worry about while he’s over there. Plus this way you can make sure you have control of all the finances (if you don’t already).
Speak with a financial professional. They offer great advice on your accounts. Think about what things you have set up. Power of Attorney? ROTH IRA? Retirement plan? TSP?
Also update your cell phone plan and any memberships you and your husband have. Mine lovvveeesss video games and I paused his account so we weren’t paying extra. Same with the phone. There is a deployment option. Every little bit helps!
Set up a Savings Deposit Program (SDP) through the DoD. Your husband can place up to $10k and receive a 10% interest rate. That is unheard of these days! If you can put the whole amount in prior to deployment, that’s the best option in order to receive the highest return. Once deployment is over, you will receive the money back with accrued interest.
I’m currently stationed on Camp Pendleton and I’ve been affiliated with the Military my entire life, specifically the Marines. Not only am I married to a Marine, but my father and father-in-law are both Marine Vets. I’ve known my husband since I was three years old because our fathers served together. My husband is currently deployed in Afghanistan and is scheduled to return home in September.