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Financial Tips for Service Members

Save Automatically: A Federal Thrift Savings Program offers the lowest-cost retirement savings plan available and is offered to all members of the military. Take advantage of this program and schedule automatic contributions from your paycheck.

Have a plan: Have a conversation with your family about how to handle the household finances while you are deployed. It’s a good idea to grant power of attorney to a spouse or other reliable family member, in case any financial decisions need to be made while you are away. The military receives additional funds while deployed so you should decide how you want to spend or save that extra money.

Meet with your banker: Any military personnel entering active duty is offered financial protection through the Servicemembers Civil Relief Act. This act covers issues such as interest rate reductions, limits on debt accrual and much more.

Set up automatic bill pay: Automatic bill pay will make things easier and less stressful for yourself and your family while you’re away on deployment.

Consider housing options: Frequent relocations & deployments can make becoming a home owner challenging and expensive.  Renting may be a better option than buying a house during short-term assignments. 

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