Prepare for Deployment by Setting Savings Goals

Deployment can be a challenging time for military families, but it also presents a unique opportunity to set and achieve savings goals. Creating a plan for your finances during deployment not only provides a sense of security but also helps in building a solid foundation for the future. Here’s how you can get started:

Choosing Meaningful Savings Goals

When it comes to savings, having a clear, meaningful objective can significantly boost your motivation. Whether it’s paying off debt, adding to your retirement nest egg, or saving for a down payment on a house, choose a goal that resonates with you and aligns with your long-term financial aspirations.

Determine a specific dollar amount you aim to save. This concrete figure serves as a benchmark, making it easier to track your progress and stay motivated as you get closer to your goal.

Consider your financial situation, including income changes before and during deployment. Use tools like your myPay account to review your Leave and Earnings Statement (LES) and set a realistic savings target based on your actual income.

Sticking to Your Savings Goals

Once you’ve identified your savings goal, the next step is to establish a practical plan to achieve it.

Calculate how much needs to be saved each pay period. Decide where you’ll store your savings - whether it's an existing savings account, a Thrift Savings Account, or the Defense Department’s Savings Deposit Program. Choose the option that aligns with your financial goals and offers the best growth potential and security.

Consult with a personal financial counselor. Free counseling services are available through Military OneSource and Military and Family Support Centers. These professionals can guide you in managing and maximizing your savings during deployment.

Involve your spouse, partner, or a trusted friend in your savings journey. Having a support system can make sticking to your goals more manageable and enjoyable. Together, you can hold each other accountable and share the excitement of reaching milestones.

Solidify your commitment to saving by taking the Military Saves pledge. This pledge can serve as a constant reminder of your goal and commitment. Additionally, the Military Saves program offers numerous resources to keep you on track and motivated.

Setting and sticking to savings goals during deployment not only enhances your financial security but also gives you and your family a strong sense of accomplishment and control over your financial future. With a clear plan, unwavering commitment, and the right support, your financial goals are well within reach.

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