1. Financial Planning of Family Separation and Reunion
Slide 1:
THIS CLASS IS FOR INFORMATIONAL PURPOSES ONLY TO GIVE YOUR MARINES A BRIEF OVERVIEW. FOR DETAILED AND EXPERIENCED FINANCIAL INFORMATION REFER TO YOUR UNIT’S COMMAND FINANCIAL SPECIALIST (CFS) AND YOUR BASE PROFESSIONAL FINANCIAL MANAGER (PFM); ADHERE TO MARADMIN 061/13 PERSONAL FINANCIAL MANAGEMENT EDUCATION PROVIDED BY NON-FEDERAL ENTITIES” FOR GUIDANCE.
Lejeune Leadership Institute

2. Pre-Deployment Slide 2:
Financial planning is the process of developing and implementing a coordinated series of actions to help you achieve your financial goals. But should you even bother having a financial plan for deployment?
Pre-Deployment

3. Reasons to Have a Financial Plan in Place
Reduces stress
Helps to identify and plan for financial needs specified on a Family Care Plan
Ensures family members are self sufficient and financially secure
Allows another individual to carry out financial obligations on your behalf
Slide 3:
• Reduces stress.
• Ensures financial needs required to effectively implement a Family Care Plan are identified and properly planned for.
• Provides comfort in knowing family members are self-sufficient and financially secure.
• Creates a smooth transition of responsibilities to an identified, trusted and responsible party to act on your behalf to continue meeting financial obligations.

4. Financial Planning Steps
Establish Goals
Gather Data
Analyze and Evaluate the Data
Develop a Plan
Implement the Plan
Monitor the Plan
Slide 4:
Establish goals: Begin with a simple list of your needs and wants, and through the planning process they are prioritized, revised, and refined. Setting goals helps you visualize the gap between your current financial status and where you want to be in the future. It is important to have those goals and milestones in writing.
Gather data: This step is necessary to assess your current financial status. Two different types of assessments must be performed: a balance sheet and a cash flow statement.
Balance sheet: The balance sheet will determine your net worth. The balance sheet is a summary of your assets, such as cash, investments, savings, home, and other possessions; and your debts or liabilities, such as mortgages, car loan, and education loans. Your net worth is the difference between your assets and your liabilities.
Cash flow statement: The cash flow statement is an itemized list of incomes, expenditures, and savings. It basically tells you the total of all income and where it came from and what areas it was spent on over a specific period of time, such as a month or a year. Your income minus expenses will reveal a surplus or deficit of funds.
Analyze and evaluate the data: The two financial statements, (the balance sheet and the cash-flow statement), created from the previous step should be analyzed and evaluated to determine your financial position. If the balance sheet indicates a negative net worth, it means you are early in your earnings phase, or you and your household are borrowing to make ends meet. The cash flow statement will indicate whether you are saving money, repaying loans, and accumulating investments, or increasing debt.
Together these two statements will give you a good idea of how you have used your resources. The information from both can help make projections and determine whether you are likely to meet your goals given your present course. You, along with the recommended assistance of a financial advisor, can calculate the funds required to meet your goals.
Develop a plan: Once you have identified the goals and objectives, analyzed the financial statements, and evaluated how resources are currently used toward expenses, savings, or investing, you can begin to identify a sequence of actions or necessary tasks (a to-do list) required to accomplish your goals. If the cash-flow statement reflects a surplus of funds, decide how best to use the amount toward one or more goals. If you have a deficit, you should consider reducing variable expenses, earning more income, or use a combination of both.
Implement the plan: Your plan is put into action when you begin implementing those tasks/actions into your daily lifestyle, and make financial adjustments to work toward achieving your goals.
Monitor the plan: Financial plans should be monitored to ensure you are on track toward accomplishing your goals, or whether you need to adjust your plan more appropriately.

