Advance planning key to deployment financial management, success

  • Published
  • By Senior Airman Eydie Sakura
  • 52nd Fighter Wing Public Affairs
SPANGDAHLEM AIR BASE, Germany (USAFENS) --  Get ready early. This is the common theme among base agencies that assist Airmen preparing for deployment. The preparation can be stressful, time consuming and exciting, but above all, requires planning and thinking ahead to the future.

Oftentimes, the focus of deployment is on taking care of the families of the active duty member who is deployed, or ensuring families left behind know they are part of the team too. What about those single Airmen who deploy and do not have someone to keep the home campfires burning?

“Married people normally have someone who stays behind and pays the bills and keeps (the active duty member’s) affairs in order,” said Bill Triplett, 52nd Mission Support Squadron base financial counselor.

“Single Airmen are more than likely on their own and must prepare well ahead of time. However, I think the single person who doesn’t have a lot of bills to pay is really at an advantage if they deploy,” he said. “There’s an opportunity to kick start their financial life and stash a nest egg.”

Mr. Triplett says single Airmen should do a little research and planning to ensure their financial life will continue to evolve while they are away. He offers the following tips:

Paying bills

-- Deferred payments and reduced interest rates are available on the Military Star Card for members with good credit: go to www.aafes.com and click on deployment link for further details.

-- To obtain deferment for club card dues, members must take a copy of their orders to the cashiers’ cage at the club to activate.

-- Set up to pay monthly bills automatically or online. The credit union offers free online bill paying and some of the perks that are not available at some banks are now available here.

-- Turn off phone service during the duration of deployment. It could be cheaper to pay the re-activation fee than the cumulated monthly charges.

Savings

-- The Savings Deposit Plan allows members to deposit up to $10,000 and earn 10 percent interest annually. Contact your deployed location finance center to enroll in the plan, or visit http://www.dod.mil/news/dec2001 for more information.

Thrift Savings Account

-- Members can allocate their Combat Pay, which is a special pay or incentive pay, into their TSP. Visit www.tsp.gov for more information.

Accessing money downrange

-- Don’t rely primarily on debit cards while deployed. Some locations do not give cash back due to the limited amount of U.S. currency available. Bring a book of checks, that way service members can get cash back through the base finance office.

Even with all the planning and services available on base, a minor oversight that can affect a single Airman’s finances can come down to something as simple as the telephone service.

“If you have a roommate, and the telephone is under your name, I suggest turning it off,” said Mr. Triplett. “Turn it off and have the roommate set up their own account, because you as the owner of the telephone service will be responsible for the bills and repayment for all usage -- even while you’re away.”

Relying too heavily on a friend or peer to handle a single Airman’s finances can be detrimental, rather than helpful if in the wrong hands. That is why Tech. Sgt. Diane Caldwell, 52nd Fighter Wing Judge Advocate civil law paralegal stresses the importance of choosing a Power of Attorney wisely and knowing the consequences.

“A Power of Attorney is a written instrument that allows you to authorize your agent, or attorney-in-fact, to conduct certain business on your behalf,” said Sergeant Caldwell. “It is one of the strongest legal documents that you can give to another person, and as such, should not be taken lightly.”

It is important for service members to have a Power of Attorney if they want someone other than themselves to conduct business in their absence.

For more information on financial management and acquiring a Combat Care pre-deployment checklist, contact your local the family support center.