Finances on the Front Line:

Preparation Tips for Deployed Military Personnel Along with the emotional aspects of being deployed far from home, there are many financial factors that military personnel need to consider before they leave the country.

1. The Buddy System – With all the complications of deployment and overseas stationing, it makes sense to have a trusted friend, relative or spouse available to manage any problems back at home. Work out the details and duties before you leave and make sure that you have a way to stay in contact. Consider granting this person power of attorney if you will need someone to buy or sell property, enroll your kids in school or handle medical decision while you are gone. Check with your unit to see if there is a military lawyer who will provide you with assistance free of charge.
2. Banking – Contact your banks and credit issuers before you leave to check that your accounts are ready for your absence. It will be easier to manage your finances abroad if you sign up for direct deposit and online account management. Increasing the overdraft limit on your checking account can help you also avoid the complications of bounced checks. It is a good idea to review your rights under the Soldier’s and Sailor’s Civil Relief Act (SSCRA). These regulations can help you reduce the interest rates on your debts and can protect you from eviction or civil court actions while you are serving on active duty.
3. For Reservists – Reservists and members of the National Guard must make special preparations concerning their civilian careers when called to serve. The Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) provides guidelines for reporting your absence and recovering your job when you return. As soon as you are called to service you need to inform your employer of the name of your unit, ship-out date and provide them with a military contact. Early notification helps ensure that your position will be waiting for you when you are back in the U.S. The Department of Labor has more USERRA information online at http://www.dol.gov/elaws/vets/userra/mainmenu.asp
4. Your Credit – The availability of online credit information services makes it easy to watch your credit while overseas. Sign up with an online company like www.TrueCredit.com before you leave; if you have any trouble registering it is easier to call for help toll-free inside the U.S. Once your account is set up you can login and order credit report and credit score information from anywhere in the world. Reviewing your credit report every 40-120 days while stationed will help you keep track of account changes and guard against identity fraud. If you spot fraudulent activity on your credit report, The Federal Trade Commission and the Department of Defense have created an online “Military Sentinel” where you can enter complaints about suspected fraud attempts and identity theft schemes. This site is online at http://www.consumer.gov/military/.
5. When you return – Work with a financial planner or military counselor after you return home to get your finances back on track. Going through a personal audit of your debts, accounts and credit history can help you catch any trouble spots before they become major problems. The SSCRA is voided after you return, so may need to negotiate your interest rates and deal with delayed court actions. If you are a reservist or National Guard member you have a limited period of time (varying based on your length of deployment) to report back to your employer and reclaim your job.