5. Important Documents Will, including a living will
POA: Includes general, durable, specific or limited, medical
Birth certificates and/or adoption records
DEERS and ID cards
RED
SGLI and TSP beneficiaries
Slide 5:
Will: A will is a legal document by a person (the testator) stating how he or she desires their property to be disposed of after their death. A will is often the principal document in an individual’s estate plan. This document is very important for every adult individual. If you have property, you should have a will, whether single or married. The purpose of the will is to provide direction regarding what you want to happen to your property in case of your death.
Power of attorney (POA): A power of attorney provides someone else the authority to act on your behalf for a specified period of time. If you are married, each spouse should have a POA so that each of you has the ability and the authority to act on behalf of the other in routine affairs or emergency situations.
Birth certificates and/or adoption records: A copy of a birth certificate or adoption papers for all immediate family members. If you no longer have copies of the originals, you should secure certified copies.
DEERS and ID cards: If your obligated period of service expires during deployment and you plan to reenlist, ensure family members have the necessary forms and information to get new identification cards.
Record of Emergency Data (RED): The RED includes a list of family members and/or dependents to be notified in case of emergencies. The RED should be reviewed and updated annually and before any deployment.
Servicemembers’ Group Life Insurance (SGLI) and Thrift Savings Plan (TSP) beneficiaries: Make sure the beneficiaries designated for your SGLI and TSP are current and accurate.
Remember: Review and update prior to deployments and other extended periods of family separation; review annually during periods of non-deployments

6. Managing Your Financial Affairs
Prepare for deployment before your command is ordered to deploy
Consider how and by whom your financial affairs will be managed
Plan and communicate with the designated person
Determine how much authority to extend
Plan for and cover unexpected expenses
Maximize the use of any increases in income
Slide 6:
The best time to prepare for deployment is long before your command is ordered to deploy.
When your command is ordered to deploy, you may not have time to do much more than pack and depart. Marines are responsible for their household expenses and for managing their financial obligations while on deployment. One major challenge for Marines who are departing their home station for an extended period of time is the responsibility of continuing to manage their monthly financial obligations without experiencing additional stress.
Whether you have a spouse, a trusted family member, or a friend to assist, you should make arrangements to appoint that designated person with a POA so he or she can handle your finances while you are deployed.

7. What is a Family Care Plan?
Specifies how your family will be cared for in your absence
Contains written instructions and certain legal documents
Allows a smooth transition of responsibilities
Confirms that members are mission ready
Slide 7:
A Family Care Plan (FCP) is a “blueprint” that specifies how your family will be cared for in your absence, whether you are deployed, on temporary duty, or otherwise unavailable because of military obligations.
• The plan is made up of instructions that you write and contains certain legal documents, such as a power of attorney.
• A FCP allows a smooth transition of responsibilities to a caregiver when a Marine must leave for short or long periods of time.
• It also lets the commanding officer know that members will be ready to accomplish the mission of the unit.

8. Who Should Have a Family Care Plan?
Single parents with children under 19 years of age
Dual military couples with children under 19 years of age
Married Marines with custody or joint custody of a child, and the non-custodial biological or adoptive parent is not their current spouse
Marines solely responsible for the care of children under 19, or the care of adult family members unable to care for themselves
Marines primarily responsible for dependent family members (e.g., spouses who do not speak English or have no access to food or medical care)
Slide 8:
• Single parents with custody of children under 19 years of age.
• Dual military couples with custody of children under 19 years of age. They are required to develop a single FCP that both members sign.
• Married Marines who have custody or joint custody of a child whose non-custodial biological or adoptive parent is not the current spouse of the Marine.
• Marines who are solely responsible for the care of children under the age of 19 or adult family members who are unable to care for themselves in the Marine’s absence. Marines who, for any other reason, are primarily responsible for dependent family members. This category includes Marines with spouses who speak little or no English or are unable to drive or otherwise gain access to basic resources such as medical care and food.

9. When Should it be Submitted?
As soon as a Marine falls under any of required categories
After notifying their commander of the need to create a Family Care Plan, a final plan should be submitted:
Within 60 days for active duty
Within 90 days for selected reservists
Slide 9:
Active-duty Marines have up to 60 days to submit their final Family Care Plan after notifying their commander of the need to create one.
Selected reservists are required to submit their final Family Care Plan within 90 days of notification.

