Deployment Spouse Financial Survival: Managing Household Finances Solo
BLUF: Complete financial management guide for military spouses during deployment
Target Audience: Military spouses, service member deployed
Time Investment: 2-3 hours setup, ongoing management
Financial Impact: $2,000-$5,000+ in avoided financial stress and mistakes
The Mission: Solo Financial Management During Deployment
Your service member is deployed, and you're now the sole financial manager of the household. This guide ensures you can handle all financial responsibilities while keeping the family financially secure and prepared for your service member's return.
Pre-Deployment Financial Setup
Essential Documents & Access
Power of Attorney (POA)
- Financial POA: Access to all bank accounts, investments, and financial decisions
- Medical POA: Healthcare decisions if service member is incapacitated
- Duration: Ensure POA covers entire deployment period
- Backup: Consider backup POA if primary person unavailable
Account Access & Passwords
- Banking: All checking, savings, and investment accounts
- Credit Cards: Account numbers, limits, and payment information
- Online Access: Usernames, passwords, and security questions
- Bill Pay: Access to all utility and service accounts
Insurance & Benefits
- SGLI/VGLI: Life insurance beneficiaries and coverage amounts
- TRICARE: Healthcare coverage and provider information
- Auto/Home: Insurance policies and contact information
- Disability: Service member's disability coverage and claims
Emergency Financial Plan
Emergency Contacts
- Finance Office: Base financial assistance and deployment pay questions
- Legal Office: POA and legal document assistance
- Family Support: Emergency financial assistance and resources
- Military OneSource: 24/7 support and counseling
Emergency Fund
- Amount: 6+ months of household expenses
- Access: Ensure you can access emergency funds immediately
- Backup: Consider backup emergency fund in separate account
- Documentation: Keep records of emergency fund availability
Monthly Financial Management
Week 1: Bill Management & Payments
Bill Pay System
- Auto-Pay Setup: Ensure all bills are on automatic payment
- Payment Calendar: Create monthly calendar of all due dates
- Backup Method: Have backup payment method for each bill
- Monitoring: Check all accounts weekly for payments and balances
Common Bills to Manage
- Housing: Mortgage/rent, utilities, insurance
- Transportation: Auto loan, insurance, fuel, maintenance
- Communication: Phone, internet, cable/satellite
- Insurance: Health, auto, home, life insurance
- Debts: Credit cards, personal loans, student loans
Payment Strategies
- Priority Payments: Housing, utilities, and insurance first
- Minimum Payments: Credit cards and loans if budget is tight
- Extra Payments: Apply extra money to high-interest debt
- Emergency Fund: Maintain emergency fund for unexpected expenses
Week 2: Budget Management & Tracking
Monthly Budget Review
- Income: Deployment pay, spouse income, allowances
- Fixed Expenses: Housing, utilities, insurance, debt payments
- Variable Expenses: Food, transportation, entertainment, personal care
- Savings: Emergency fund, retirement, education, goals
Expense Tracking
- Method: Use budgeting app, spreadsheet, or notebook
- Categories: Track all expenses by category
- Trends: Monitor spending patterns and identify areas for improvement
- Goals: Set monthly savings and spending goals
Budget Adjustments
- Income Changes: Adjust for deployment pay and allowances
- Expense Changes: Account for increased childcare, transportation, etc.
- Seasonal Changes: Plan for holidays, back-to-school, etc.
