Pre-Deployment Financial Checklist: 30-Day Countdown to Financial Readiness
BLUF: Your 30-day countdown to financial readiness before deployment
Target Audience: E1-E9, deploying within 60 days
Time Investment: 2-3 hours over 30 days
Financial Impact: $5,000-$15,000+ in deployment savings potential
The Mission: Financial Readiness Before Deployment
Deployment is your biggest financial opportunity in the military. With tax-free pay, SDP savings, and combat zone benefits, a 6-month deployment can generate $15,000-$30,000 in savings—if you're prepared.
This checklist ensures you don't leave money on the table or create financial stress for your family back home.
30 Days Out: Foundation Setup
Week 1: Legal & Administrative (Days 30-24)
Day 30: Power of Attorney & Will
- POA for Financial Affairs: Your spouse/trusted person needs POA to handle banking, bills, investments
- POA for Medical: Healthcare decisions if you're incapacitated
- Will Update: Ensure beneficiaries are current (spouse, children, parents)
- Cost: $200-400 for attorney, or use base legal office (free)
Day 28: Bill Automation Setup
- Auto-pay Everything: Mortgage/rent, utilities, insurance, credit cards, loans
- Payment Calendar: Create shared calendar with spouse showing due dates
- Backup Payment Method: Ensure spouse has access to all accounts
- Emergency Fund: Verify 3-6 months expenses in accessible account
Day 26: Insurance Review
- SGLI Coverage: Verify $400K coverage (free for deployed members)
- VGLI Consideration: If separating soon, consider converting SGLI to VGLI
- Auto Insurance: Notify company of deployment status (may reduce rates)
- Homeowners/Renters: Ensure coverage continues, update if needed
Week 2: Financial Account Setup (Days 23-17)
Day 23: SDP (Savings Deposit Program) Signup
- Eligibility: Must be in combat zone for 30+ consecutive days
- Maximum: $10,000 per deployment (not per year)
- Interest Rate: 10% APY (guaranteed by government)
- Setup: Visit finance office, bring deployment orders
- Timeline: Start contributing immediately upon arrival in combat zone
Day 21: TSP Adjustments
- Roth TSP: Consider switching to Roth during deployment (tax-free contributions)
- Contribution Amount: Max out if possible ($23,000 for 2024)
- Lifecycle Funds: Ensure you're in appropriate L fund for your age
- Beneficiary Update: Verify TSP beneficiaries are current
Day 19: Banking & Credit Setup
- Joint Accounts: Ensure spouse has full access to all accounts
- Online Banking: Set up mobile banking, test with spouse
- Credit Monitoring: Consider identity theft protection
- ATM Access: Ensure spouse knows PINs and has debit cards
Week 3: Family Financial Planning (Days 16-10)
Day 16: Budget Adjustments
- Deployment Pay Calculator: Use DFAS calculator to estimate deployment earnings
- Family Budget: Adjust for single-income household (if spouse not working)
- Emergency Fund: Ensure 6+ months expenses available
- Childcare: Plan for increased childcare costs if spouse works
Day 14: Bill Management System
- Bill Pay Authorization: Spouse can pay bills from joint accounts
- Service Member Relief Act: Notify creditors of deployment status
- Student Loans: May qualify for 0% interest during deployment
- Credit Cards: Consider reducing limits to prevent overspending
Day 12: Investment Strategy
- Emergency Fund: 6 months expenses in high-yield savings
- SDP Strategy: Plan to max out $10,000 SDP contribution
- TSP Strategy: Continue contributions, consider Roth conversion
- Tax Strategy: Plan for tax-free deployment income
Week 4: Final Preparations (Days 9-1)
Day 9: Documentation
- Deployment Orders: Multiple copies, digital and physical
- Financial Records: Account numbers, passwords, contact info
- Insurance Policies: Copies of all policies and contact numbers
- Legal Documents: POA, will, beneficiary forms
Day 7: Family Briefing
- Financial Overview: Walk spouse through all accounts and bills
- Emergency Contacts: Finance office, legal office, family support
- Monthly Budget: Review and adjust for deployment period
- Communication Plan: How often to discuss finances while deployed
Day 5: Final Account Review
- Account Access: Test all online access with spouse