10. Components and Basic Requirements
Name and contact information of caregiver and alternate caregiver
Provisions for short- and long-term absences
Name and consent of non-custodial biological or adoptive parent
Name of person designated for temporary responsibility in the event of incapacitation or death
Financial arrangements for security of family members
Logistical arrangements if transportation required for family members and/or caregivers
Slide 10:
The requirements for a Family Care Plan may vary somewhat depending on your particular circumstances. However, all plans must contain the following basic information:
• Name and contact information of your caregiver and an alternate caregiver: The caregivers you select must be non-military, at least 21 years old, and capable of caring for themselves and your family members. You will be required to sign a statement certifying that your caregiver has accepted responsibility for the care of your family members and that you have provided the caregiver with the necessary information and copies of all documents (powers of attorney, for example) required to be included in the plan.
• Provisions for short- and long-term absences: Your short-term care plans would be necessary for reasons such as temporary duty, training, school, or short-term involuntary recalls. Your short-term caregiver will most likely be a person living in the local area. Your long-term care plans will become necessary during deployments or periods of extended training or involuntary recalls. The long-term caregiver does not have to live in the local area.
• The name of any non-custodial biological or adoptive parent not named as the caregiver, along with that person’s consent to the Family Care Plan: It will be important for you to contact him or her as early as possible to explain this requirement and solicit support for your plan. Should the individual not consent, you should seek legal counsel to determine the best course of action and include an explanation of the circumstances in your plan.
• The name of the person you designate to have temporary responsibility for your dependent family members in the event you become incapacitated or die.
• Financial arrangements that ensure the self-sufficiency and financial security of your family members: You must provide documentation of allotments and other financial resources, and describe how they each are to be used. A copy of any powers of attorney must also be included with your plan.
• Logistical arrangements for transporting family members and/or caregivers to a new location.

11. Financial Component
Establish a budget for the financial and logistical arrangements associated with your plan
After estimated amounts have been determined, begin building a reserve fund earmarked specifically for your plan
Slide 11:
The Family Care Plan is required to have documentation that reflects what measures you have taken to ensure resources will be made available to a caregiver.
In addition to having documentation, you should also establish a budget for the financial and logistical arrangements associated with your plan. Once the estimated amounts have been determined, you should begin building a reserve fund earmarked specifically for the Family Care Plan. 11

12. Financial Arrangements
Funding Options
Monthly Allotment
Joint Bank Account
Authorized Access to Existing Account
Slide 12:
Whether your plan calls for short-term or long-term care, you will want to make sure you discuss the financial arrangements and how resources you provide are intended to be used with the designated caregiver. You may want to consider requiring the caregiver to maintain a daily spending log and/or retain all receipts for the period they are caring for your loved ones.
There are several options to make funds available to a caregiver:
• Monthly allotment to an account for the caregiver
• Establish a joint bank account with the caregiver
• Authorize access to an existing account (serious thought should be given before choosing this option)

13. Determining the Amount Needed
Consider Costs for the Following:
Needs and wants of dependents
Daily expenses and costs for any extra activities
Support for the designated caregiver
For compensation or appreciation of care
Any necessary logistical requirements
Legal costs, movement/transportation arrangements, travel escort, home maintenance, medical care or support, language translator if required
Slide 13:
To establish a reserve fund and/or determine a monthly amount to provide a caregiver, you must estimate the necessary costs to:
• Fulfill the needs and desires of the dependents
• Support the caregiver
• Carry out any necessary logistical requirements

14. Other Considerations
Discuss expectations with caregiver; provide guidance and detailed instructions
Provide information regarding medical history of dependents, use of medical insurance and medical payment methods
Provide emergency contact numbers and contact information of family members and individuals designated with other responsibilities
Slide 14:
• Ensure you discuss your expectations with the caregiver and provide as much guidance and detailed instructions as possible to assist them in fulfilling their role as caregiver.
• You should also include information regarding the medical history of dependents, as well as the use of medical insurance and medical payment methods.
• It is also important to provide emergency contact numbers, contact information for family members, and contact information for individuals you have designated with other responsibilities — such as those who will be managing your financial affairs.