- Emergency Adjustments: Have plan for unexpected expenses
Week 3: Investment & Savings Management
Retirement Savings
- TSP Contributions: Continue service member's TSP contributions
- Roth IRA: Consider opening Roth IRA for spouse
- Beneficiaries: Ensure all accounts have current beneficiaries
- Review: Monitor investment performance and adjust as needed
Emergency Fund Management
- Amount: Maintain 6+ months of household expenses
- Access: Ensure funds are easily accessible
- Growth: Consider high-yield savings account for better returns
- Backup: Have backup emergency fund in separate account
Savings Goals
- Short-term: Home improvements, vacations, major purchases
- Long-term: Children's education, retirement, financial independence
- Automation: Set up automatic transfers to savings accounts
- Tracking: Monitor progress toward savings goals
Week 4: Financial Planning & Preparation
Monthly Financial Review
- Income vs Expenses: Ensure income covers all expenses
- Debt Management: Monitor debt levels and payment progress
- Savings Progress: Track progress toward financial goals
- Investment Performance: Review investment accounts and performance
Preparation for Return
- Budget Adjustments: Plan for service member's return and pay changes
- Expense Planning: Account for increased expenses when service member returns
- Goal Review: Update financial goals and priorities
- Communication: Prepare to discuss financial situation with service member
Common Financial Challenges & Solutions
Challenge 1: Single-Income Household
Problem: Reduced household income during deployment
Solutions:
- Deployment Pay: Service member's pay may increase during deployment
- Allowances: BAH, BAS, and other allowances continue
- Spouse Employment: Consider part-time or remote work opportunities
- Budget Cuts: Reduce non-essential expenses during deployment
Challenge 2: Increased Childcare Costs
Problem: Higher childcare costs when managing household alone
Solutions:
- Military Childcare: Use CDC or FCC programs if available
- Family Support: Enlist family members for childcare help
- Community Resources: Look for military spouse support groups
- Budget Adjustment: Allocate more budget for childcare needs
Challenge 3: Emergency Expenses
Problem: Unexpected expenses during deployment
Solutions:
- Emergency Fund: Maintain 6+ months expenses in emergency fund
- Insurance: Ensure adequate insurance coverage
- Military Resources: Use base resources for emergency assistance
- Family Support: Don't hesitate to ask family for help
Challenge 4: Investment Management
Problem: Managing investments without service member's input
Solutions:
- Conservative Approach: Stick to proven investment strategies
- Professional Help: Consider financial advisor for complex decisions
- Education: Learn about basic investment principles
- Automation: Use automatic investment plans when possible
Real Example: Spouse Managing $4,500/Month Budget
Sarah, Army spouse, managing household during husband's deployment
Household Situation:
- Service Member: E-6, deployed to Afghanistan
- Spouse: Part-time teacher, $2,000/month income
- Children: 2 kids, ages 5 and 8
- Total Income: $6,500/month (deployment pay + spouse income)
Monthly Budget Breakdown:
- Housing: $1,800 (mortgage, utilities, insurance)
- Transportation: $600 (auto loan, insurance, fuel, maintenance)
- Childcare: $800 (CDC for younger child, after-school for older)
- Food: $600 (groceries, dining out)
- Insurance: $300 (health, auto, home, life)
- Debts: $400 (credit cards, personal loans)
- Personal Care: $200 (clothing, personal items)
- Entertainment: $300 (family activities, subscriptions)
- Savings: $500 (emergency fund, retirement, goals)
Financial Management Strategies:
- Bill Automation: All bills on auto-pay with backup payment methods
- Budget Tracking: Use budgeting app to track all expenses
- Emergency Fund: $15,000 in high-yield savings (6 months expenses)
- Investment Management: Continue husband's TSP contributions, manage Roth IRA
- Communication: Weekly financial updates with deployed husband
Results After 6 Months:
- Financial Stability: No missed payments or financial stress
- Emergency Fund: Maintained $15,000 emergency fund
- Debt Reduction: Paid off $2,000 in credit card debt
- Savings Growth: Added $3,000 to retirement and education savings
- Family Security: Children well-cared for, household running smoothly
Resources & Support
Military Resources
- Family Support Center: Financial counseling and emergency assistance
- Military OneSource: 24/7 support, counseling, and resources
- Finance Office: Deployment pay questions and assistance
- Legal Office: POA, legal documents, and family law
Financial Tools
- Budgeting Apps: Mint, YNAB, EveryDollar for expense tracking
- Banking Apps: Mobile banking for account management
- Investment Apps: TSP, Roth IRA, and investment account management
- Bill Pay Apps: Automatic bill payment and monitoring
Community Support
- Military Spouse Groups: Local and online support groups
- Family Readiness Groups: Unit-level family support
- Religious Organizations: Chaplain services and family support
- Community Resources: Local military family support organizations
Key Takeaways
- Preparation is Key: Set up all financial access and POA before deployment
- Automation Helps: Use auto-pay and automatic transfers when possible
- Emergency Fund: Maintain 6+ months expenses in emergency fund
- Communication: Regular financial updates with deployed service member
- Support Systems: Use military and community resources for help
- Education: Learn about financial management and investment basics
- Flexibility: Be prepared to adjust budget and plans as needed
Remember: You're not alone in managing household finances during deployment. Use available resources, ask for help when needed, and focus on keeping your family financially secure.
This guide is part of Garrison Ledger's comprehensive military financial intelligence platform. For personalized advice based on your specific situation, use our Ask Our Military Expert feature.