There's a lot to think about when you and your family are preparing for a deployment. During your deployment, you may be eligible for special payments and entitlements — including a Family Separation Allowance, the Combat Zone Tax Exclusion, Hostile Fire or Imminent Danger Pays and Hardship Duty Location Pay.
Once you have a basic understanding of where you're going, how long you'll be there and which extra pays and entitlements you qualify for as a result, you can begin setting savings goals that will make the most of your special payments.
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How to choose your deployment savings goals
When you first begin setting savings goals, specificity is key. Keep these few tips in mind:
- Pick something meaningful. You'll be more motivated to save if you have a meaningful goal in mind — like paying off your debt, building up your retirement account or putting aside a down payment for a new house.
- Set a specific dollar amount. This will help you track your progress and know how close you are to achieving your goals.
- Be realistic. Keep track of your income before and during deployment so you can set a savings goal that is realistic. Use your myPay account to view your Leave and Earning Statements.
How to stick to your deployment savings goals
After you've chosen your savings goal, it's time to make a plan of action. Here are a few things that will help you stick to your goals throughout your deployment:
- Figure out the logistics. Consider how much you need to save each pay period to reach your goal and where you'll be storing your savings. For instance, will you be using an existing savings account, a Thrift Savings Account or the Savings Deposit Program?
- Meet with a personal financial counselor. Guidance can help you determine the best way to manage your savings during deployment. Take advantage of free personal financial counseling through Military OneSource by calling 800-342-9647 or meet with a counselor through your Military and Family Support Center.
- Make it a team effort. Sticking to a savings goal can be more manageable when you have someone else in your corner. Work with your spouse or partner to make your goal a reality or share your plans with a friend for some extra accountability.
- Use the Military Saves pledge. Make your savings goal official by taking a pledge with the Military Saves program. While you're there, check out the available resources to help you stay on track.
Your deployment is the perfect time to turn your focus toward your future and a healthy savings. For more information and resources, visit Military OneSource's Financial and Legal pages and get tips for keeping your finances in check.