15. Creating a Household or Deployment Budget
Suggested Guidelines:
Review past expenses
Plan for changes in income, spending, or saving
Set realistic goals for spending and saving
Open a separate account for unforeseen expenses
Plan how credit cards will be used
Plan for the unexpected by establishing an emergency fund
Slide 15:
When creating your household or deployment budget, it is also wise to plan for the unexpected.
Planning in advance for emergencies and unexpected situations begins by establishing an emergency fund. A target amount of savings for an emergency account is enough money to cover living expenses (perhaps 70 percent of gross income) for three to six months. The fund will provide for emergencies in case of long illnesses, loss of employment, or other serious financial calamities.
Most people do not have a sufficient emergency fund established. Instead, they rely on credit cards when an emergency or unforeseen need arises. This is an unwise way to manage finances.

16. Banking Options and Bill-Paying Techniques
Assistance
Allotments
Split-Pay
Automatic Transfer
Electronic Bill Pay
Slide 15:
• Assistance: Incorporate your spouse into the process in advance to pass on the responsibility of paying monthly bills until you return, or seek the assistance of a trusted family member, friend, or caregiver while you are away. Ensure your power of attorney is in place before your deployment.
• Allotments: An allotment can be a great tool to create a cash flow to a spouse or a designated representative, to yourself for saving, or to a caregiver to cover any expenses for which they will be responsible during your absence. Establish a separate bank account for the purpose of paying routine household expenses and any identified expenses incurred due to family separation. Set up an allotment to go directly to the financial institution for those expenses. An allotment can also be established to pay creditors. Also consider establishing an allotment to go to the active-duty Marine for spending while deployed.
• Split-pay: This option allows Marines enrolled in the direct deposit program to receive a portion of their pay at their deployed location and have the remainder transmitted to their regular financial institution. Not all Marines are eligible for a split-pay option; you should contact your administration office for eligibility requirements .
• Automatic transfer: With many utility companies you can set up an automatic transfer from your bank account. Funds are automatically deducted from your accounts when the payment is due. An automatic transfer also can be used to transfer funds from your account to another account, such as a savings account, or an account set up for your spouse of caregiver.
• Electronic bill pay: This is an excellent way to plan your bill payments ahead of time. Electronic bill pay gives you the flexibility to schedule payments to your creditors in advance or as recurring payments. Some financial institutions have a fee to use this service, so always check with your financial institution first.

17. Credit Tips During Deployment
Discuss plan with spouse
Limit use of credit cards
Request a credit report
Establish and maintain good credit
Place an active-duty alert on credit report
Consider a credit freeze
Account monitoring
Slide 17:
Discuss plan with spouse
• Limit the use of credit cards: Determine the amount of money you can spend using your credit card based on your spending plan. Decide how your credit cards (if any) will be used during deployment. Be aware that rates may be slightly different from the time when the credit card actually bills you than when you made the purchase. Always keep receipts to compare charges on your credit card statement to prevent credit card fraud. Plan to pay your credit card balances in full each month.
• Request a credit report: Request a copy of your credit report and your spouse’s from all three credit bureaus: TransUnion, Experian, and Equifax. Review them carefully prior to deployment. Immediately correct all mistakes on your credit reports in writing, identifying the problems item by item. Send all correspondence “return receipt requested,” along with a copy of the credit report, back to the credit reporting agency. You should generally hear from them within 30 days.
• Establish and maintain good credit: If you currently have not established a credit history, you may want to consider the deployment period as an opportunity to begin. You can begin to establish credit by using an allotment followed by a small secure loan from your financial institution.
• Place an Active-Duty Alert on your credit report while deployed.
• Consider credit freezing: This service involves a lockout of your credit, a freeze that keeps anyone, including you, from accessing your credit history.
• Account monitoring: Most credit protection companies provide monitoring of your credit report for a fee. They will obtain the free reports that the credit rating agencies must, by law, provide you with every year.