- Bill Pay: Ensure all bills are on auto-pay
- Emergency Fund: Verify sufficient funds available
- Investment Review: Ensure TSP and other investments are optimized
Day 3: Last-Minute Checklist
- SDP Setup: Confirm finance office has your SDP paperwork
- TSP Review: Verify contribution amounts and fund selections
- Insurance Verification: Confirm all policies are current
- Family Support: Ensure spouse knows where to get help
Day 1: Deployment Day
- Final Review: Go through checklist one more time
- Family Reassurance: Remind family of financial security measures
- Deployment Mindset: Focus on mission, finances are handled
Real Example: E-5 Sergeant's 30-Day Prep
Sergeant Martinez, E-5, 6 years TIS, deploying to Afghanistan
Starting Point:
- Base Pay: $3,477/month
- BAH: $1,773/month (Fort Hood)
- BAS: $452/month
- Total: $5,702/month
Deployment Pay (estimated):
- Base Pay: $3,477/month
- BAH: $1,773/month (continues)
- BAS: $452/month
- HDP: $225/month (Hazard Duty Pay)
- CZTE: Tax-free on first $8,200/month
- Total: ~$5,927/month (mostly tax-free)
30-Day Prep Results:
- SDP Setup: Ready to contribute $10,000 at 10% APY
- TSP Adjusted: Switched to Roth TSP for tax-free contributions
- Family Budget: Adjusted for single-income household
- Emergency Fund: $15,000 available (6 months expenses)
- Bill Automation: All bills on auto-pay, spouse has access
Expected Deployment Savings:
- SDP Earnings: $10,000 × 10% = $1,000/year
- Tax Savings: ~$1,500/year (CZTE benefits)
- Total Additional Income: ~$2,500/year from deployment
Common Mistakes to Avoid
Financial Mistakes
- Waiting too long: SDP setup takes time, don't wait until last minute
- Not maxing SDP: $10,000 at 10% APY is free money
- Ignoring tax benefits: CZTE can save thousands in taxes
- Poor bill management: Spouse struggles with bills while you're deployed
Family Mistakes
- No POA: Spouse can't access accounts or make decisions
- Poor communication: Family doesn't understand financial situation
- No emergency plan: What happens if spouse needs money?
- Ignoring stress: Financial stress affects family relationships
Career Mistakes
- Not documenting: Keep records of deployment for future benefits
- Ignoring TSP: Continue retirement savings during deployment
- Poor planning: No strategy for post-deployment financial transition
Post-Deployment Financial Transition
Immediate Actions (First 30 Days)
- SDP Withdrawal: Can withdraw after 30 days back in CONUS
- Tax Planning: Consult tax professional about CZTE benefits
- Investment Strategy: Decide what to do with deployment savings
- Family Budget: Readjust to dual-income household
Long-term Planning (3-6 Months)
- Emergency Fund: Maintain 6+ months expenses
- Investment Strategy: Consider deployment savings for major purchases
- Tax Optimization: Plan for tax-free deployment income
- Family Financial Planning: Update goals and priorities
Resources & Support
Military Resources
- Finance Office: SDP setup, deployment pay questions
- Legal Office: POA, will, legal documents
- Family Support: Financial counseling, emergency assistance
- Military OneSource: Free financial counseling and resources
Financial Tools
- DFAS Deployment Calculator: Estimate deployment earnings
- TSP Calculator: Plan retirement contributions
- SDP Information: Official program details and requirements
- Tax Resources: CZTE benefits and tax implications
Emergency Contacts
- Finance Office: Base-specific contact information
- Legal Office: POA and legal document assistance
- Family Support: Emergency financial assistance
- Military OneSource: 24/7 support and resources
Key Takeaways
- Start Early: 30 days gives you time to set up everything properly
- Maximize Benefits: SDP, CZTE, and tax-free income are huge opportunities
- Family First: Ensure your family is financially secure while you're deployed
- Document Everything: Keep records for future benefits and tax purposes
- Plan for Return: Have a strategy for post-deployment financial transition
Remember: Deployment is your biggest financial opportunity in the military. Proper preparation ensures you maximize benefits while 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.