18. Property Management Concerns
Homeowner issues
Make arrangements for mortgage payments
Set up a budget for unexpected expenses
Rental issues
Make arrangements for rental payments
Review the lease prior to deployment
Renting your home
Work with a property manager
Vehicle storage
Decide where to keep it and who will take care of it
Notify your insurance company
Slide 18:
Homeowner issues: Make arrangements to ensure your mortgage payment and homeowners insurance is paid each month on time. Do not write checks in advance and date them for each month. Postdated checks are illegal in some states, and there is no guarantee that your lender will not process the check immediately when it is received, although it is dated for the future. This could hugely affect the balance in your checking account. Check with your lender about setting up a direct payment plan or an allotment, where payments can be made automatically, ensuring they arrive on time.
Rental issues: Rental payments also should be paid on time. Make arrangements in advance with your landlord about how you will pay rent and what type of security is available for your apartment and its contents. Make plans for keeping utility payments up to date. If your utilities are shut off, you will be required to pay deposits and reconnect fees to get them turned on again.
Renting your home: You may consider renting out your home during your deployment. One of the benefits to this would be not leaving your home empty. If you consider this option, it is best to work with a property manager during your absence that will screen any potential tenants.
Vehicle storage: There are a few important factors to consider before deciding to store a vehicle.
• Decide where you want to keep your vehicle and who will take care of it. Determine the safest place for your vehicle during the deployment period. If available, on-base vehicle storage may be your safest route.
• If you have proof of insurance, some storage facilities will provide a form to send to your insurance company to apply for a premium discount, since your vehicle will not be driven during your deployment and the lot is insured and has security. They may also provide other services such as monthly start-ups or annual state

19. Tax Issues Personal income taxes Combat zone exclusions
Decide ahead of time how you want your tax return completed; make arrangements for refunds or taxes due
File Extension
Combat zone exclusions
If eligible, regular pay, special pay, bonuses, and the CSB/REDUX retirement plan is excluded from taxable income
Slide 19:
• Personal income taxes: If income taxes are due during your deployment period, decide how you want to take care of having your tax return completed. It is important to note that while deployed, you are authorized to delay your tax return for 60 days beyond the April 15 deadline.
If you are married and either you or your spouse wants to file the return by the April 15 deadline, you will need to complete and sign IRS Form 2848 (Power of Attorney and Declaration of Representative) and leave it with the spouse to file with the return. If you file a joint return and have the check mailed to you rather than deposited directly into a joint account, signatures of both parties are required on the check, unless a written power of attorney indicates otherwise.
• Combat zone exclusions: Being assigned to, or working in, a combat zone, triggers a tax advantage. Earnings received while in the combat zone are excluded from taxable income.

20. How Does it Work? Deposits and Interest
Consider using the Savings Deposit Program (SDP)
Offers a guaranteed annual return of 10 percent, compounded quarterly, up to $10,000 in savings
Designed to provide Marines (serving in designated combat zones) an opportunity to build their financial savings
How Does it Work?
Deposits and Interest
Deposits made up to date of departure from assignment in combat zone
Interest accrues at 10% rate up to 90 days after return from assignment
Slide 20:
You can participate in SDP if you are serving in a designated combat zone, qualified hazardous duty area or certain contingency operations outside the United States for more than 30 consecutive days or for at least one day for each of three consecutive months. You may deposit all or part of your unallotted pay, including bonuses, into an SDP account and receive a 10 percent return on up to $10,000 during a single deployment. Unallotted pay is the amount of money you receive after any authorized deductions, such as the Thrift Savings Program. You may contribute more than $10,000, but the excess will not earn interest.
How does SDP Work? Marines have the option to elect to participate in SDP up to 90 days prior to deployment. This will allow SDP to automatically begin after 31 days of reporting to an eligible zone. Interest can accrue for up to 90 days after the Marine leaves the eligible zone. To make a deposit into the SDP, contact the finance office at your deployment location. You will get help with the necessary paperwork and learn when you can begin making deposits. The last day to make a deposit into the account is the date of departure from the combat assignment; however, interest will accrue up to 90 days after your return from deployment.

21. Recordkeeping Personal information Financial information
Full names, addresses, locations and dates of birth, and important medical information on you and all family members
Financial information
Names, account numbers and phone numbers on financial institutions; creditor information such as type, account numbers, date established and phone numbers
Insurance policies
Company names and addresses, names of agents, and policy numbers
Review coverage and beneficiary designations
Slide 21:
Personal information: A personal information document or worksheet would include full name, place of birth, date of birth, and address for you, your spouse, and all dependents. This document should include medical information such as allergies, past surgeries, type of surgery, dates, and prescription medicines for you and family members.
• Financial information: A financial document or worksheet would reflect a list of financial institutions, account numbers, and phone numbers. It would include all creditors and account numbers, type of credit, date established, and phone number of each creditor. The credit information also can serve as a tool to verify and validate information on your credit report. The financial document can be useful when monitoring a financial plan; however, it should not be retained with the financial plan. This document should be available for reference and maintained in a safe location, such as a safe deposit box, in case of identity theft or stolen credit cards.
• Insurance policies: Insurance policies are important documents that should be listed on the personal data or financial worksheet. Identify all insurance policies with the name of the company, agents’ names and addresses and policy numbers. You should also review life insurance coverage and beneficiary designations. The original policies should be retained in a home file and/or a fireproof home safe.

22. Identity Protection Measures
Review your credit report annually
Active duty alert
Never carry more credit cards than you need
Guard your mail from theft
Be careful about giving personal information over the phone/internet
Keep information on accounts in a secure place
Slide 22:
• Review your credit report annually: Request a copy of your credit report and your spouse’s from all three credit reporting agencies. You are eligible for a free credit report once a year from each of the three major credit bureaus: Equifax, Experian, and TransUnion. You can request your credit report online at annualcreditreport.com or by calling (877)
• Put a fraud alert on suspicious activity: If you see anything that appears fraudulent, immediately put a fraud alert on your reports by calling one of the three credit reporting agencies. An initial fraud alert stays in your file for at least 90 days. An extended alert stays in your file for seven years. To place either of these alerts, a consumer credit reporting company will require you to provide appropriate proof of your identity, which may include your Social Security number.
• Never leave a purse or wallet in the car: Additionally, keep your wallet or purse in a safe place at work, such as a locked drawer.
• Never carry more credit cards than you absolutely need: Keep cards you rarely use locked in a safe place at home.
• Do not carry your Social Security number or birth certificate with you: Keep these documents in a safe place until you need them.
• Guard your mail from theft: Put outgoing mail, such as credit card payments, in a post office collection box.
• Be careful about giving personal information over the phone.

23. Financial Needs of Extended Absence Plans
Slide 23:
An established extended absence financial plan should be in place as part of your personal readiness preparation.
The extended absence financial plan should address and specify legal power of attorney to accomplish personal and financial requirements, a plan to meet financial obligations, and disposition of other financial issues that might occur during a period of absence.
Financial Needs of Extended Absence Plans

24. Managing Your Financial Affairs
Ensure you have a well-developed plan
Consider how and by whom your financial affairs will be managed
Plan and communicate with the designated person, financial institutions
Determine how much authority to extend
Plan for and cover unexpected expenses
Maximize the use of any increases in income
Slide 24:
Decisions can include:
• How, and by whom, will your finances be managed during the period of absence?
• Should you seek assistance from a trusted family member or friend during this period?
• If you choose to get assistance from a trusted person, how much authority do you extend?
• How do you plan for and cover unexpected expenses that may develop at home or the deployment location?
• How can you best maximize the use of any increase of income?
• What will banks and investment companies require from you to manage your finances (pay house payment, etc) while deployed, incapacitated, or upon your death.

25. Creating a Monthly Budget
Review monthly household expenses (Pre & Post deployment)
Itemize regular expenses such as rental or mortgage payments, food expenses, car payments, utilities, credit card bills, insurance bills
Add a cushion for unforeseen expenses
Provides information on financial issues faced, and reveals ways to save money
Slide 25:
The budget should include every expense that you pay at regular intervals:
• Rental or mortgage payments
• Food expenses
• Car payments
• Credit card bills
• Utilities
• Insurance bills

26. Utilizing an Increase in Income
Avoid impulse buying or making large purchases
Identify specific financial goals and develop a financial plan
Seek professional financial assistance
MCCS PFM
NMCRS
Slide 26:
If you have a financial plan, you probably have identified some financial goals you would like to achieve, such as paying off or decreasing personal debt, increasing savings, or starting a child’s college fund.
If you have not identified any specific financial goals or developed a normal financial plan, contact your installation Personal Financial Management (PFM) counselor or Command Financial Specialist for assistance. Your PFM counselor also can assist you in deciding which goals you should initially concentrate on accomplishing.

27. Banking Options and Bill Paying Techniques
Allotments
Creates a cash flow for savings, or to cover expenses
Split-Pay
Allows partial payment at present location and rest transmitted to financial institution
Automatic Transfer
Automatic deduction of funds when payments are due
Electronic Bill Pay
Provides flexibility to schedule payments in advance or as reoccurrences
Automatic Bill Pay
Helps you avoid late bill payments
Slide 27:
• Allotments: An allotment can be a great tool to create a cash flow to yourself for saving, a spouse or designated representative, or a caregiver to cover any expenses they are responsible for during your absence. Establish a separate bank account for the purpose of paying routine household expenses and any identified expenses incurred due to family separation. Set up an allotment to go directly to the financial institution for those expenses. An allotment also can be established to pay creditors.
• Split-pay: This option allows Marines enrolled in the direct deposit program to receive a portion of their pay at their deployed location and the remainder transmitted to their regular financial institution. Not all Marines are eligible for a split-pay option and should contact the administration office for eligibility requirements.
• Automatic transfer: With many utility companies you can set up an automatic transfer from your bank account. Funds are automatically deducted from your accounts when the payment is due.
• Electronic bill pay: This is an excellent way to plan your bill payments ahead of time. Electronic bill pay gives you the flexibility to schedule payments to your creditors in advance or as recurring payments. Some financial institutions have a fee to use this service, so be sure to check with your financial institution first.
• Automatic bill pay: Paying your bills automatically will help you avoid late payments. Some bills are going to be the same amount every time they arrive in the mail.

28. Post-Deployment Slide 28:
Review your financial plan and seek financial advice from your military personal financial manager or a reputable financial advisor.
This next section will address some of the important areas regarding financial planning that you should consider and review upon your return from deployment.
Post-Deployment

29. Reviewing and Managing Finances
Review and re-establish your budget
Make adjustments in income amounts, increases in expenses, decreases in combat/deploy pay and your current financial situation
Update your financial plan
Review and make adjustments to goals; add new goals and objectives
Review and/or re-start insurance policies
Re-establish appropriate levels of coverage; shop around for the best value
Postpone major purchases
Wait until you have a handle on your finances
Slide 29:
• Review and re-establish your budget: Sit down with your spouse to review your family’s personal balance sheet. Your return from a deployment will affect your income and your expenses. Review your budget and make adjustments to reflect any changes in income amounts, increase in expenses, and your current financial situation. Your budget should include contributions to savings and retirement accounts, even if the amounts are small at first.
• Update your financial plan: After any significant life event, it is important to review how your finances have been affected and create a thoughtful plan of action to help you satisfy your financial obligations and move toward your goals .
• Review and/or restart insurance policies: During your deployment, you may have put certain insurance policies on hold or allowed them to lapse. Contact your insurance agent to discuss the status of your life, auto and health insurance policies. Re-establish appropriate levels of coverage as needed. If you are re-starting policies, this is a good time to get quotes from other providers to find the best value.
• Postpone major purchases: After enduring months of sacrifice and uncertainty, it is normal to want to celebrate. You may be tempted to go on a luxurious family vacation or spending spree now that you are home. The wiser move is to delay spending large amounts of money until you have a solid handle on your finances.

30. Excluded Pay
Active-duty pay earned while serving in a combat zone
Imminent danger/hostile fire pay
A reenlistment bonus that occurred while serving in a combat zone
Pay for accrued leave earned while serving in a combat zone
Awards for suggestions, inventions, or scientific achievements made while serving in a combat zone
Student loan repayments attributable to period of service in a combat zone
Slide 30:
Enlisted personnel, warrant officers, and commissioned warrant officers can exclude the following amounts from their income:
• Active-duty pay earned in any month you served in a combat zone.
• Imminent danger/hostile fire pay.
• A reenlistment bonus if the voluntary extension or reenlistment occurs in a month you served in a combat zone.
• Pay for accrued leave earned in any month you served in a combat zone. The DoD must determine that the unused leave was earned during that period.
• Awards for suggestions, inventions, or scientific achievements you are entitled to because of a submission you made in a month you served in a combat zone.
• Student loan repayments that are attributable to your period of service in a combat zone (provided a full year’s service is performed to earn the repayment).

31. IRA Contributions
IRS allows tax-free combat pay to be used for contributions to IRA
Visit your base tax office and legal office
Slide 31:
Tax-free pay can provide a great opportunity to save extra money or reduce debt. In fact, Internal Revenue Service (IRS) rules allow tax-free combat pay to be used for contributions to an Individual Retirement Account (IRA). This means that even though you do not have to include the combat pay in your gross income, you do include it in your compensation when determining the limits on contributions and deductions to IRAs. Since your IRA can grow tax-deferred or tax-free, until you withdraw the money, the larger contributions you make today can provide a real savings boost over the years.

32. Documents to Review Credit report Insurance Policies
Powers of Attorney
Other Legal Directives
Military pay account
Examine your LES
Review and adjust allotments; check for pay due or overpayments
Bank and investment accounts
Review history of transactions
Contact financial institutions immediately to report questionable transactions
Slide 32:
• Credit report: Requesting a copy of your credit report, and if married, your spouse’s, from all three credit agencies is very important in managing your finances.
• Insurance policies: It is recommended that you review your insurance policies once you return from a deployment. Since you were deployed, you may have canceled or have been able to lower the cost of renters, homeowners, or vehicle insurance. It is important to review these policies and obtain appropriate coverage now that you have returned.
• Powers of Attorney (POA): While a power of attorney can be useful, especially when away on deployment or during extended periods of absence, it can also be abused. A POA has the potential for being a helpful or a dangerous document. The important thing to remember is that you are going to be legally responsible for the acts of your agent. Therefore, you should revoke any powers of attorney that are no longer necessary.
• Other legal directives: Other legal directives, such as a will, living will, and life insurance policies

33. Resources MCCS – PFM Your unit CFS
Marine Corps Financial Fitness Online Resource Center
Military OneSource
Military Saves
Navy-Marine Corps Relief Society
Consumer Action
IRS Tax Information for Members of the Military
Jump$tart Coalition for Personal Financial Literacy
Slide 33:
• Marine Corps Personal Financial Management (PFM) Program: The Personal Financial Management Program within the Marine Corps Community Services (MCCS) provides eligible personnel with education, training, counseling, information, and referral for personal financial issues. They have financial management materials which include financial counseling checklists, articles, and tips on topics such as budgeting, credit and collections, and taxes.
• Command Financial Specialist: Your CFS has resources that you can leverage to make decisions about your insurance needs.
• Marine Corps Financial Fitness Online Resource Center: This online website provides interactive financial tools and information designed to assist Marines and their families in controlling their finances. Topics include financial planning, savings and investing, banking, credit decision-making, how to use credit cards wisely, applying for credit, managing debt, and a “financial fitness checkup” application.
• Military OneSource: This DoD-sponsored program provides information and resources to help balance work and family life. Consultants are available 24 hours a day, seven days a week, by phone, online, or via and offer personalized support to any service or family member. Available personal financial management materials include financial counseling checklists, articles, and tips on topics such as budgeting, credit and collections, and taxes.
• Military Saves: The Military Saves program, sponsored by DoD with the Consumer Federation of America, provides Marines with the necessary tools to develop and maintain a savings plan. The program is a free service designed to assist Marines and other service members in reaching their financial goals, reducing and eliminating debt, and learning more about wealth-building and savings.
• Navy-Marine Corps Relief Society (NMCRS): NMCRS is a private, nonprofit organization that provides financial, educational, and other assistance to Sailors, Marines, eligible family members, and survivors when in need. Services provided include emergency financial assistance, budget counseling, visiting nurses, and emergency financial assistance to qualifying Marines in the form of a low-interest loan.
• Consumer Action: Maintained by the Federal Citizen Information Center of the U.S. General Services Administration, the Consumer Action website contains information and tips on topics including identity theft, credit, travel, utilities, and consumer complaints.
• Internal Revenue Service (IRS) Tax Information for Members of the Military: The IRS website serves as the main source of information for determining and paying federal taxes. The Tax Information for Members of the Military portion of the IRS website provides further tax information specifically targeted to service members and their families.
Jump$tart Coalition for Personal Financial Literacy: The Jump$tart Coalition provides a clearinghouse of resources to support the financial education of youth and young adults. Jump$tart is assisting the DoD Financial Readiness Campaign by making its Personal Finance Education Materials Clearinghouse database available to DoD personnel, financial counselors, educators, and Command Financial Specialists (CFS).